Qtum, Standing (SNT) and also Whit (MIOTA) rally after breaking multi-year drop

Shortly after Tesla announced that it will allow customers to buy products withBitcoin (BTC), a curious job posting from Amazon suggests that the company could also be working on a platform that will allow customers in Mexico to use digital currencies for making payments.
If Amazon jumps on the crypto bandwagon, it will immensely strengthen the possibility of cryptocurrencies going mainstream across the world. Crypto market data daily view. Source:Coin360
Today Bitcoin price is showing a new spark of optimism after the Bank of New York Mellon announced that it would hold, transfer and issue Bitcoin on part of its... Check out the latest crypto news reports here https://allthetopnews.com/category/cryptocurrency
Qtum, Status (SNT) and Iota (MIOTA) rally after breaking multi-year downtrend
https://www.scoop.it/u/all-the-top-news

Shortly after Tesla announced that it will allow customers to buy products withBitcoin (BTC), a curious job posting from Amazon suggests that the company could also be working on a platform that will allow customers in Mexico to use digital currencies for making payments.
If Amazon jumps on the crypto bandwagon, it will immensely strengthen the possibility of cryptocurrencies going mainstream across the world. Crypto market data daily view. Source:Coin360
Today Bitcoin price is showing a new spark of optimism after the Bank of New York Mellon announced that it would hold, transfer and issue Bitcoin on part of its clients.  The bank is also said to be developing a platform that will process and custody digital currencies alongside traditional assets like treasuries and stocks.
Bitcoin’s future of becoming a widely accepted medium of exchange and investment vehicle appears to be becoming etched in stone. Meanwhile, several altcoins have been rising, buoyed by strong use cases and protocol upgrades.
Let’s analyze a few of the top performing tokens of this week.
QTUM/USD
Airdrops are an easy way to make some extra money, hence they remain extremely popular with investors. Qtum (QTUM) holders will receive an airdrop of Qi, the native cryptocurrency of the decentralized exchange QiSwap which is built on the Qtum blockchain. With crypto volumes rising and the demand for DEX’s picking up, the proposed airdrop scheduled from Feb. 14 may have attracted fresh buying from several investors.
The protocol has identified decentralized finance as a focus area and is taking steps to attract new DeFi projects. Qtum is planning a hard fork that will reduce its block spacing from 128 to 32 seconds in order to support the faster transaction speeds needed in DeFi.
Qtum is also developing Neutron, an agnostic interface that allows virtual machines to run on Qtum and other blockchains. The aim is to build a low-cost entry platform that is also easy to use. With an eye on DeFi, the Qtum protocol seems to be taking the necessary steps to attract projects and investors alike.
QTUM surged from an intraday low at $3.18 on Feb. 1 to an intraday high at $8.82 today, a 177% rally within two weeks. The breakout of $5.90 has completed a long-term bottoming formation, indicating the start of a new uptrend.
A long base readies a strong launchpad for the start of the next trending move. The longer the base, the stronger is the breakout from it. QTUM/USDT daily chart. Source: TradingView
However, after the breakout from a long basing formation, the price retests the breakout level. The long wick on today’s candlestick suggests profit-booking at higher levels and the deeply overbought level on the relative strength index (RSI) also points to a possible correction.
The price may now dip back to $5.90. If the bulls can flip this previous resistance to support and the price rebounds off it sharply, it will increase the prospects of the resumption of the uptrend. The first target on the upside is $10.30 and then $14.7.
Contrary to this assumption, if the price drops and sustains below $5.90, it will suggest the current rally was a bull trap. The QTUM/USD pair could then dip to the 20-day moving average ($4.46).
SNT/USD
The recently proposed changes in the WhatsApp privacy policy triggered outrage among users and resulted in millions of users switching to other messaging platforms. While a few users shifted to other centralized apps, others who wanted to keep their privacy in their hands opted for Status App.
This app has witnessed a sharp increase in the number of downloads on Android, which crossed above 600,000 recently. The lates...

https://www.youtube.com/watch?v=NW-S20lmexo

PayPal CFO Says The Company Might Not Convert Money Into Crypto

PayPal will probably avert from investing its cash into Bitcoin. Despite the recently expanding interest from institutions in digital assets, the US payment giant will not get into the crypto whirlpool, said the firm’s Chief Financial Officer. dmitting Cryptocurrency’s Values but Still Won’t Invest Although it sees enormous opportunity in the development of digital wallets, PayPal will most likely not allocate portions of its cash into Bitcoin or other cryptocurrencies. According to a recent news report, PayPal’s CFO John Rainey said that the company does not have any interest in buying cryptocurrency. Instead, the firm prefers to invest in services... Take a look at the latest cryptocurrency news here https://allthetopnews.com/category/cryptocurrency
PayPal CFO Says The Company Might Not Convert Cash Into Crypto
https://www.scoop.it/u/all-the-top-news

PayPal will probably avert from investing its cash into Bitcoin. Despite the recently expanding interest from institutions in digital assets, the US payment giant will not get into the crypto whirlpool, said the firm’s Chief Financial Officer. dmitting Cryptocurrency’s Values but Still Won’t Invest Although it sees enormous opportunity in the development of digital wallets, PayPal will most likely not allocate portions of its cash into Bitcoin or other cryptocurrencies. According to a recent news report, PayPal’s CFO John Rainey said that the company does not have any interest in buying cryptocurrency. Instead, the firm prefers to invest in services that improve the network it offers.
The company has admitted its belief in the transition to digital forms of currencies and considers it inevitable. In December, PayPal CEO Dan Schulman addressed digital wallets as “a natural complement to digital currencies” and affirmed that the company maintains and serves 360 million digital wallets.
“We’re not going to invest corporate cash, probably, in sort of financial assets like that,” said John Rainey during the interview, adding, “but we want to capitalize on this growth opportunity that’s in front of us.”
Furthermore, Rainey noted that PayPal had mapped some plans to invest its funds in companies that provide “complementary assets to the platform” and bring growth. The firm would also introduce its “buy, sell, and hold” crypto services to the United Kingdom.
“The types of services that we’re providing, like buy now, pay later [and] crypto as an example — even offline QR code — those are the types of things that we want to continue to invest in, be it organically or even inorganically when we see opportunities in the ecosystem,” explained the CEO. John Rainey. Source: Barrons cknowledging Bitcoin and Cryptocurrencies in General In times when institutional investors and big names like Tesla and MicroStrategy are making their initial steps investing in Bitcoin and crypto, PayPal apparently won’t follow the current flow. However, the company still shows quite the trust in the digital assets.
As CryptoPotato reported, the firm marked massive gains in its 4th quarter of its fiscal 2020, after including cryptocurrency trading in their list of services. The giant leap came shortly after the company received a conditional license from the New York State Department of Financial Services (NYDFS) US, allowing users of its Venmo service to trade cryptocurrencies.
The payment processing company reported the following surge as its strongest financial year, with high payment volume and new onboarded accounts to further strengthen its scale. Furthermore, the firm announced its active users’ number jumped to 16 million in Q4 2020 alone.
As a whole, in 2020, the company has added 72.7 million net new active accounts, reaching its active account base to a total of 377 million.
Featured Image Courtesy of CNBC
Title: PayPal CFO Says The Company Might Not Convert Cash Into Crypto Sourced From: cryptopotato.com/paypal-cfo-says-the-company-might-not-convert-cash-into-crypto/ Published Date: Fri, 12 Feb 2021 15:32:38 +0000 2021's Most Anticipated Growth Wealth-Building Opportunity Join Thousands of Early Adopters Just Like You Who Want to Grow Capital and Truly Understand Cryptocurrency Together

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Bitcoin goes mainstream as institutions hold 3% of BTC’s circulating supply

Bitcoin goes mainstream as institutions hold 3% of BTC’s circulating supply

Institutional investors are rapidly gobbling up Bitcoin, and at the time of writing, nearly 3% of the Bitcoin (BTC) in circulation are locked up in long-term holdings by these investors.

Data shows that 24 entities have amassed more than 460,500 BTC, which is equivalent to $22 billion at Bitcoin’s current price.

According to Michael Novogratz, this figure excludes the 3 million BTC forever lost, who estimates that a supply shortage could occur shortly if institutions keep up their current buying spree.

The current list of holders includes MtGox K K, which has close to 141,690 BTC ($6.6 billion). Next is Block.one with an estimated 140,000 BTC $6.5 billion). MicroStrategy also has about 71,000 BTC ( $3.3 billion) and this week Tesla bought 38,500 BTC (about $1.8 billion).

Analysts now expect that holding Bitcoin in treasury will soon become a corporate standard as there are multiple technical reasons for viewing Bitcoin as an inflation hedge.

First, BTC has a finite supply in circulation, mimicking gold’s store of value use. Furthermore, there is no way to accelerate Bitcoin’s new supply through additional mining.

Large holders further reduce the circulating supply by buying significant quantities from the market and placing them in cold storage. This long-term holding culture among most crypto participants reduces the already small supply, creating a vicious circle.

For savvy chief financial officers, having a portion of Bitcoin’s treasury provides some regulatory hedge and arbitrage as governments cannot freeze funds.

What is surprising about Tesla’s decision to buy Bitcoin is the timing, as the decision happened after the BTC price hiked 250% in four months.

Companies, cryptos, and metals rank. Source: 8marketcap.com

This week’s move caused BTC’s market capitalization to surpass Tesla’s, reaching the ninth position among all tradable assets.

In the past, buying Bitcoin may have been viewed as an incredibly bold move, but now it’s becoming common sense for institutional investors.

With about a rough estimate of $10 trillion of corporate treasury worldwide, even a 3% allocation into BTC represents $300 billion, which is about a third of Bitcoin’s aggregate value in liquid cash.

Considering that over 60% of the Bitcoin supply hasn’t moved in more than a year, a $300 billion inflow is nearly unimaginable for an asset with a $355 billion free float.

Moreover, newly minted BTC by miners adds up to 341,640 annually, a mere $16.3 billion. Therefore it is safe to conclude that the steady allocation of BTC to corporate treasuries could more than double the current price of Bitcoin.

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.

Title: Bitcoin goes mainstream as institutions hold 3% of BTC’s circulating supply
Sourced From: cointelegraph.com/news/bitcoin-goes-mainstream-as-institutions-hold-3-of-btc-s-circulating-supply
Published Date: Sat, 13 Feb 2021 23:32:00 +0000

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Bitcoin goes mainstream as institutions hold 3% of BTC’s circulating supply

ATOM rallies 100% in a week: What’s behind the rerating of Cosmos?

ATOM rallies 100% in a week: What’s behind the rerating of Cosmos?

ATOM, the native cryptocurrency of the Cosmos blockchain protocol, has rallied by over 100% in the past week. 

Analysts are attributing the rally of ATOM to two major fundamental factors. First, in recent weeks, layer one blockchain protocols, like Avalanche (AVAX) and Polkadot (DOT) have gone through a major rerating.

Second, the utility of ATOM that enables holders of the cryptocurrency to earn through swap, gas, and transaction fees could make it more compelling for investors.

ATOM/USDT 1-day price chart (Binance). Source: TradingView.com

The rerating of layer-one blockchains

The term rerating is used in the cryptocurrency market to describe when the value of a cryptocurrency rises rapidly after stagnating for a prolonged period.

Typically, rerating occurs when the market finds that a cryptocurrency is undervalued due to fundamental reasons or a certain catalyst buoys the potential of the blockchain protocol.

Cosmos is primed for a rerating because other layer-one blockchain protocols, like Polkadot, have seen massive rallies throughout January and February.

Currently, as of Feb. 13, the valuation of Cosmos hovers at around $5 billion. In comparison, Polkadot’s valuation is at around $27 billion, more than five times higher.

More importantly, compared to other layer one blockchain protocols, Cosmos has major decentralized platforms and blockchain projects launched on top of it.

Projects on top of Cosmos valued higher than ATOM 

Most notably, Terra and Binance Smart Chain are both based on the Cosmos blockchain. The valuation of the two blockchain projects alone are above $22 billion.

Technically, BNB is the native token of both Binance Smart Chain and the Binance ecosystem, but nonetheless, the valuation of the two projects alone surpass that of Cosmos.

A pseudonymous DeFi investor known as “SpiderCrypto” said ATOM is undervalued compared to other blockchains. The investor said:

“Also @cosmos $ATOM is undervalued relative to other blockchains. So many great projects using tendermint / cosmos and you don’t even know anon. $10b marketcap and will explode like $avax.”

A pseudonymous Cosmos validator Immasssi also emphasized that the tokenomics of ATOM, which allows users to benefit from the fees generated from the Cosmos ecosystem, makes ATOM more attractive.

Similar to DeFi projects that have cash flow and a token that lets users earn through staking, the validator said ATOM holders will earn transaction fees from packets routed through the Cosmos hub. He said:

“$ATOM holders will earn tx fees for packets that are routed through the hub. This includes all #data. Additionally atom holders will earn swap fees, gas fees & tx fees from the upcoming AMM. Furthermore earning from shared security. Once you realize what that means for ATOM.”

ATOM vs. LUNA long-term sentiment score. Source: TheTie

 Additionally, the long-term sentiment score for ATOM has risen significantly this year alongside Terra LUNA’s, suggesting that the rerating of Cosmos may continue, particularly if the DeFi sector continues to grow.

Title: ATOM rallies 100% in a week: What’s behind the rerating of Cosmos?
Sourced From: cointelegraph.com/news/atom-rallies-100-in-a-week-what-s-behind-the-rerating-of-cosmos
Published Date: Sat, 13 Feb 2021 10:43:04 +0000

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By 2018, bitcoin was approximated by Joule to make use of 2.55 GW, while Environmental Scientific research & Innovation estimated bitcoin to consume 3.572 GW (31.29 TWh for the year). In July 2019 BBC reported bitcoin consumes about 7 gigawatts, 0.2% of the international total amount, or comparable to that of Switzerland. Academic study released in the Journal of Monetary Economics concluded that price manipulation took place throughout the Mt Gox bitcoin theft which the marketplace stays susceptible to adjustment. The background of hacks, scams and theft entailing bitcoin dates back to a minimum of 2011. The U.S. Commodity Futures Trading Compensation has issued four "Client Advisories" for bitcoin and also related investments. A July 2018 caution emphasized that trading in any type of cryptocurrency is frequently speculative, and there is a threat of theft from hacking, and fraud. Securities and also Exchange Commission cautioned that financial investments involving bitcoin might have high prices of scams, which investors could be solicited on social media sites.

The UNITED STATE Us senate held a hearing on virtual money in November 2013. The UNITED STATE federal government claimed that bitcoin was utilized to assist in settlements related to Russian disturbance in the 2016 USA political elections. A main investigation into bitcoin investors was reported in May 2018. The U.S. Justice Division released an investigation right into possible rate control, including the methods of spoofing as well as clean professions. In 2014, Bloomberg named bitcoin one of its worst financial investments of the year. In 2013, The Washington Message reported an insurance claim that they had 1% of all the bitcoins around at the time. In September 2019 the Reserve Bank of Venezuela, at the demand of PDVSA, ran tests to establish if bitcoin and also ether can be kept in central bank's reserves.

After the release of variation 0.9, the software program bundle was relabelled Bitcoin Core to differentiate itself from the hidden network. Cameron and Tyler Winklevoss, the creators of the Gemini Trust Co. exchange, reported that they had reduced their paper budgets into items and stored them in envelopes dispersed to safe down payment boxes across the United States. Through this system, the burglary of one envelope would neither permit the burglar to steal any kind of bitcoins nor rob the rightful proprietors of their accessibility to them. Both the exclusive trick as well as the address show up in message type and also as 2D barcodes. Third-party net services called on-line budgets supply comparable capability yet may be easier to utilize.

Bitcoin bulls eye $50K as information show BTC's fluid supply in consistent decline

On Feb. 12 Bitcoin (BTC) price hit a new all-time high at $48,985 before pulling back to the $46,000 level. 
A quick glance at the 4-hour chart shows the top-ranked cryptocurrency trading in what appears to be a brief phase of consolidation but BTC is still maintaining its bullish momentum through a pattern of higher highs and higher lows. If BTC can maintain its current pace and structure, a move to the $50,000 level could possibly occur before the weekend ends. BTC/USDT 4-hour chart. Source: TradingView
A report released by analysts at Decentrader shows that as Bitcoin’s liquid supply has... Check out the latest crypto news here https://allthetopnews.com/category/cryptocurrency
Bitcoin bulls eye $50K as data show BTC’s liquid supply in steady decline
https://www.scoop.it/topic/cryptocurrency-news-by-all-the-top-news

On Feb. 12 Bitcoin (BTC) price hit a new all-time high at $48,985 before pulling back to the $46,000 level. 
A quick glance at the 4-hour chart shows the top-ranked cryptocurrency trading in what appears to be a brief phase of consolidation but BTC is still maintaining its bullish momentum through a pattern of higher highs and higher lows. If BTC can maintain its current pace and structure, a move to the $50,000 level could possibly occur before the weekend ends. BTC/USDT 4-hour chart. Source: TradingView
A report released by analysts at Decentrader shows that as Bitcoin’s liquid supply has been decreasing, demand for the top cryptocurrency has been increasing as the number of BTC that have not moved on-chain for an extended period of time also rises. Bitcoin liquid supply. Source: Glassnode
As can be seen on the chart above, BTC currently has a liquid supply of roughly four million coins and the figure has been steadily decreasing since June 2020 as whales and institutional investors increase their exposure to this nascent asset class. Further evidence of the growth of big-money players can be found by looking at the surge in wallets holding more than 1000 BTC. Wallets holding at least 1000 BTC vs BTC price. Source: Decentrader
As the number of large wallets grows, the number of smaller wallets has remained flat or decreased, indicating that “larger players are scooping up bitcoin off smaller players.”
PayPal delves deeper into cryptocurrency Additional bullish news for the cryptocurrency sector came as PayPal announced that it plans to extend its crypto services to residents of the United Kingdom. This marks the first time users outside of the U.S. will be able to purchase crypto through the platform which should be available on the PayPal and Venmo apps by the end of Q2 2021. In an effort to keep up with the likes of PayPal and the Cash App, Apple Pay has unveiled a new partnership with BitPay that will allow Apple Wallet users to use their BitPay card to make purchases. It has also emerged that Grayscale Investments may soon bring a new level of exposure to decentralized finance as a newly filed corporate registration in the State of Delaware shows that the asset manager is considering Yearn Finance as a potential future offering. Choppy trading sets the tone in traditional markets
Traditional markets faced early pressure on Friday following the Feb.11 announcement that federal regulators have launched probes into Robinhood and Reddit for signs of market manipulation related to the recent wild moves seen in stocks like GameStop and AMC. After weathering the early downturn, all three major indices managed to climb higher and finish the day in the positive with the SP 500 and NASDAQ closing out the session at record levels, up 0.47% and 0.50% respectively. The Dow also managed to squeeze out a positive gain of 0.09%. The wider cryptocurrency market continued its bullish upsurge as multiple projects saw double-digit gains and new all-time highs. Daily cryptocurrency market performance. Source: Coin360
Ether (ETH) ventured deeper into uncharted territory on Friday by setting and set a new all-time high at $1,863, while Polkadot (DOT) was the best performing top-10 coin, experiencing an increase of 21% overnight for a new high at 29.52. Other notable performers include the pure proof-of-stake protocol Algorand (ALGO), which increased 38% for a 2021 high at $1.84, and Tezos (XTZ), which saw its price increase 23% for a new record high of $5.41.
The overall cryptocurrency market cap now stands at $1.48 trillion and Bitcoin’s dominance rate is 60.4%.
Title: Bitcoin bulls eye $50K as data show BTC’s liq...

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Other DeFi-focused networks are rising as Ethereum congestion narrative stimulates up

Ethereum has been facing extreme network congestion once again, which has been made worse by the cryptocurrency’s rapidly increasing price.
At one point over the past week, it cost over $100 to trade on Uniswap, which caused even larger players—some that you could call “whales”—to lament about the extremely high transaction fees.
This has caused a strong narrative shift to “alternatives” to Ethereum that can also support DeFi applications. Of course, there may be trade-offs regarding centralization and the usability of these other networks, though many seem to be willing to leave Ethereum, for now, to trade on other networks.... Take a look at the latest crypto news reports here https://allthetopnews.com
Other DeFi-focused networks are surging as Ethereum congestion narrative spurs up
https://www.scoop.it/u/all-the-top-news

Ethereum has been facing extreme network congestion once again, which has been made worse by the cryptocurrency’s rapidly increasing price.
At one point over the past week, it cost over $100 to trade on Uniswap, which caused even larger players—some that you could call “whales”—to lament about the extremely high transaction fees.
This has caused a strong narrative shift to “alternatives” to Ethereum that can also support DeFi applications. Of course, there may be trade-offs regarding centralization and the usability of these other networks, though many seem to be willing to leave Ethereum, for now, to trade on other networks.
Ethereum “alternatives” gain traction amid congestion
Ethereum alternatives are gaining traction amid this market congestion.
Coins such as Avalanche’s AVAX, Binance Coin’s BNB, and others, which all act as payment mechanisms for transactions on other DeFi-focused blockchains, have begun to surge by literally dozens of percent over the past 72 hours as Ethereum has become congested once again.
According to CryptoSlate market data, AVAX is up 250 percent in the past seven days while Binance Coin has gained over 140 percent.
Also, the native coins of networks like Cardano, Qtum, Icon, and more have surged by over 80 percent as life is breathed back into these alternative blockchains that were dubbed Ethereum killers back in 2017.
Incoming solutions
Many argue that there are solutions that can allow Ethereum to maintain its dominance but to process more transactions and at a lower cost.
The first discussion has been to increase the block size of Ethereum blocks.
Nikita Zhavoronkov from BlockChair recently suggested that the Ethereum gas limit, which determines the block size, should be increased to 15 to 20 million from 12.5 million. That would mark an increase of 20 to 60 percent, which is quite a large range.
This would allow for a large increase in transactions. The exact numbers are unclear, as it depends on how much gas a transaction takes up.
Zhavoronkov says that this is feasible because the “uncle rate,” which is sometimes used to determine the health of mining, is low. He believes that adding this capacity won’t threaten the security of the network.
It’s time to raise the #Ethereum? gas limit from 12.5M to at least 15-20M.
It’s safe to do this because the uncle rate is at its minimum.
It’s not safe to fail to scale or introduce unpredictable fees, as seen with #Bitcoin, this pushes users to other blockchains. pic.twitter.com/rrsjGAgdLH
— Nikita Zhavoronkov (@nikzh) February 4, 2021 Many have actually pushed back against Zhavoronkov’s comments because they say that he isn’t properly assessing the potential risk of what adding more block size would do to the network.
Namely, there have been discussions around how an increase to the gas limit will result in a large increase in the “state size” of the Ethereum network, potentially causing increased latency or stress put on nodes, and as a result, more centralization.
Positively, though, there has been good progress made on the front of layer-two scaling solutions such as Optimistic Ethereum, which projects like Synthetix, Uniswap, and Rari Capital are dabbling with right now.
Disclaimer: This author is an analyst at ParaFi Capital. ParaFi Capital may hold positions in assets mentioned in this article. The views displayed in this article are opinions of the author—and the author only. 
The post Other DeFi-focused networks are surging as Ethereum congestion narrative spurs up appeared first on CryptoSlate.
Title: Other DeFi-focused networks are surging as Ethereum congestion narrative spurs up Sourced From: cryptoslate.c...

https://www.youtube.com/watch?v=XFL-DfStAVU

Ben Goertzel's SingularityNET starts second stage of migration from Ethereum to Cardano

SingularityNET, an artificial intelligence (AI) solution built on Ethereum, has begun the second phase of its migration to Cardano. The company’s AGI cryptocurrency will be the first major token release on the Cardano Native Assets platform and the largest democratic exercise in the history of decentralized AI. major decentralized AI network is coming to Cardano SingularityNET, a decentralized artificial intelligence (AI) solution created by Dr. Ben Goertzel, has entered into the second phase of its migration to Cardano. The network’s departure from Ethereum was announced back in early October 2020, citing the academic rigor and formal methods behind Cardano as... Check out the latest crypto news reports here https://allthetopnews.com/category/cryptocurrency
Ben Goertzel’s SingularityNET begins second phase of migration from Ethereum to Cardano
https://www.scoop.it/topic/cryptocurrency-news-by-all-the-top-news

SingularityNET, an artificial intelligence (AI) solution built on Ethereum, has begun the second phase of its migration to Cardano. The company’s AGI cryptocurrency will be the first major token release on the Cardano Native Assets platform and the largest democratic exercise in the history of decentralized AI. major decentralized AI network is coming to Cardano SingularityNET, a decentralized artificial intelligence (AI) solution created by Dr. Ben Goertzel, has entered into the second phase of its migration to Cardano. The network’s departure from Ethereum was announced back in early October 2020, citing the academic rigor and formal methods behind Cardano as the main reason for migrating to the platform.
At the time, the company said that the core technology developed by IOHK was “closely in line” with the deep scientific background of the SingularityNET’s team.
Dr. Ben Goertzel, the founder and CEO of SingularityNET, said that the decision on whether or not to migrate to Cardano was left to the community. The voting process took place earlier this month and lasted for four days. With 187 million votes in favor of the proposal to migrate and only 20 million votes against it, SingularityNET will now officially be a Cardano-based platform.
SingularityNET’s AGI becomes the first major token to launch on Cardano
As part of the migration, SingularityNET’s native AGI tokens will be issued on Cardano. According to an official announcement from the company, 1 billion tokens will be issued in total, with the first issuance consisting of 15 million AGI. The rest of the tokens, called AGI-ADA will be issued gradually each month, with the issuance reate decreasing 1.5 percent each month.
In a recent YouTube video, Dr. Goertzel said that the total issuance will take 91 years to complete. He explained that the slow issuance process will enable the company to allocate more resources to develop the platform.
The old AGI ERC-20 token will remain on Ethereum, with users being able to swap back and forth between AGI ERC-20 and AGI-ADA.
After SingularityNET migrates to Cardano, the next step in the platform’s development will be to strengthen its governance model through the tools provided on the Cardano blockchain.
IOHK, the company behind Cardano, said that having AGI on the blockchain will be the first major token release on the Cardano Native Assets platform. It will also be the “largest democratic exercise in the history of decentralized AI,” the company added.
“The AGI SingularityNET Phase Two proposal represents a major new step for Dr. Ben Goertzel’s decentralized AI project and an intensification of the Cardano partnership,” IOHK said on Twitter.
The post Ben Goertzel’s SingularityNET begins second phase of migration from Ethereum to Cardano appeared first on CryptoSlate.
Title: Ben Goertzel’s SingularityNET begins second phase of migration from Ethereum to Cardano Sourced From: cryptoslate.com/ben-goertzels-singularitynet-begins-second-phase-of-migration-from-ethereum-to-cardano/ Published Date: Fri, 12 Feb 2021 15:32:21 +0000 2021's Most Anticipated Growth Wealth-Building Opportunity Join Thousands of Early Adopters Just Like You Who Want to Grow Capital and Truly Understand Cryptocurrency Together

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Bitcoin bulls eye $50K as data show BTC’s liquid supply in steady decline

Bitcoin bulls eye $50K as data show BTC’s liquid supply in steady decline

On Feb. 12 Bitcoin (BTC) price hit a new all-time high at $48,985 before pulling back to the $46,000 level. 

A quick glance at the 4-hour chart shows the top-ranked cryptocurrency trading in what appears to be a brief phase of consolidation but BTC is still maintaining its bullish momentum through a pattern of higher highs and higher lows.

If BTC can maintain its current pace and structure, a move to the $50,000 level could possibly occur before the weekend ends.

BTC/USDT 4-hour chart. Source: TradingView

A report released by analysts at Decentrader shows that as Bitcoin’s liquid supply has been decreasing, demand for the top cryptocurrency has been increasing as the number of BTC that have not moved on-chain for an extended period of time also rises.

Bitcoin liquid supply. Source: Glassnode

As can be seen on the chart above, BTC currently has a liquid supply of roughly four million coins and the figure has been steadily decreasing since June 2020 as whales and institutional investors increase their exposure to this nascent asset class.

Further evidence of the growth of big-money players can be found by looking at the surge in wallets holding more than 1000 BTC.

Wallets holding at least 1000 BTC vs BTC price. Source: Decentrader

As the number of large wallets grows, the number of smaller wallets has remained flat or decreased, indicating that “larger players are scooping up bitcoin off smaller players.”

PayPal delves deeper into cryptocurrency

Additional bullish news for the cryptocurrency sector came as PayPal announced that it plans to extend its crypto services to residents of the United Kingdom.

This marks the first time users outside of the U.S. will be able to purchase crypto through the platform which should be available on the PayPal and Venmo apps by the end of Q2 2021.

In an effort to keep up with the likes of PayPal and the Cash App, Apple Pay has unveiled a new partnership with BitPay that will allow Apple Wallet users to use their BitPay card to make purchases.

It has also emerged that Grayscale Investments may soon bring a new level of exposure to decentralized finance as a newly filed corporate registration in the State of Delaware shows that the asset manager is considering Yearn Finance as a potential future offering.

Choppy trading sets the tone in traditional markets

Traditional markets faced early pressure on Friday following the Feb.11 announcement that federal regulators have launched probes into Robinhood and Reddit for signs of market manipulation related to the recent wild moves seen in stocks like GameStop and AMC.

After weathering the early downturn, all three major indices managed to climb higher and finish the day in the positive with the S&P 500 and NASDAQ closing out the session at record levels, up 0.47% and 0.50% respectively. The Dow also managed to squeeze out a positive gain of 0.09%.

The wider cryptocurrency market continued its bullish upsurge as multiple projects saw double-digit gains and new all-time highs.

Daily cryptocurrency market performance. Source: Coin360

Ether (ETH) ventured deeper into uncharted territory on Friday by setting and set a new all-time high at $1,863, while Polkadot (DOT) was the best performing top-10 coin, experiencing an increase of 21% overnight for a new high at 29.52.

Other notable performers include the pure proof-of-stake protocol Algorand (ALGO), which increased 38% for a 2021 high at $1.84, and Tezos (XTZ), which saw its price increase 23% for a new record high of $5.41.

The overall cryptocurrency market cap now stands at $1.48 trillion and Bitcoin’s dominance rate is 60.4%.

Title: Bitcoin bulls eye $50K as data show BTC’s liquid supply in steady decline
Sourced From: cointelegraph.com/news/bitcoin-bulls-eye-50k-as-data-show-btc-s-liquid-supply-in-steady-decline
Published Date: Fri, 12 Feb 2021 23:00:00 +0000

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Bitcoin bulls eye $50K as data show BTC’s liquid supply in steady decline

PayPal CFO Says The Company Might Not Convert Cash Into Crypto

PayPal CFO Says The Company Might Not Convert Cash Into Crypto

PayPal will probably avert from investing its cash into Bitcoin. Despite the recently expanding interest from institutions in digital assets, the US payment giant will not get into the crypto whirlpool, said the firm’s Chief Financial Officer.

dmitting Cryptocurrency’s Values but Still Won’t Invest

Although it sees enormous opportunity in the development of digital wallets, PayPal will most likely not allocate portions of its cash into Bitcoin or other cryptocurrencies. According to a recent news report, PayPal’s CFO John Rainey said that the company does not have any interest in buying cryptocurrency. Instead, the firm prefers to invest in services that improve the network it offers.

The company has admitted its belief in the transition to digital forms of currencies and considers it inevitable. In December, PayPal CEO Dan Schulman addressed digital wallets as “a natural complement to digital currencies” and affirmed that the company maintains and serves 360 million digital wallets.

“We’re not going to invest corporate cash, probably, in sort of financial assets like that,” said John Rainey during the interview, adding, “but we want to capitalize on this growth opportunity that’s in front of us.”

Furthermore, Rainey noted that PayPal had mapped some plans to invest its funds in companies that provide “complementary assets to the platform” and bring growth. The firm would also introduce its “buy, sell, and hold” crypto services to the United Kingdom.

“The types of services that we’re providing, like buy now, pay later [and] crypto as an example — even offline QR code — those are the types of things that we want to continue to invest in, be it organically or even inorganically when we see opportunities in the ecosystem,” explained the CEO.

John Rainey. Source: Barrons

cknowledging Bitcoin and Cryptocurrencies in General

In times when institutional investors and big names like Tesla and MicroStrategy are making their initial steps investing in Bitcoin and crypto, PayPal apparently won’t follow the current flow. However, the company still shows quite the trust in the digital assets.

As CryptoPotato reported, the firm marked massive gains in its 4th quarter of its fiscal 2020, after including cryptocurrency trading in their list of services. The giant leap came shortly after the company received a conditional license from the New York State Department of Financial Services (NYDFS) US, allowing users of its Venmo service to trade cryptocurrencies.

The payment processing company reported the following surge as its strongest financial year, with high payment volume and new onboarded accounts to further strengthen its scale. Furthermore, the firm announced its active users’ number jumped to 16 million in Q4 2020 alone.

As a whole, in 2020, the company has added 72.7 million net new active accounts, reaching its active account base to a total of 377 million.

Featured Image Courtesy of CNBC

Title: PayPal CFO Says The Company Might Not Convert Cash Into Crypto
Sourced From: cryptopotato.com/paypal-cfo-says-the-company-might-not-convert-cash-into-crypto/
Published Date: Fri, 12 Feb 2021 15:32:38 +0000

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PayPal CFO Says The Company Might Not Convert Cash Into Crypto

Ben Goertzel’s SingularityNET begins second phase of migration from Ethereum to Cardano

Ben Goertzel’s SingularityNET begins second phase of migration from Ethereum to Cardano

SingularityNET, an artificial intelligence (AI) solution built on Ethereum, has begun the second phase of its migration to Cardano. The company’s AGI cryptocurrency will be the first major token release on the Cardano Native Assets platform and the largest democratic exercise in the history of decentralized AI.

major decentralized AI network is coming to Cardano

SingularityNET, a decentralized artificial intelligence (AI) solution created by Dr. Ben Goertzel, has entered into the second phase of its migration to Cardano. The network’s departure from Ethereum was announced back in early October 2020, citing the academic rigor and formal methods behind Cardano as the main reason for migrating to the platform.

At the time, the company said that the core technology developed by IOHK was “closely in line” with the deep scientific background of the SingularityNET’s team.

Dr. Ben Goertzel, the founder and CEO of SingularityNET, said that the decision on whether or not to migrate to Cardano was left to the community. The voting process took place earlier this month and lasted for four days. With 187 million votes in favor of the proposal to migrate and only 20 million votes against it, SingularityNET will now officially be a Cardano-based platform.

SingularityNET’s AGI becomes the first major token to launch on Cardano

As part of the migration, SingularityNET’s native AGI tokens will be issued on Cardano. According to an official announcement from the company, 1 billion tokens will be issued in total, with the first issuance consisting of 15 million AGI. The rest of the tokens, called AGI-ADA will be issued gradually each month, with the issuance reate decreasing 1.5 percent each month.

In a recent YouTube video, Dr. Goertzel said that the total issuance will take 91 years to complete. He explained that the slow issuance process will enable the company to allocate more resources to develop the platform.

The old AGI ERC-20 token will remain on Ethereum, with users being able to swap back and forth between AGI ERC-20 and AGI-ADA.

After SingularityNET migrates to Cardano, the next step in the platform’s development will be to strengthen its governance model through the tools provided on the Cardano blockchain.

IOHK, the company behind Cardano, said that having AGI on the blockchain will be the first major token release on the Cardano Native Assets platform. It will also be the “largest democratic exercise in the history of decentralized AI,” the company added.

“The AGI SingularityNET Phase Two proposal represents a major new step for Dr. Ben Goertzel’s decentralized AI project and an intensification of the Cardano partnership,” IOHK said on Twitter.

The post Ben Goertzel’s SingularityNET begins second phase of migration from Ethereum to Cardano appeared first on CryptoSlate.

Title: Ben Goertzel’s SingularityNET begins second phase of migration from Ethereum to Cardano
Sourced From: cryptoslate.com/ben-goertzels-singularitynet-begins-second-phase-of-migration-from-ethereum-to-cardano/
Published Date: Fri, 12 Feb 2021 15:32:21 +0000

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Ben Goertzel’s SingularityNET begins second phase of migration from Ethereum to Cardano

Bitcoin whale collections pinpoint $44,214 as the key near-term price degree

Bitcoin (BTC) whale cluster data shows that $44,214 is the key near term level that the dominant cryptocurrency needs to defend.
As Cointelegraph reported, in the last 24 hours, Bitcoin saw a sell-off after reaching a new all-time high at around $48,000, with the price shedding almost 8% and dropping to as low as $43,750 on Binance.
Why is this level important for more BTC upside? 
Whale clusters form when whales or high-net-worth investors purchase Bitcoin at a certain price level and do not move them.
These levels often act as support or resistance levels because whales are more likely... Take a look at the latest crypto news reports here https://allthetopnews.com
Bitcoin whale clusters pinpoint $44,214 as the key near-term price level
https://www.scoop.it/u/all-the-top-news

Bitcoin (BTC) whale cluster data shows that $44,214 is the key near term level that the dominant cryptocurrency needs to defend.
As Cointelegraph reported, in the last 24 hours, Bitcoin saw a sell-off after reaching a new all-time high at around $48,000, with the price shedding almost 8% and dropping to as low as $43,750 on Binance.
Why is this level important for more BTC upside? 
Whale clusters form when whales or high-net-worth investors purchase Bitcoin at a certain price level and do not move them.
These levels often act as support or resistance levels because whales are more likely to buy more BTC at the level they are holding from or sell at breakeven. Bitcoin whale inflows. Source: Whalemap
Analysts at Whalemap said that losing the $44,214 support level would likely result in a drop to $39,843 in the short term. But, if the level holds, then it would mean that it has become a new support area following the rally driven by Tesla purchasing $1.5 billion worth of BTC. The analysts said:
“Losing $44214 should open the door for BTC to visit $39843 as there are not many supports in between. For the time being though, $44214 should provide some support. There is also great demand at 38k prices so BTC should not be falling below that.”
There are several arguments to support a near term bullish trajectory for Bitcoin. First, according to the researchers at Santiment, the number of active Bitcoin addresses and the exchange supply of Stablecoins are high.
The combination of these two metrics suggest an overall healthy uptrend for Bitcoin backed by strong fundamentals. They wrote:
“Both #Bitcoin’s active addresses and the exchange supply of #stablecoins like $USDT are remaining high, which is an encouraging sign that $BTC can rebound after today’s mild retrace.”
Additionally, the number of non-zero Bitcoin addresses is also at record highs, suggesting that an influx of new buyers is rushing into BTC.  #Bitcoin $BTC Number of Non-Zero Addresses just reached an ATH of 34,724,050
View metric:https://t.co/VtoChZbLsa pic.twitter.com/eq1FOMOUlJ
— glassnode alerts (@glassnodealerts) February 11, 2021
Mass adoption is ongoing
Atop the favorable technical and fundamental factors, Kyle Davies, the co-founder at Three Arrows Capital, said the cryptocurrency market is witnessing mass adoption.
In recent months, the Bitcoin market has seen a massive increase in the inflow of public companies and institutional investors.
Through various investment vehicles, such as the Grayscale Bitcoin Trust and Coinbase Custody, institutional investors have been buying large amounts of Bitcoin.
Davies said that the “new paradigm of decentralized money” has awaken, adding:
“We are witnessing mass adoption, right here right now. Stalwarts of the old world will convert, the crypto native will flourish. Awaken new paradigm of decentralized money. Don’t be scared.”
Meanwhile, the crypto market is seeing a perfect storm of technical and fundamental factors supplemented by a compelling macro narrative, which is causing the value of both major cryptocurrencies and DeFi tokens to rally.
In the foreseeable future, based on the market structure of Bitcoin, a continuation of the rally is generally expected, given that the $44,214 whale cluster level does not break.
Title: Bitcoin whale clusters pinpoint $44,214 as the key near-term price level Sourced From: cointelegraph.com/news/bitcoin-whale-clusters-pinpoint-44-214-as-the-key-near-term-price-level Published Date: Thu, 11 Feb 2021 09:37:28 +0000 2021's Most Anticipated Growth Wealth-Building Opportunity Join Thousands of Early Adopters Just Like You Who Want to Grow Capital and Truly Understand Cryptocurrency Together

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