Altcoins nurse double-digit losses as Bitcoin bulls fight to retake $49K

Another wave of selling pressure hit the cryptocurrency market on Feb. 23 as Bitcoin struggles to reclaim the $49,000 level. Data from Cointelegraph Markets and TradingView shows that Bitcoin fell under intense pressure in the early trading hours on Tuesday and this pushed the price of BTC as low as $44,927 before buyers arrived to stop the descent. The majority of altcoins and DeFi tokens are now even deeper into their double-digit losses and Bitcoin (BTC) price has dropped by more than $10,000 in the past 48 hours.  BTC/USDT 4-hour chart.…

Square doubles down on Bitcoin, investing another $170M

Financial services outfit Square just announced it has picked up more Bitcoin.  Square “has purchased approximately 3,318 bitcoins at an aggregate purchase price of $170 million,” the company said in a public statement on Tuesday, adding: “Combined with Square’s previous purchase of $50 million in bitcoin, this represents approximately five percent of Square’s total cash, cash equivalents and marketable securities as of December 31, 2020.” Bitcoin (BTC) has fallen significantly this week so far, dropping below the $50,000 mark after tapping a record high past $58,000, based on TradingView.com data.…

Bitcoin mining likely didn’t contribute to Texas’ power outages, says expert

Though many Texans are still suffering in the aftermath of a winter storm that left millions without power and running water for days, it’s unlikely that the crypto mining farms in the state played much of a role during the crisis. Speaking to Cointelegraph, Kristy-Leigh Minehan, a mining consultant and chief technology officer of NEM Software, said Texas doesn’t currently have enough mining infrastructure to cause significant problems in the power grid when compared with that of major regions like Sichuan. According to Minehan, German Bitcoin (BTC) mining operator Northern…

How Many Times Will We Let Facebook Completely Abuse Its Power? – CCN.com

Facebook recently reached a deal with Australia to restore the pages of news outlets on its website. But the social media conglomerate illegally shut down thousands of pages in the process, including some that had no association with Australia. This is just another case of Mark Zuckerberg and Facebook abusing their power, and we should not look the other way. Facebook has finally reached a deal with Australia. After a standstill with the Australian government over fair compensation for providing media content to the site, Facebook has unblocked Australian news…

Layer-2 race heats up as Loopring (LRC) price gains 430% in 2021

Cross-chain bridges and layer-two solutions have become an important topic of conversation in recent weeks as protocols compete to offer the best solution to skyrocketing transaction costs on the Ethereum network.  While a lot of the focus in decentralized finance (DeFi) has been on the creation of a sprawling multichain ecosystem following the recent emergence of Binance Smart Chain and Avalanche, those who wish to stay on Ethereum have turned to layer-two solutions like Loopring as their preferred method of escape. A recent report from Delphi Digital has identified Loopring’s…

North America’s first Bitcoin ETF sees explosive debut with $564M in assets

Less than a week after its debut, the Purpose Bitcoin exchange-traded fund continues to attract large inflows of investor capital, offering further reassurance that institutional interest in digital assets is on the rise.  Crypto data provider Glassnode reported Tuesday that the Purpose ETF has reached $564 million in assets under management, an impressive feat considering the fund only launched five days ago. As Cointelegraph reported, the fund generated $80 million in volume during its first hour of trading and reached nearly $100 million on its first day. Glassnode data reveal…

Russian Orthodox Church will not accept Bitcoin in offering plate

With roughly 100 million members, the church representing the dominant religion in Russia has no plans to accept cryptocurrency donations or offerings. According to a Q&A streamed on YouTube by Jesus Portal, the chairman of the Department for External Church Relations of the Moscow Patriarchate, Hilarion Alfeyev, said the Russian Orthodox Church, or ROC, is not planning to create its own digital currency, nor accept cryptocurrency including Bitcoin (BTC) for donations. However, Alfeyev added it was possible to use other forms of technology to send money to the church: phone…

Aave and Balancer announce hybrid AMM liquidity pool & lending product

In the latest feat of decentralized finance (DeFi) money lego magic, lending platform Aave and automated market maker (AMM) Balancer have teamed up on a hybrid liquidity-and-lending feature that may significantly fatten depositor yields. In a blog post today, Balancer CEO Fernando Martinelli unveiled plans for the project, dubbed the Balancer V2 Asset Manager. In essence, the integration will allow users to earn two forms of return on their deposits: trading fees and yield farming from Balancer, as well as lending interest from Aave. In Balancer’s current architecture, users deposit…

Pat Sajak Accused of Mocking a Guest, but He’s Only Mocking His Haters – CCN.com

Wheel of Fortune host Pat Sajak has made several mistakes live on air recently. His latest ‘gaffe’ has turned into accusations that he was mocking someone with a speech impediment. Once you watch the video, you’ll see that people will go to any lengths to get the attention of canceling someone. Pat Sajak seems like a good guy, unless you go on Twitter. The app has become ground zero for cancel culture. People pick apart other people, sometimes for things they said or did decades ago. And it’s fine because…

Pro traders went long as Bitcoin fell to $45K, liquidating $5.9B in futures

In the past 48-hours Bitcoin (BTC) price dropped by $13,360 and liquidated more than $2.6 billion worth of futures contracts. When including altcoin, the total sum of liquidations equaled $5.9 billion. After marking a record-high open interest at $19.5 billion on Feb. 21, the metric has stabilized at $16.5 billion. This means that half of the terminated leverage positions have been reopened. According to the top traders’ long-to-short data and various funding rate indicators, retail traders took the largest hit. Top traders bought the dip The top traders’ long-to-short indicator…