South Korean crypto traders are pivoting to ‘smaller cap’ altcoins

South Korean crypto traders are pivoting to ‘smaller cap’ altcoins

South Korea’s “big four” crypto exchanges — Bithumb, Korbit, Upbit and Coinone — are showing a marked cooling off in Bitcoin (BTC) enthusiasm.Meanwhile, altcoins are now accounting for the highest 24-hour trading volume according to data from multiple market aggregators.Apart from XRP, which is often popular among crypto traders in Asia, altcoins with smaller market capitalizations are leading the way in terms of trading volume on the big four.Data from crypto research outfit Messari shows Ravencoin (RVN), Near Protocol (NEAR) and New Kind of Network (NKN) as the three top-traded cryptos by volume on the Upbit exchange.NKN’s volume surge on South Korean exchanges is indicative of the altcoin pivot seemingly gaining a foothold among crypto traders in the country. As previously reported by Cointelegraph, NKN saw a 1,400% surge between March 8 and April 6, with the token up 83-fold year-to-date as of the time of writing.CoinMarketCap’s exchange data shows XRP as the number-one traded altcoin across all of the big four crypto exchanges in South Korea. Indeed, the top 10 trading volume figures across the four exchanges are dominated by smaller-cap tokens such as MileVerse (MVC) and Chiliz (CHZ).Compared to a snapshot of the CHZ trading volume on Upbit back in January, the social token’s 24-hour activity has grown from under $5 million to over $730 million in April. The smaller-cap altcoins dominating trading activity on South Korean exchange platforms have increased by an average of 3,000%.This scramble for altcoins capable of delivering “face-melting” gains has led to a decline in Bitcoin trading volume across South Korean exchanges. BTC volume is down between 30% and40% across the big four.Bitcoin is currently experiencing another round of positive price action and has set a new all-time high above $62,000. BTC is trading at an average of $71,200 across the South Korean big four with the Kimchi premium at about 13% as of the time of writing.

OptionRoom Listing on AscendEX

OptionRoom Listing on AscendEX

press release PRESS RELEASE. AscendEX, formerly BitMax, an industry-leading digital asset trading platform built by Wall Street quant trading veterans, has announced the listing of the OptionRoom Token (ROOM) under the pair USDT/ROOM on Apr 13 at 1:00 p.m. UTC. OptionRoom is a user-governed oracle and forecast protocol built on Polkadot. OptionRoom can serve as an OaaS — Oracle as a Service where oracle requests are solved by governance. Oracle requests cost a fee and a solution incentive paid in ROOM, rewarded to request solvers. OptionRoom allows users to create and participate in event derivatives pegged to real-world outcomes by governance consensus. OptionRoom’s mission is to create a self-reliant protocol with multiple use cases powered by the community. By rewarding honest protocol participants and punishing bad actors, OptionRoom aims to create a governance that is pegged to the real world without relying on outside data streams. OptionRoom has three critical distinguishing product features. They offer unique user incentives, a truly decentralized human oracle, and limitless forecast markets decided by governance. Forecast market projects often have usability issues when it comes to their user experience. To solve this, OptionRoom has hired a talented UX design team to provide a seamless experience to new and seasoned users alike. The ROOM token is used as a payment method for creating forecast markets and oracle requests and is also used to reward users for participating in the protocol.   About AscendEX Originally founded in 2018 as BitMax.io, AscendEx is a leading crypto and digital asset financial platform catering to both professional and retail traders. Our venue offers spot, futures, margin trading and staking products and incorporates key elements from the DeFi space to foster a unique market structure for users. AscendEx is led by a team of Wall Street veterans who have applied traditional markets’ rigor to create a robust, secure, and reliable experience for all participants; and a consistent source of liquidity for primary offerings. For more information and updates, please visit: Website: https://ascendex.com Twitter: https://twitter.com/AscendEX_Global Telegram: https://t.me/AscendEXEnglish Medium: https://medium.com/ascendex   About OptionRoom OptionRoom is a user-governed oracle and forecast protocol built on Polkadot. OptionRoom has the ability to serve as a OaaS — Oracle as a Service where oracle requests are solved by governance. For more information…

Ether hits new all-time high above $2,200 hours ahead of Berlin hard fork

Ether hits new all-time high above $2,200 hours ahead of Berlin hard fork

Ether (ETH) surged to a new all-time high on Tuesday, with the next major update in its ongoing development — dubbed “Berlin” — scheduled for Wednesday, April 14. The Ether price reached $2,228 on April 13, marking the highest dollar valuation the coin has achieved since its conception. The coin’s market capitalization exceeded $250 billion for the first time. For context, the market cap of Bitcoin (BTC) was at the same level just six months ago, in late October 2020.Ether’s 1,328% growth over the past year persisted despite major concerns regarding the Ethereum network’s transaction fees. In February, the average Ethereum transaction fee hit an all-time high of $38.21, according to data from Bitinfocharts, making Ether generally unsuitable as a transactional currency.But investors apparently hold out some hope for a reprieve from Ethereum’s unwieldy fees, particularly in the form of an upcoming network upgrade which will radically alter the way fees are paid. The “London” upgrade, scheduled for this summer, has drawn the ire of Ethereum miners as it entails plans to burn some of the fees which would normally be accrued by mining rig operators. April 14’s Berlin upgrade is expected to be less impactful in the short term, but will pave the way for London, and will make four major changes to the network as it stands. A full technical breakdown can be found on the official release page, but a variety of changes will be made to the blockchain to reduce costs for certain transaction types. A new transaction envelope will also make it easier to package multiple transactions into a single transfer. Not the only coin to reach a new all-time high on Tuesday, Bitcoin also hit new heights as the BTC coin price surged to above $63,000. Meanwhile, the coins immediately behind Bitcoin and Ether in the market cap rankings — Binance Coin (BNB) and XRP (XRP) — also hit new all-time highs in the past 24 hours.

Bitcoin breaks new all-time high above $63K: What are traders saying?

Bitcoin breaks new all-time high above $63K: What are traders saying?

The price of Bitcoin (BTC) reached a new all-time high at $63,478 on April 13 on Binance. The market sentiment around Bitcoin and Ether (ETH) is overwhelmingly bullish, but the short-term sentiment remains mixed.Analysts use the term “price discovery” when the price of an asset reaches a new all-time high.On April 13, the price of Bitcoin entered price discovery, surpassing its record high as it made its way above $62,000.When an asset enters price discovery, two scenarios could emerge: it becomes overbought and sees a severe correction, or it sees stronger technical momentum and rallies further.While the momentum of Bitcoin is evidently strong, traders are mixed in the near-term trajectory of BTC.Scott Melker, a cryptocurrency derivatives trader, said that the 4-hour price chart of BTC has started to enter into overbought territory.“Hidden bullish divergence printed a couple of candles ago, signaling continuation and invalidating the bear div. 4-hour RSI has finally reached overbought, let’s see how deep it can push.”Bitcoin price chart with divergence. Source: TwitterAtop the technical indicators showing that Bitcoin could be overbought in the short term, the futures market also remains extremely overcrowded.Bendik Norheim Schei, the head of research at Arcane Research, said that the 3-month premium on BTC futures contracts is reaching 50%.BTC futures annualized rolling 3-month basis. Source: TwitterPremiums in the futures market indicate whether the derivatives market is overheated with buyers. If the premiums are high, the risk of a severe sell-off as a result of investors taking profit increases.“This is insane. Annualized 3-month basis (premium on BTC futures contracts) approaching 50%. 50%.”Final leg of the bull rally?According to Mohit Sorout, the founding partner of Bitazu Capital, there is a chance that Bitcoin is in the final leg of its uptrend. He said:“Truth be told I seriously think we’ve entered the final leg of this $btc bull market. To be clear, final leg could be 2-3 weeks or even more. Price could reach 200k or even more who knows. Just don’t make irrational life decisions based on unrealized PnL.”Pi cycle top indicator. Source: TwitterHowever, there is also a strong possibility that Bitcoin does not top out like it did in 2017. Rather, it could range and consolidate for a long time after it peaks, similar to gold in its early days.

US firm splashes out on 4,800 Bitcoin miners worth $34M

US firm splashes out on 4,800 Bitcoin miners worth $34M

Pennsylvania software firm Integrated Ventures has announced the purchase of 4,800 Bitcoin (BTC) mining rigs from Chinese manufacturer Bitmain. The deal is worth just over $34 million and will see 400 of Bitmain’s Antminer model S19J’s delivered to Integrated Ventures each month for the next year.Integrated Ventures partnered with Wattum Management — a mining solutions provider — to carry out the deal, with Wattum expected to help host and manage INTV’s mining operations. The mining rigs deliver 100 terahashes each, giving IV close to 0.5 million TH/s by the time the full shipment of mining rigs is delivered in 2022.Based on Bitcoin’s current hash rate of 170 million TH/s, this gives the firm a sizable, if still relatively modest share of the coin’s hashing power. It’s worth noting that Bitcoin’s hash rate doubled in the past year alone, meaning IV’s equipment could feasibly be worth much less come next year.Perhaps with this in mind, INTV secured downside price protection for 12 months as part of the deal, as well as the right to replace the current S19J mining rigs with newer models when they are released in the coming year.Few would expect the cryptocurrency market to remain static for any great length of time, however, INTV calculates expected revenues of between $19 million and $21 million in the next 12 months, based on the current Bitcoin price of around $60,000.CEO of Integrated Ventures, Steve Rubakh, said the deal effectively doubled the firm’s existing Bitcoin hashing power, adding that he was pleased to secure the purchase of mining equipment at a time when the hardware was scarce. “The Company is very pleased to secure this large scale purchase agreement, especially during a period of scarce supply of mining hardware. Going forward, INTV is committed to deploy any raised capital for purchases of the mining equipment,” said Rubakh.

Venezuelan Guards Seize 76 Bitcoin Mining Rigs Due to ‘Inconsistencies’ in Transport Documents

Venezuelan Guards Seize 76 Bitcoin Mining Rigs Due to ‘Inconsistencies’ in Transport Documents

The Bolivarian National Guard of Venezuela (GNB) is known for having a tough stance against crypto mining rig counterfeits, as several operations have been assigned to combat the issues over the last few months. This time, the Venezuelan authorities seized 76 mining rigs after allegedly detecting inconsistencies in the transport documentation. Rigs Are Presumably ASIC Miners According to a press note published by the GNB, the procedure took place in a checkpoint on the Bolivar state, specifically in the Puente Angostura. An individual transported the bitcoin (BTC) mining equipment on a Ford vehicle Triton, and he was stopped by the military units in a routine check procedure, stated the authorities. However, the Bolivarian National Guard detected some “inconsistences in the documentation” required to transport the crypto mining rigs legally. Members of the military then proceeded to seize the 76 pieces of bitcoin mining equipment, as they suspected the documentation didn’t comply with the requirements for circulation, ownership, and operation of the bitcoin mining rigs. Although the GNB didn’t specify which type of mining hardware models were seized, it’s presumed that all are ASIC miners within racks because of the photo published in the press note. Moreover, the picture seems to show a bigger rig than the one reported in the GNB’s announcement, as each rack counted has availability to host up to six miners. Crypto Mining Is Legal in Venezuela Venezuela legalized bitcoin mining last year following the decree issued by the National Superintendency of Crypto Assets and Related Activities (Sunacrip). As part of the new regulations, all entities and individuals interested in legally mining bitcoin and other cryptocurrencies must now apply for a license from the agency. The decree resulted in creating a National Digital Mining Pool (NDMP), a body that “seeks to bring together all the miners operating on the Venezuelan territory.” However, restrictions still apply for some crypto mining activities. The Venezuelan government banned mining operations in any low-income neighborhood with subsidized housing. What do you think about Venezuela’s GNB operation against the miner’s shipment? Let us know in the comments section below. Image Credits: Shutterstock, Pixabay, Wiki Commons Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell,…

Bitriver to Sell Tokens Backed by 100 Megawatts of Low-Carbon Siberian Mining Power

Bitriver to Sell Tokens Backed by 100 Megawatts of Low-Carbon Siberian Mining Power

On April 12, the international provider of colocation services for low-carbon cryptocurrency mining Bitriver announced it is launching a pre-sale of tokens backed by 100 megawatts (MW) of mining power in Siberia. The ERC20 tokens called “bitriver token (BTR)” will represent a single watt-hour (Wh) of Bitriver’s power in Bratsk. A Low-Carbon Crypto Mining Token The blockchain and mining firm Bitriver announced the organization is launching the public sale for its new tokens called “bitriver token (BTR)” on April 19, 2021. Each token represents a single watt-hour (Wh) of Bitriver’s low-carbon cryptocurrency mining power and the tokens will have utility as well. According to the company’s announcement, the tokens will be able to be used to pay for Bitriver’s colocation services and “will be bought back by Bitriver at original listing price after a five-year period.” Right now BTR is available to pre-sale investors with a minimum order quantity of 100,000 BTR tokens per order. As far as the public launch is concerned next Monday, the BTR tokens will be sold on Bithumb Global and the price per BTR will start at $0.3504 per unit. The announcement says BTR will be paired with BTC, USDT, and USDC. A supply of 100 million BTR has been issued in order to represent the 100 MW of power. “From day one, we have always sought to use only renewable and surplus energy for all our operations. It is encouraging to see the increasing interest worldwide in low-carbon cryptocurrency mining,” Igor Runets, the founder and CEO of Bitriver said. “By launching the BTR token, we seek to accelerate our efforts to make cryptocurrency mining greener while offering investors around the world an easier-than-ever way to become part of environment-friendly cryptocurrency mining today.” Bitriver Hopes to Capture 1,000 Megawatts of Power by 2022 BTR token holders will be incentivized by being able to “get additional tokens every month” and use BTR to pay up to 10% of the monthly collocation service bills. Bitriver says it will accept BTR based on the average market price on the exchange for the last settlement month. “Obtain free of charge repair service of mining equipment that is located in the Bitriver’s mining datacenter each particular month,” the company says. “If the holder pays 10%…

Spanish Tax Authority Issues 14,800 Warning Letters to Cryptocurrency Holders

Spanish Tax Authority Issues 14,800 Warning Letters to Cryptocurrency Holders

Spanish authorities are enforcing their tough stance on the cryptocurrency industry, and the national tax agency seems to be taking it very seriously. Now, the Hacienda issued 14,800 warning letters to Spaniards under their watch for allegedly having failed or need to declare crypto holdings. Fines Could Be ‘Over $5,900’ if a Crypto Holder Fails to Declare Mandatory Tax Filings According to Telemadrid, Spain’s tax agency was clear on making cryptos taxable, and notifications have already arrived to their correspondent receivers. Spanish crypto holders should declare their earnings in the tax filings, and if they fail to do it, Hacienda said they could incur fines of over 5,000 euros ($5,900). However, Hacienda clarified domestic crypto holders are not accountable for their crypto buying operations, but only the profitable sales. Experts quoted by the local media outlet explained that Spaniards should declare profitable sale operations “made over 2020” on this occasion: Either because we have exchanged them to euros to another cryptocurrency or because we have used them to buy a good, a flat, or a car. That said, according to the experts, if somebody bought 10 bitcoin (BTC) in 2017 worth 10,000 euros ($11,880) which were sold for 200,000 ($237,700) euros in 2020, then the crypto holder should “we will have to declare a capital gain of 190,000 euros ($225,800).” Tax Agency Targeted 66,000 Crypto Owners in 2020 But the number of letters sent this time by the Hacienda is by far lower than the batch sent in 2020. Spain’s tax authority did a similar campaign of sending notices to crypto owners last year, but it targeted 66,000 crypto holders. Such a figure represented a massive increase from the 14,700 tax letters the agency sent to crypto owners in 2019. As Bitcoin.com News reported in February 2021, Ana de la Cueva, the Spanish Secretary of State for the Economy, said cryptos such as bitcoin carry “a risk of default, given that the user does not have the protection offered by traditional payment systems against a default by the counterparty.” That same month, the State Agency for Tax Administration of Spain published guidelines to reduce tax evasion for cryptocurrencies. What are your thoughts on Spanish tax authorities sending tax letters to 14,800 crypto holders? Let us…

Poker Prospers in Blockchain’s Promising Landscape

Poker Prospers in Blockchain’s Promising Landscape

Gambling may be no stranger to the blockchain, but poker’s appeal amongst players has only expanded further as poker sites embrace bitcoin and Covid-19 moves gameplay increasingly online. Famed Game Puts Spotlight on Varied Blockchain Use Cases Although online betting and gaming were already widely popular before the emergence of blockchain, as the technology has played a pivotal role in gaming’s ongoing transition. Online poker was one of the earliest games to join the blockchain framework due to the inherent fairness and equity that accompanies distributed ledger technology, not to mention the legal woes it faced. Users from all over the world could join these platforms and verifiably trust that their funds would be kept safe. The discretion of using bitcoin to transact didn’t hurt either, given the anonymous nature of this payment method, allowing players restricted by regulation and geography to participate. Bitcoin and blockchain have become a mainstay of the poker ecosystem, but the industry’s innovation is far from over. An Explosive Space Bitcoin payments have attracted many players, mainly from the U.S., given that most US states still prohibit gaming sites from operating within their borders. Since the “Black Friday” event, which banned popular poker sites from the United States, offshore operations have thrived, and bitcoin has played an outsized role. For instance, non-U.S. citizens will notice that Bitcoin.com hosts a wide variety of popular casino games including virtual poker via cashgames.bitcoin.com or games.bitcoin.com. Another operator that has reaped the rewards of this shift is Winning Poker Network (WPN). The company, which manages a poker site portfolio, started accepting cryptocurrency deposits in 2014 and currently allows users to withdraw in bitcoin when cashing out. These days, WPN purportedly buys upwards of $100 million in bitcoin per month to meet demand from players. Other platforms are also entering this explosive space, and among them is Virtue Poker. This Ethereum-based poker platform now commands a gaming license from the Malta Gaming Authority, allowing it to legally operate in multiple markets after becoming the first blockchain-based entity to accomplish this feat. Fresh off a $5 million funding round raised from Pantera Capital, Consensys, DFG Group, Jez San from Funfair, this Conensys-based project has already received glowing endorsements. Besides counting on famed player Phil Ivey as…

Enterprise blockchain solutions rally as businesses get hip to crypto

Enterprise blockchain solutions rally as businesses get hip to crypto

The mainstream adoption of blockchain technology continues to pick up steam as stories like Microstrategy using Bitcoin (BTC) to pay bonuses for its board of directors and Topps announcing plans to release nonfungible token collectible trading cards make headlines on a almost daily basis. As more companies and organizations explore what the integration of blockchain technology can do for them, tokens that offer enterprise solutions and provide simple ways for interested parties to explore and use distributed ledger technology have seen triple-digit gains in 2021. XRP/USDT vs. XLM/USDT vs. XDC/USDT 1-day chart. Source: TradingViewStellar (XLM), XRP, and XinFin Network (XDC) are three enterprise-focused cryptocurrencies that have seen their prices outperform the field over the past few weeks as global businesses increasingly look to blockchain to help create a simplified and efficient global trade network. XRP/USDTXRP is perhaps one of the most well-known crypto projects behind Bitcoin and Ethereum as it has a large group of supporters often referred to as the XRP Army for their willingness to defend the somewhat controversial project. While growth for XRP in 2021 was initially slowed due to regulatory actions by the U.S. Securities and Exchange Commission which led to the delisting of XRP on multiple cryptocurrency exchanges, its price has surged in the month of April. XRP/USDT 4-hour chart. Source: TradingViewTrading volume and social activity for XRP picked up significantly in early April when the platform refocused its marketing efforts on promoting how Ripplenet can help create a “more financially inclusive and sustainable future.”The refocus also included the acquisition of a 40% stake in cross-border payments specialist Tranglo on April 5 and the announcement of a partnership with Mercury FX on April 9. The goal of these partnerships is to help develop an international payments system throughout Africa, and this coincided with the last major spike in the price of XRP. XLM/USDTStellar is an open network that was originally founded in 2014 as a result of a hard fork from the Ripple Labs protocol due to differences in the vision of where the project should be headed. Over the years its mission has morphed from that of trying to increase inclusion by reaching the world’s unbanked to helping financial firms connect with each other with blockchain technology.Some of the biggest news for…