Bitcoin’s Rise Causes Shortage of Mining Rigs, Most Units Sold Out, Miners Concerned About Supply

While the bitcoin economy has swelled in value, the overall network hashrate has gradually climbed higher as miners are making a lot of money confirming blocks. However, obtaining bitcoin mining rigs isn’t so easy these days, and regional reports from China indicate a great number of ASIC manufacturers are sold out for months. Moreover, because of the clear shortage, bitcoin mining rigs being sold on secondary markets have seen values increase by 30-40% per machine. Bitcoin Mining Rigs in China Sell Out, Miners Grow Worried About Future Supply Bitcoin mining…

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Volatile Bitcoin Not a True Store of Value Just Yet, Says Fidelity Digital Assets Head

Fidelity Digital Assets president Tom Jessop says that bitcoin is not a true store of value just yet because the digital asset is still too volatile, Reuters reported. However, investors are optimistic bitcoin will attain this status. “We use the word ‘potential store of value’ as bitcoin is still extremely volatile, and by any standard perhaps would not achieve the mantle of a true store of value,” Jessop told Reuters’ Global Investment Outlook Summit 2020 on Thursday. “But aspirationally it is, and that’s one of the reasons why so many…

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Ripple has sold $15M of its stock in MoneyGram

Ripple’s partnership with MoneyGram may not be as warm as it once was, but it’s paying off. Ripple Labs has sold a huge chunk of its 2019 investment in MoneyGram.  Per a Friday night filing with the Securities and Exchange Commission on Friday night, from Nov. 27 through Dec. 4, Ripple Labs managed to sell 2,264,113 shares of MoneyGram (MGI). The tech firm netted a total of $15,303,792.60 from the sales. MoneyGram’s stock value has soared in recent months, from $2.94 on Oct. 1 to $8.53 on Nov. 23. In no…

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Bitcoin price rally at risk as gold and US dollar show signs of recovery

Analysts warn that a recovery in gold and the U.S. dollar index could negatively impact Bitcoin’s bullish momentum. Dan Tapiero, the co-founder of 10T Holdings, said weak hands have been shaken out in the gold market. This raises the probability of a gold rally in the near term, especially as it comes off of an 80-day pullback period. A rally in gold and the dollar may dampen Bitcoin price Bitcoin has seen strong momentum in the past three months, as it achieved an all-time high on Coinbase and a number…

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Law Decoded: New threats to self-custody take shape in the US, Nov. 27–Dec. 4

Tentative clampdowns coming from both the Treasury and the House in the United States lead this week’s Law Decoded. Every Friday, Law Decoded delivers analysis on the week’s critical stories in the realms of policy, regulation and law.  Editor’s note For several weeks, rumors have circulated in the United States that the Treasury Department under Steven Mnuchin is planning some sort of rulemaking to ban or severely restrict self-hosted cryptocurrency wallets. The Treasury hasn’t made any public statements to support these rumors, but they are persistent and pervasive enough to…

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Research Suggests Bitcoin Buying Ramps Up When Traditional US Markets Open

While bitcoin and a number of digital assets set new 2020 price highs, a variety of crypto-asset commentators have detailed that since October, there’s been a lot of bitcoin buying action during U.S. market hours. Data shows that between East Asia and North America, the two regions account for close to half of all the bitcoin transfers this year. Recent research also highlights bitcoin buying during U.S. hours suggests that institutional buyers are dipping their feet into the crypto economy. Reuters Reports American Investors Are ‘Gobbling Up’ the Bitcoin Boom…

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It’s not about data ownership, it’s about data control, EFF director says

She believes that by agreeing to certain “Terms of Service,” users abdicate a portion of their rights. As technology advances, personal data becomes an increasingly relevant topic. Many in the crypto industry hold sovereign finance and data privacy in high regard. Participants’ best efforts may be undermined by centralized businesses and regulating bodies, however, according to Cindy Cohn. Cohn is the executive director at the Electronic Frontier Foundation, or EFF, a nonprofit entity focused on digital rights.  Cohn joined a Web Summit panel on Thursday labeled “Internet: Who owns our data?” Pointing…

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Celsius’ CEO thinks Ethereum could lose its market dominance if this doesn’t happen

It’s a possible hurdle to cross, but it could take some time. Ethereum 2.0 recently fired up its Beacon Chain, concluding Phase 0 of a scaling effort years in the making. Although he expressed faith in Eth2, Celsius CEO and founder Alex Mashinsky believes that the network could lose its spotlight if it doesn’t scale quickly and significantly. “Ethereum needs to prove it can scale its transactions 100x without compromising on security or decentralization,” Mashinsky told Cointelegraph when asked about Eth2’s next hurdle after its Beacon Chain launch. “If it…

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Upcoming Cardano hard fork to introduce ‘token locking’ ahead of Goguen

IOHK is planning a “smooth upgrade path to Goguen.” IOHK, the development arm behind Cardano, recently announced a new hard fork of the protocol scheduled for mid-December.  Kevin Hammond, a software engineer at IOHK, revealed this week that Cardano will undergo a hard fork later this month as part of its transition to the Goguen development era. Although most observers associate hard forks with trauma, Hammond said that these events are handled much differently on Cardano: “[…] Cardano handles hard forks automatically, without stopping block production. This gives a uniquely…

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Price analysis 12/4: BTC, ETH, XRP, LTC, BCH, LINK, DOT, ADA, BNB, XLM

Many altcoins are seeing sharp corrections as Bitcoin price struggles to hold $19,000 as support. A few years back, Bitcoin’s (BTC) price was controlled by whales as the crypto market lacked depth and was relatively illiquid. If whales were selling in unison, no one wanted to venture out and buy. Similarly, the whale’s concerted buying easily boosted prices higher. However, that is not the case anymore. With the arrival of institutional investors, it appears that the whales are gradually losing their ability to influence BT price. According to on-chain data,…

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