Why Bitcoin And Other Crypto Prices Are Plunging?

This decline in cryptocurrency’s value occurs at a time when institutional interests in the industry have risen. Some investment banks have increased their estimates for cryptocurrency in the next months.

As investors seek to protect themselves from risk, analysts expect more volatility this week.

According to CoinShares data, crypto funds and investment products saw inflows for the sixth consecutive week. The week ended September 17th saw crypto inflows totaling $41.6 million. Bitcoin accounted for $15.3 million while ether products accounted for $6.6 million.

The research shows that Bitcoin has been the hardest hit by negative investor sentiment. Inflows have occurred only three times in 16 weeks. Bitcoin inflows totalled $4.2 billion for the year.

Why are cryptos plunging?

Evergrande, a Chinese conglomerate of real estate, faces a $300 billion debt, and the possibility to go bankrupt. The company’s Hong Kong-listed shares fell by 20% on Monday. Many markets, including cryptos are worried that the collapse of the company will cause disruption.

Bitcoin (BTC), investors are worried about growing rumors that Evergrande Group in China, China’s second largest property developer, might default on its $300 billion obligations.

According to reports, the US regulators and politicians may crack down on cryptocurrency.

The Wall Street Journal reported last Wednesday that the Biden administration was preparing a range of actions, including sanctions to make it harder for hackers to profit from ransomware attacks using digital currency.

“Bitcoin prices are now below US$45,000. The drastic drop in bitcoin prices of 8% can be attributed largely to Evergrande, a Chinese developer. His debt of US$300billion is the reason.

Despite the dips in crypto and traditional markets countries such as El Salvador, which is now regulated, have used the downturn to their advantage and bought 150 more bitcoins, bringing the total to US$31million. The market will fluctuate but crypto will always be highly sought after. The only way to go up is down, says the CoinDCX Research Team.

Bitcoin Will Protect Your Wealth From The Government

The government is a parasite pretending to be our friend. The government wants us to believe that they are in our best interests while enriching themselves, their cronies, and ourselves. Governments exist to support themselves. They don’t shrink; they only get bigger.

This is true for both democracies and dictatorships. Unstated goals are for the 1% and 99% to gain more than they lose. This has been the case throughout human history and still is. Although it sounds harsh, history will show you the truth. This is true for central banks as well as major corporations around the globe. They are rent-seekers.

The Darwinian survival principle of the species is in place, even for governments. They become more extractive the larger they grow. They are more difficult to control the longer they have monopoly power. They’re like a huge organism constantly yelling “FEED ME!”

How can we rein it in? Do you want to see your government shrink? Buy bitcoin. Bitcoin isn’t a parasite. Bitcoin isn’t trying to extract as many from you as central banks and governments do. Bitcoin doesn’t seek to control anyone. Bitcoin removes the stress from investing. Bitcoin is the most efficient savings technology that the human race has ever devised. Bitcoin allows me to save money and not have to learn another career as an investor.

Parasites can be treated with Bitcoin. Like proper food handling, bitcoin is an easy but effective treatment. It is not easy to clean and disinfect the modern financial system. However, a decentralized network that can instantly transfer value is an acceptable remedy. The first step in eliminating the parasite is to remove it from the system by allowing small amounts of freedom through the early OGs. From there, the parasite spreads throughout the organism clearing out corrupt behavior, replacing it with Cantillon benefits, and eventually awakening the society. The last stages of the parasite are self-destructive tendencies that resemble totalitarianism, but this is not a concern for those who are knowledgeable about bitcoin’s decentralization.

Because governments cannot dilute or steal bitcoin’s current or future issuance, Bitcoin can protect your wealth. This is truly amazing.

Why did young Americans invest their stimulus checks in Bitcoin?

The

US government issued a series of stimulus checks as a response to economic difficulties caused by the coronavirus pandemic. These payments were not available to everyone, but the majority of Americans qualified for them. This included many young Americans. A survey revealed that many of these youngsters had invested their stimulus checks into crypto assets, such as.

CNBC and Momentive conducted a survey and found that 11% of 5,530 people interviewed had bought cryptocurrency using stimulus money.

A majority of respondents believed that digital assets were long-term investments.

Why should you invest in Bitcoin?

Bitcoin, a decentralized digital currency that can be traded, was first traded in 2009. This asset gained popularity over the next decade and saw its value rise and fall like regular stocks. Bitcoin is often viewed as easier to access than the stock exchange by young people. Its popularity has steadily increased.

Young people may choose to invest in Bitcoin as a stimulus check because it is easier than other options.

Additionally, the majority of people who have already made a profit from investing their stimulus money in Bitcoin are likely to make a profit. According toBitcoin StimulusAnyone who had invested 1,200 dollars in stimulus checks in Bitcoin by April 2020 would have an 8,700-dollar worth of cryptocurrency.

Is there a fourth stimulus for Bitcoin investment?

Another survey has shown that most Americans have spent money received via stimulus checks. This was the goal of the program. Many who want to invest in Bitcoin will now need to wait for the fourth stimulus check.

But, is a fourth stimulus package on the horizon? It doesn’t seem likely. Some politicians are calling for another round, but most people believe that the third and final stimulus check was sent at the federal level.

Finder’s Poll Shows Vietnam Holds the Highest Percentage of Crypto Ownership Worldwide

Finder’s Cryptocurrency Ownership Report published on August 13, 2021, has some interesting findings after the researchers polled over 42K people. The survey covered 27 countries and measures crypto asset ownership.

According to the Finder poll, men are more likely than women to own a digital asset. James Edwards, Finder’s writer, explained that the gender gap in ownership is approximately six percentage points.

According to a study, 41% of Vietnamese have cryptocurrencies. The study claims that 30% of Indonesian citizens have crypto assets, while India boasts around 30%.

The research shows that Vietnam has the highest percentage of holders. However, it joins Singapore and the Philippines with the largest gender gap (9-11%). The smallest gender gap is found in New Zealand, South Korea and Portugal (1-2%).

Edwards stated that’remittance payments may have played an important role in these numbers. With cryptocurrency being an option for migrants wanting to send money home and not pay exchange fees,’ Edwards added.

The countries with the lowest amount of crypto ownership are Japan, Spain, Germany, USA, Germany and Japan

The top three countries with high ownership percentages are Malaysia (29%), South Korea (23%), Brazil (22%), Italy (21%), and Belgium (26%). The five countries with the lowest cryptocurrency ownership are Spain (12%) and Japan (11%), Germany (11%), and the United States (9%) respectively.

This contrasts sharply with the way things are described by the media. The U.S., U.K. and Japan are frequently highlighted as being hotbeds for cryptocurrency adoption. A number of South American countries are noted to have high adoption rates. Most often, they include Venezuela.

Finder’s survey doesn’t reveal Venezuela’s adoption rates, but Colombia’s is lower than Brazil’s 22%. However, Colombia’s crypto ownership percentages are around 14%. According to the Finder poll, there were approximately 1,160 and 2,511 people surveyed in each country for the ownership report.

Edwards stated that the report shows that bitcoin is still the dominant cryptocurrency despite speculations that ethereum might become the most popular. He added that Bitcoin had the highest adoption rates of any single country.

Node software startup Umbrel plots ambitious offerings beyond bitcoin

Umbrel, a bitcoin software node provider, has released a new version to its app in order to expand beyond bitcoin and other blockchain services.

Umbrel’s App Store Version 4 has 10 new apps. These apps provide a variety of services such as blocking ads, storing passwords and streaming torrents.

Umbrel is a commonly used software for running a bitcoin lightning node on a Raspberry Pi. This allows users to run their own node on their main computer and leave the Pi on permanent if necessary. It offered some bitcoin-related apps up until the most recent upgrade, including the ability to run a block explorer with data from the node as well lightning-dedicated apps.

These apps, which aren’t bitcoin-based, are not new to Raspberry Pis. Previously, developers would install them directly on their Pis if the Pis needed to do a specific task like blocking ads.

Umbrel makes it easier for users to download and access these services once they are installed. This makes them easier to access for a wider audience.

You can use the apps Pi-hole to block ads and SimpleTorrent to stream torrents. Matrix is for running your own messaging server.

You can also access your Umbrel node via the Tor browser. This allows them to access their Umbrel node from any computer or phone. It can be used to make bitcoin lightning payments (with bitcoin stored in the Umbrel) while someone is away from home – instant payments, and non-custodial.

This service will work with the new apps. PhotoPrism is an app that allows you to store photos and videos. Tor allows users to access these media via their smartphone.

Umbrel fixes two of its larger issues

Umbrel has been subject to criticisms since its inception.

Umbrel’s restrictive license didn’t permit developers to modify the code or resell it commercially. PolyForm Noncommercial License 1.0.0 is the new license that Umbrel has adopted. This allows modifications, provided the software is not sold for commercial purposes.

Umbrel stated: “TL;DR – If you don’t intend on selling Umbrel’s software, our new license gives you the same freedoms as an open-source license.

Second, Umbrel has the power to decide which bitcoin software the service supports. This means that users have fewer options. In the blog post announcing the new upgrade, Umbrel said that it plans to turn the current bitcoin offering into its own app so that users opt into using it.

Umbrel users will also be able to choose from many other options by allowing developers to create alternative bitcoin apps.

Compass Mining To Offer U.S. Clients Tax-Efficient Bitcoin Mining

A press release was sent to Bitcoin Magazine. It states that U.S. Compass mining clients can now mine Bitcoin directly into a Choice Individual retirement account without triggering any taxable events.

According to current tax laws, income from Bitcoin mining can be taxed like income. When they have to sell bitcoins to pay other taxes, miners are also subject to capital gains tax.

Depending on the type of IRA they choose, miners can avoid tax on bitcoin income by mining in a Choice account.
Compass sent a statement to Bitcoin Magazine explaining that tax-efficient mining offers huge benefits to retail miners, and gives them another tool to make more money on a smaller scale.

Choice is an independent custodian that meets the requirements of the South Dakota Division of Banking. It also offers Kingdom Trust Company. Choice was the first retirement provider to offer one account for all clients’ retirement assets, digital or legacy, in May 2020. Choice currently has over 125,000 retirement accounts and more than $18 billion in assets.

Compass mining lets users mine efficiently without having to worry about logistics. They can rent or purchase machines and have them housed, maintained and operated for their benefit. This is the best place for average investors to mine at profit on a variety of scales. Retail miners have access to the same high quality mining hardware as industrial customers and verified hosting facilities.

Compass Mining surpassed 450 petahashs (PH) in July across all of its customers. Only retail miners who purchased hardware from Compass are eligible for the tax benefits of mining to a Choice IRA. The Choice account receives the mining payouts.

Choice CEO Ryan Radloff commented that it was an amazing opportunity to be able to buy a Compass miner in your IRA and mine Bitcoin in a tax-advantaged accounts. We are all excited to continue working with Compass as the industry evolves.

South African Central Bank Warns Citizens Against Accepting Tainted Banknotes

EWN reports that the South Africa Reserve Bank (SARB), has warned South Africans who are found with such banknotes they could be subject to criminal investigation. This warning comes after what the SARB called an “increase in circulation of dye-stained banknotes in KwaZulu-Natal, and Gauteng.”

South Africa was in chaos immediately after Jacob Zuma’s arrest. His supporters violently protested his imprisonment. This chaos allowed criminal elements to launch a looting spree that is estimated to have cost billions.

Looting ATMs

According to the EWN report, ATM robbers had the perfect opportunity to multiply their attacks due the chaos that followed initial looting and torching real estate properties. According to South African ATMs, cash is kept in dye-stain containers.

This technology activates when the container is opened. This causes the cash to be stained with a blue and green dye. The notes are then rendered unusable as currency.

The central bank also advised South Africans who unknowingly received such notes to immediately report to the nearest police station. The SARB did not disclose the exact value or number of the banknotes stolen at the time of writing.

Greenidge Joins Foundry USA, Deal Gives Bitcoin’s Fifth-Largest Pool 800 Petahash

Greenidge, which is based in Rochester, New York, announced Wednesday that it has partnered up with Foundry, a company providing capital and intelligence to North American crypto mining companies.

Greenidge will join the Foundry USA mining pool, which currently holds the fifth-largest global hashrate. Foundry USA currently commands 10.46% Bitcoin’s global havehrate, or 10.23 Exahash per Second (EH/s), of hashpower.

The collaboration was not only announced by the two companies, but also the sale of 2,300 Whatsminer 30S mining machines to Greenidge. According to the company’s announcement, the 2,300 mining machines were used previously at Greenidge’s Dresden, New York facility. Foundry sold 1,800 of these devices to Greenidge. The remainder of the Whatsminer M30S will be transferred before 2021.

“Pioneering Integration of a Clean Power Plant Operation, and Carbon-Neutral Cryptocurrency mining”

The Bitmain Antminer S19 models have 5,000 currently in operation, and the remaining 1,000 machines are expected to be transferred by Q3 2021. Greenidge joins a number other Foundry USA members. Hive, Bitdeer and Bit Digital are all Foundry members. Blockcap, Hut 8 and Bitfarms are also Foundry members. Jeffrey Kirt, CEO of Greenidge, explained that Foundry had previously worked together in hosting arrangements.

Kirt stated in a statement that Foundry was a long-standing customer of Greenidge. This partnership will expand our existing relationship as Greenidge expands outside of New York.

Foundry’s partnership with Greenidge follows his plans to build a South Carolina mining facility. Greenidge reveals that the Spartanburg facility, which is carbon neutral, will be available in 2021 or 2022.

The announcement made Wednesday stated that Spartanburg will be the company’s second US mining site. This is in addition to its plans to increase its mining capacity to 500 MW by 2025. Greenidge’s new arrangement will provide ‘approximately 800 petahashes computing power to [Foundry USA] pool,’ or 0.8 EH/s in hashpower.

Mike Colyer, Foundry CEO, stated that Greenidge was the first to integrate a clean power plant operation with carbon-neutral cryptocurrency mining in North America. “We look forward providing Greenidge our best-in class services that are tailored-made for institutional businesses in the cryptocurrency mining sector,’ the executive said.

93K Users Scammed Into Buying Fake Cryptocurrency Mining Apps

Scammers

sold fake cryptocurrency apps to more than 93K people through the Google Play Store. These numbers are based on the report of Lookout, a security company based in California. The report states that the apps act as a frontend to cloud mining platforms. These apps are designed to trick users into believing they are mining cryptocurrency.

The apps actually do absolutely nothing. These apps are subtler than similar apps that siphon private information from buyers. Some of these apps were able to go unnoticed in Google’s Play Store. One hundred and fifty-five of the 175 apps that Lookout detected were in the Play Store. The other one could have been sideloaded from third party markets.

These paid apps come with expensive upgrades and subscriptions models that supposedly increase the mining performance. These apps are being monetized by scammers. By showing false numbers, users are convinced that the apps are mining currency. When they try to withdraw, the apps will give them an error message.

There are two types of Cloudscam: Bitscam and Cloudscam

Lookout split these apps into two groups: Clouscam or Bitscam. Bitscam apps accept payments in cryptocurrency like bitcoin and ethereum. This is the main difference between them. Cloudscam apps accept only Google payments. Lookout estimates that these apps have cost customers at least $350K.

Google has removed the reported apps form the Play Store. These apps are still available on third-party marketplaces. Scammers are making it easy for inexperienced people to profit from the new boom in cryptocurrency. Google is aware of this but there may be hundreds or even thousands of apps still lurking in Google Play Store.

Lookout recommends that new investors do their research before investing in a cryptocurrency mining app. Scammers are aware that inexperienced users are flooding the cryptocurrency market and will attempt to profit from this boom. Security firm suggests knowing who the developers are before purchasing these apps, only installing them from the official app, and looking at user reviews to spot any anomalies.

‘We Want You,’ Pro-Bitcoin Senator Cynthia Lummis Invites Crypto Miners to Wyoming

Companies in the coin minting industry have been actively seeking out friendlier countries to relocate their operations due to the ongoing crackdown in China on cryptocurrency mining. There are some potential destinations in the U.S. with Florida and Texas being two of the most prominent. Both states offer affordable energy to crypto miners.

Wyoming has been positive about cryptocurrency for some time and could easily be the next Bitcoin mining hotspot. Wyoming Senator Cynthia Lummis is a well-known supporter Bitcoin and recently used Twitter to invite crypto miners to join the state.

PS – Please reach out if you are interested in the #Bitcoin mine space. Wyoming WANT YOU! http://t.co/OUPAEYTXTG

– Cynthia Lummis, @CynthiaMLummis July 3, 2021

Lummis posted a tweet on Saturday defending Bitcoin’s environment record. Referring to research at the University of Cambridge that showed bitcoin mining uses approximately 40% renewable energy, while the indicator is only 12% for the non-bitcoin mining industry, the senator said: She stressed:

Bitcoin mining is more eco-friendly than other non-carbon emitting energy sources.

Cynthia Lummis: Bitcoin mining is not a bad energy guy

The Wyoming senator also pointed out the ‘innovations that’re happening behind-the scenes’ in crypto mining, pointing to her own state as an example. Lummis explained that Wyoming is an oil-and-gas producer and that a new well is not initially connected to a pipeline when it is drilled. With mobile mining platforms that are easily installed and operated near the source, Bitcoin miners help to use the gas.

“I would say that you shouldn’t view bitcoin mining as an energy-bad guy. The lawmaker stated that there are many things to support this conclusion. Cynthia Lummis noted that cryptocurrency mining has been a boon to the drilling industry, as it keeps carbon out of our atmosphere and allows us to create another product with it in the form bitcoin.

In the U.S., there is a race to attract crypto miners. Miami Mayor Francis Suarez has recently tried to attract companies that are moving to America. In another interview with CNBC Suarez stated that he wanted them to be there and highlighted the fact that their region is dependent on nuclear power, which is a source for clean, cheap electricity.