Day: May 19, 2021

Bitcoin $5K ‘kimchi premium’ returns while gold prices surge in Korea

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Bitcoin (BTC) was trading at $5,000 higher in South Korea than in other markets on Wednesday as capital flow controls continue to enforce the “kimchi premium.” While Bitcoin was trading at $39,932 on Coinbase at the time of publication, the price on the Korea-based Bithumb exchange stood at $45,115. According to a recent Bank of America statement, the kimchi premium is a result of capital flow controls aimed at stopping the cross-border transfer of “hot money,” reports Reuters. “The onshore price for cryptocurrencies in Korea is persistently above international prices…

Inner Mongolia sets up hotline to report suspected crypto miners

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A new announcement from the  Inner Mongolia Autonomous Region Development and Reform Commission, or DRC, has informed the public that they now have a direct way to report on any outlying cryptocurrency operations in the region. As previously reported, Inner Mongolia was once home to a vast network of crypto mining operators, who collectively accounted for 7.71% of the global Bitcoin (BTC) hash rate between Sept. 2019 and April 2020. As part of Beijing’s increasingly proactive and ambitious agenda to reduce carbon emissions, Chinese authorities have increasingly scrutinized the coal-rich region…

Bitcoin price dip below $40K costs Tesla nearly 100% of its BTC profits

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Bitcoin (BTC) fell below $40,000 on May 19 as bearish sentiment continued to dictate price direction resulting in the cryptocurrency market losing $350 billion in value. BTC/USD 1-day candle chart (Bitstamp). Source: TradingView Analysts calm as BTC/USD hits 15-week lows Data from Cointelegraph Markets Pro and TradingView tracked BTC/USD as it put in lows of $38,500 before bouncing higher. Coming after a week of successive drops, Wednesday’s dip put Bitcoin at its lowest level since early February and 40% below its all-time highs. “Bitcoin putting in new lows, probably buy more…

More than half of Australians think Elon Musk invented Bitcoin: Survey

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Australians’ knowledge of cryptocurrency could use some improvement, as more than half of them think that Elon Musk created Bitcoin (BTC), according to a new survey. Finder, Australia’s most visited comparison website, conducted a survey of 1,004 Australians to find out more about what they know about crypto, The Australian reports Wednesday. According to the survey results, 56% of Australians are not aware of mysterious Bitcoin creator Satoshi Nakamoto, believing that Tesla CEO and SpaceX founder Musk is the founder of the world’s largest cryptocurrency. A significant number of respondents…

Earn NFTs watching TV, DAO pays $1M for Aoki and 3LAU track … and more

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Blockchain-based streaming service Sator has developed a decentralized app that will enable users to earn NFTs, tokens and “other rewards” by watching TV and playing games. While details are sparse on the exact amount of rewards users can receive, according to the website, NFTs awarded will be directly tied to amount of shows watched, and time spent engaging with puzzles and TV trivia on the app. Sator CEO Isla Perfito said the firm has created: “An easy and powerful solution for TV producers to turnkey deliver a unique NFT experience…

Nervos and CMB International launch $50M blockchain, DeFi and NFT fund

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The Nervos Foundation has announced the launch of a fund in collaboration with CMB International, a wholly-owned subsidiary of China Merchants Bank. The $50 million fund named “InNervation” will be used to make early investments in startups that are building blockchain-based user-centric products. Decentralized finance (DeFi) protocols, dApps, and nonfungible token (NFT) marketplaces will be a particular focus of the investments. Nervos is a Chinese blockchain project based on a Layer 1, Proof of Work, public permissionless blockchain protocol. It claims to allow any crypto asset to be stored with…

Bitcoin Breaks Key Support, Here’s Why BTC Could Dive Below $40K

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Bitcoin price failed to stay above the key $42,150 support zone against the US Dollar. BTC is declining and it remains at a risk of a sharp decline below $40K. Bitcoin failed to stay above the main $42,000 and $42,150 support levels. The price is now trading well below $45,000 and the 100 hourly simple moving average. There is a new major bearish trend line forming with resistance near $44,000 on the hourly chart of the BTC/USD pair (data feed from Kraken). The pair is likely to continue lower below…

Patched vulnerability could’ve crippled ETH over the past 2 years: Ethereum Foundation

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The Ethereum Foundation has published a blog post outlining a potentially catastrophic vulnerability that could have resulted in the mainnet being brought down at a cost of less than five-figures up until the execution of the Berlin hardfork last month. A May 18 blog post describes the vulnerability as having posed “a severe threat against the Ethereum platform” until April’s upgrades allowed it to dodge the bullet. The report describes the threat as having been an “open secret,” noting it was once publicly disclosed by mistake. Following the implementation of…