First Mover: ‘Blue Wave’ in US Senate Could Mean Flood of Stimulus for Bitcoin

First Mover: ‘Blue Wave’ in US Senate Could Mean Flood of Stimulus for Bitcoin

Bitcoin was lower, tracking what appears to be a new range between roughly $11,200 and $11,700. It’s a step up from levels that prevailed over most of September, between $10,100 and $11,000.“As the bulls push for a return to a $12,000 handle, resistance will be found just below, at $11,900,” Matt Blom, head of sales and trading for the cryptocurrency exchange owner Diginex, wrote in a daily newsletter. In traditional markets, U.S. stock futures rose on fresh optimism that lawmakers might reach agreement on a new federal stimulus package. Gold strengthened. Happening Monday: Federal Reserve Chair Jerome Powell is scheduled to appear at a panel sponsored by the International Monetary Fund on “the benefits and risks of cross-border” digital currencies. Market movesAlert readers will recall that First Mover argued in this column last week that next month’s U.S. presidential elections may not matter too much for bitcoin’s price – because trillions of dollars of stimulus money are likely no matter who wins. The calculus may also hold for whoever wins the upper chamber of the U.S. legislature, the Senate. President Donald Trump is trailing in polls with just two weeks left until the Nov. 3 election day, so Wall Street analysts are starting to handicap the likely market reaction if the U.S. leader’s lack of popularity translates into a takeover of the Senate by the opposition Democratic party.  The scenario “most likely to occur under a Democratic blue wave” is one of “overly easy” fiscal policy, eventually eliciting a response from the Fed, Deutsche Bank Chief International Strategist Alan Ruskin wrote last week in a report. A weaker U.S. dollar could result, Ruskin wrote, which could be good for bitcoin prices. Even if Trump’s Republican party holds the Senate and fiscal policy were “inappropriately too tight,” then the “burden of responsibility” would fall on the Fed to pursue additional money printing to keep markets from convulsing.There’s little pressure at the moment to impose fiscal austerity. None other than the International Monetary Fund recommended last week that governments spend more to fight the pandemic and bolster economies despite public debt reaching record levels. Kristalina Georgieva, the IMF’s managing director, noted in published remarks that governments had allocated $12 trillion of extra aid this year and central banks had expanded their balance sheets by about $7.5 trillion. She said she expects debt levels in 2021 to rise…

Cloudbet Unveils Betting With Gold in Gaming World First

Cloudbet Unveils Betting With Gold in Gaming World First

Cloudbet, the pioneering crypto casino and sportsbook, has added Pax Gold to its platform, making history by allowing players to bet online with gold for the first time ever. The integration of gold betting on a crypto-gaming platform marks a unique milestone in the evolution of tokenisation, whereby a physical asset is made divisible, tradable and easier to exchange through smart contracts and blockchain technology. Each unit of PAXG is a digital asset backed by one fine troy ounce of a gold bar held in custody by the Paxos Trust Company. “Tokenisation allows individuals to express their spending habits through the assets they choose to hold, rather than having to use currencies to which they hold no philosophical or economic attachments,” a Cloudbet spokesperson said. “In this case, we’re empowering players that want to own gold with the means to place bets with a gold casino or a gold sportsbook.” New players who deposit PAXG with the operator are eligible for a welcome bonus worth up to 5 units of the gold coin (almost $10,000 at current prices), as well as 100 free spins over two weeks on a gold-themed slot in the Cloudbet casino. PAXG is Cloudbet’s third major stablecoin betting integration after launching USD Tether and USD Coin, the biggest coins in the stablecoin universe, earlier this year. For crypto gaming, stablecoins have been put forward as a solution for players seeking to protect the value of their cryptocurrency winnings from the extreme price fluctuations experienced by holders of non-stablecoins. PAXG’s value is tied to the price of gold, while USDT and USDC are fixed on a 1-to-1 basis with the US dollar, meaning the fiat values of winnings in these currencies don’t swing with cryptocurrency market prices. For this reason, stablecoins have been championed as the key to convincing traditional fiat currency audiences to experience the benefits of betting with crypto: Fast transactions, low fees and industry-leading bonuses. The new coin amplifies what’s on offer at Cloudbet for players seeking the best odds and highest limits for crypto betting from the comfort of their homes or on the go. Founded in 2013, Cloudbet is one of the world’s longest established bitcoin betting operators, with a history of innovation in the crypto-gaming space.…

First Users Not So Impressed by China’s Digital Yuan: Report

First Users Not So Impressed by China’s Digital Yuan: Report

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Rare Batman NFT Digital Art Collection Sells for Record 540 Ether

Rare Batman NFT Digital Art Collection Sells for Record 540 Ether

A five-piece collection of Batman digital art has sold for a combined 540.86 ether, or about $202,000, on Makersplace, a record price for non-fungible crypto artwork. The rare artwork is a collection of animations or PNG files of the Dark Knight. It was created by DC comic artist José Delbo and Trevor Jones, a crypto artist. The highest price was for Genesis, a “striking pencil sketch and powerful inked work … [later] interpreted in oil on canvas,” which sold for 302.5 ethereum (ETH), or about $113,000, at current exchange rates. According to a description of the high-value artwork on NFT marketplace Makersplace, “eventually, the figure emerges and as it does, our hero comes to life, looking directly at the viewer,” it says. “But is he grimacing in approval or disgust? We will never know for sure as just before he can say anything, white paint is brushed across the canvas entirely and the process begins again. Only the bat is quick enough to escape.” Mysterious collector Maxstealth beat competition from the likes of “Phillector” and “Museum of Crypto” to land the Genesis. Maxstealth, who boasts a range of artworks in his NFT collection, had already spent more than $55,000 on another Batman piece titled “Who is the Creator 2.” The private collector was the biggest spender in the Oct. 17 auction. Batman is a popular fictional superhero appearing in American comic books published by DC Comics. The character was created by artist Bob Kane and writer Bill Finger, and first appeared in Detective Comics in 1939, according to the know-it-all online encyclopedia Wikipedia. The current record for non-fungible-token digital art is held by Matt Kane’s “Right Place & Right Time,” a piece that changes every day with the bitcoin price volatility, which sold for 262 ETH or $101,100 in September. Worldwide, more than $131 million worth of NFTs have been sold in the last few years, according to data from nonfungible.com. What do you think about the Batman digital art record sales? Share your thoughts in the comments section below. Image Credits: Shutterstock, Pixabay, Wiki Commons

Record fundamentals and a $12K pump: 5 Bitcoin price tips this week

Record fundamentals and a $12K pump: 5 Bitcoin price tips this week

Bitcoin (BTC) starts a new week in familiar territory as markets move into the United States’ 2020 elections — where could it go next?Cointelegraph takes a look at five factors that could influence BTC price action in the week ahead.U.S. macro: Elections vs. stimulusThe U.S. is the firm focal point when it comes to macro markets this week. The Nov. 3 elections promise to set the mood as it becomes more apparent which side will control the White House. Analysts have warned that a Democrat win would dent the dollar, the long-term prospects for which are already shaky. Donald Trump’s reelection, however, would not be enough to keep the greenback out of danger, Goldman Sachs said last week.By extension, calls are coming for safe-haven gold to make serious progress upwards after November — regardless of the election outcome. For others, however, it is Bitcoin that will profit more impressively.The dollar’s strength remains on the radar of Bitcoiners thanks to the inverse correlation between BTC/USD and the U.S. dollar currency index (DXY). Despite this correlation becoming less apparent in recent weeks, a sudden weakening of USD has the potential to be a boon for the largest cryptocurrency.U.S. dollar currency index 6-month chart. Source: TradingViewNot only elections, meanwhile, but what comes before is a topic of interest. Specifically, fresh hints have come over a Coronavirus stimulus deal being done before polling day. Should this occur, several trillion dollars of liquidity will add to the burgeoning U.S. debt pile, with Americans seeing perks such as another $1,200 stimulus check.Europe hints at more intervention In Europe, the picture revolves around the European Central Bank’s (ECB) own response to the Coronavirus, which continues to tighten its grip across the continent.Speaking to French newspaper Le Monde on Monday, ECB president Christine Lagarde said that more financial tools were left to be deployed to support the eurozone if necessary. In addition, the ECB’s $878 billion recovery fund should become a permanent feature.The bank’s Coronavirus stimulus program amounted to €1.5 trillion in asset purchases.“The options in our toolbox have not been exhausted,” she said. “If more has to be done, we will do more. On taking up my position, I was told that there was nothing left for me to do, that everything had been done. But…

Bitcoin Critic Peter Schiff’s Bank Under Spotlight in Global Tax Probe

Bitcoin Critic Peter Schiff’s Bank Under Spotlight in Global Tax Probe

A Puerto Rico-based bank founded by gold bug and long-time bitcoin skeptic Peter Schiff is under investigation over suspicions it facilitated tax evasion for “high-risk” clients.According to reports on Saturday by several large media organizations in Australia and the U.S., Schiff’s Euro Pacific Bank has become the focus of a major global tax evasion investigation dubbed “Operation Atlantis.”Hundreds of account holders at the bank, including 100 Australians considered “high risk,” are now being investigated over possible tax evasion and money laundering.These reportedly include Simon Anquetil, the man behind major Australian tax fraud Plutus Payroll, and Australian entrepreneur and film financier, Darby Angel, who has previously been convicted for drug trafficking.“People can be investigated for all sorts of reasons doesn’t mean they did anything wrong,” Schiff said in a fiery interview with 60 Minutes Australia. “I’m not allowed to discuss it.”The investigation is also said to be seeking the lawyers, accountants and financial firms that helped connect customers to Euro Pacific.Initiated by the U.K., the U.S., Australia, Canada and the Netherlands, Operation Atlantis began looking into Euro Pacific back in January of this year.The effort was established by the countries’ top tax officials, known as the “Joint Five,” after it was discovered tax authorities were less than equipped to deal with the revelations arising from the “Panama Papers” scandal.According to The Age, the bank’s former IT director, John Ogilvie, also claimed that data security was poor, putting Euro Pacific customers’ financial information at risk.He claimed his computer had been hacked several times and that Russian bad actors had tried to extort a ransom of 1,000 bitcoin from the bank.A huge 2016 leak of documents, the Panama Papers shed light on how some of the world’s wealthiest people and firms have been hiding money and evading tax in off-shore accounts.Schiff has long been a critic of bitcoin, going so far as to describe those that promote the cryptocurrency as “frauds,” in a tweet on May 9.

Filecoin Miners Start a Strike – FIL Validators Claim the Project’s Economic Model Is Not Working

Filecoin Miners Start a Strike – FIL Validators Claim the Project’s Economic Model Is Not Working

The Filecoin project has surely seen a lot of hype but during the last few weeks before the launch, the cooperative digital storage crypto project has been criticized a great deal. This weekend a few Filecoin miners have been on strike and claim the economic model is not working out for them. Just recently the Filecoin (FIL) token offering has been a topical conversation, as the project joins the cryptocurrency economy. Moreover, controversy recently surrounded the project when the crypto community questioned the movement of 800,000 FIL tokens. Now another story is arising that shows a few FIL miners are striking because the economic model is conflicting and they allegedly cannot profit. That’s according to a number of social media posts and an interview with a number of leading FIL mining operators. For instance, the chairman of the firm Space Cloud, Lai Chuhang, explained how the Filecoin economic model is currently inefficient and noted the “community consensus may split.” “If this situation continues,” Chuhang said. “Miners will have to buy coins at high prices in the secondary market. Obviously it’s not worth it. In the current situation, community consensus may split, and the project may be worrying.” On Twitter, the account called ‘Nico Deva’ discussed why after 24 hours of launch, a majority of FIL miners are on strike and discussing “a failed wedding and forks.” “Filecoin is very complex and requires high-end hardware, including min 128GB mem,” Nico Deva tweeted. “Example of [one] miner, that is [three] servers with [two] computing and [one] storing, from 6block. Price is a very high retail [$40,000] (includes hosting and maintenance ), regular prices min. $20k, 350TB. Sealing speed is the bottleneck, you can provide a lot of space but with 2 computing servers you can still only seal about 1TB/day for your 336TB of storage, and it can take from 210 to 350 days to use and mine with the actual full space.” Deva continued by adding: Meanwhile, you need to stake FIL as collateral for the space provided, this is a guarantee and is slashed if space commitment is not honoured (the goal being to insure that data isn’t lost). But that’s a chicken and egg [problem], as nobody has FIL to start mining and get…