Category: Crypto

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Dogecoin (DOGE) Surged Again And Is Now Ranking 17th In The Cryptocurrencies Market

Dogecoin began as a joke but has become in recent weeks a phenomenon in the cryptocurrencies market. Dogecoin (DOGE), the meme cryptocurrency, which emerged without an Initial Currency Offer (ICO) and a foundation to support it, has taken a relevant boost that helped it exceed 95% of the cryptos regarding daily trading volumes. Also, Dogecoin (DOGE) is now ranking 17th in the cryptocurrencies market.

According to the OnChainFx portal, Dogecoin (DOGE) maintained yesterday the second trading volume in the market, just behind Bitcoin (BTC). In this time, Dogecoin (DOGE) scored a trading volume of three times larger than Ethereum (ETH) and 20 times higher than Bitcoin Cash (BCH).

The value above refers to the volume of transactions as the sum of all operations belonging to the mined blocks on a given day, ignoring known outflows.

Dogecoin (DOGE) has experienced a 160% growth over the last month, which has caught the attention of every cryptocurrency enthusiast and analyst. The DOGE’s considerable increase was also debated by Canadian crypto expert Kevin Rooke, who stated that “Dogecoin may have started as a joke, but his community is now the envy of the cryptocurrency.”

Dogecoin (DOGE) is ranking 17th in the cryptocurrencies market

The recent surge of Dogecoin (DOGE) price and trading volumes boosted the cryptocurrency on the 17th position in the market, by market capitalization, surpassing more active cryptos such as Zcash (ZEC), VeChain (VET), NEM (XEM), or Tezos (XTZ).

At the time of writing, DOGE trades at $0.0064 and total market capitalization of $745,983,881.

Dogecoin (DOGE) was created by Jackson Palmer and Billy Markus and introduced in 2013 as a fork in the Litecoin (LTC) blockchain. Its logo shows a Shiba Inu dog, a breed famous because of the Internet meme “Doge.”

In January 2018, Dogecoin surpassed $1 billion in capitalization in the midst of the skyrocketing cryptocurrencies market. In June of this year, the Dogecoin (DOGE) community and the developers met in Vancouver, in Canada, to celebrate the creation of Dogecoin and discuss the present and future of the project. Apparently, their discussions paid off, at least for the moment.

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Crypto News

Bitmain Bitcoin (BTC) Mining Equipment Producer Suspended from WeChat by Tencent

Chinese instant messaging application WeChat blocked a Bitmain account in which the company promoted the sale of Bitcoin (BTC) mining equipment. The information emerged online yesterday, September 10th, after some users noticed that the Bitmain channel in WeChat appeared as banned due to the WeChat terms and conditions.

“As a result of user complaints, the platform has reviewed and discovered that this account (Bitmain), without credentials or authorized licenses, has been publishing and distributing information from the relevant companies in which it participates,” said Tencent, the owner of WeChat.

They did not specify what kind of information Bitmain disclosed would have violated the WeChat’s rules, but everything indicates that it was something related to the promotion of Bitmain’s Antminer equipment.

The Bitmain account on WeChat suspended due to an allegedly Bitcoin (BTC) mining equipment promotion

Tencent, on the other hand, took that decision in line with its new terms and conditions and the guidelines released in August by the Chinese officials, which aim to block the posts related to cryptocurrency on Chinese instant messaging platforms. Since the measure came into force on August 21st, Tencent blocked more than 30 accounts owned by companies linked to cryptocurrencies.

According to the statement issued by the Chinese consortium for that date, these accounts were disseminating information on Initial Coin Offerings (ICOs) and cryptocurrencies market, in general, violating the recently-adopted rules, that additionally to the China’s regulations adopted in 2017 that forbid the promotion for crypto-related activities, including Bitcoin (BTC) mining.

This is a series of actions that are being taken in this Asian country, increasing the prohibitions against crypto companies and the cryptocurrencies market, to which other Chinese telecommunications companies are joining. Such is the case of AntFinancial, the subsidiary of Alibaba, which is now free to restrict or suspend transactions with cryptocurrencies if it considers that they involve suspicious operations.

At the time of writing, Bitmain Bitcoin (BTC) mining equipment manufacturer, which is currently preparing its Initial Public Offering (IPO), had not pronounced itself on the suspension of its WeChat account.

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Crypto Markets News

Citigroup Works on a Cryptocurrency Custody Solution for Institutional Investors

The US banking group Citigroup is developing a cryptocurrency custody investment solution based on a financial product aimed at institutional investors, which will allow them to enter the crypto market at low risks, according to an unidentified source, cited by the Business Insider.

The information, published on September 9th, indicates that the new product could be a “direct way to invest in cryptocurrencies without owning them,” the sources said.

The new instrument would be called the Digital Asset Receipt (DAR), a system inspired by the American Depositary Receipt (ADR), securities that have been traded on the US stock exchange since 1920. It is a system that allows investors to access shares of foreign companies, which are not traded on US markets.

According to the information, Citigroup, one of the largest issuers of ADRs in the world, would offer large Wall Street investors a structure for trading cryptocurrencies within existing regulations, with fewer risks and a system with which they are familiar.

Citigroup plans to launch a new cryptocurrency custody investment solution

The procedure developed by the Citigroup implies that the cryptocurrencies are in possession of a custodian. Citigroup issues the DAR and informs “Depository Trust & Clearing Corp,” a Wall Street intermediary offering clearing and settlement services, about the issuance of the receipt.

“That gives it an important layer of legitimacy and gives investors a way to track the investment,” the sources said.

Citigroup is not the first regulated financial institution to try to find mechanisms to attract investors interested in cryptocurrencies. At the beginning of August, Goldman Sachs disclosed their intentions to offer custody services for cryptocurrencies funds. However, about a week ago the US financial institution reported that it would postpone these plans, due to the lack of clarity that still exists in the regulatory framework for cryptos.

As regarding the Citigroup cryptocurrency custody solution, the US SEC’s reaction remains to be seen, as well as how the big Wall Street investors will react to this proposal.

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Crypto News

BitFury Uses Eco-Friendly Technologies To Cool Down Its Crypto Mining Equipment

Crypto mining equipment manufacturer BitFury is using low environmental impact refrigeration technology to maintain crypto-mining equipment at its mining farm in Tbilisi, Georgia. A report published by Bloomberg relates the experience of this company, which currently immerses Bitcoin (BTC) mining devices in 160 tanks containing a non-conductive liquid to keep them cold while extracting cryptos and contribute to maintaining the state of the network updated.

The system was designed and created by Allied Control Ltd., an engineering company based in Hong Kong, which was acquired by BitFury in 2015. About it, the director of the firm, Valery Vavilov, pointed out that they thought about this type of technology when they realized that the data centers would be used both for Internet searches and to secure Bitcoin (BTC) blockchain.

The Valery Vavilov also announced that BitFury is betting that this technology will have higher demand from cloud computing companies in urban areas. An idea that is supported by the founder of Allied Control, Kar-Wing Lau, who agrees with Vavilov regarding the advantages of the system, adding that the crypto mining farm is visited by bankers and tech companies’ representatives who want to see the system for themselves.

BitFury crypto mining company fight for a cleaner environment

This immersion cooling technology has been on the market for some time and has had several uses. The fluids have been used to cool servers, and have even been used to extinguish race car fires, according to Bloomberg. In this regard, 3M executive Michael Kelly says they are working with ten high-capacity data centers that use immersion cooling.

The system involves locating the hardware in an open liquid coolant tank with a low boiling point. Once the equipment is heated, the fluid boils, and this causes the heat to exit the components. The fluid becomes steam, rises and condenses into a water-cooled coil. Then it returns to the tank. That results in energy savings of 95%, depending on the company’s size, with a minimal fluid loss.

With this system, BitFury lowered the costs related to the crypto mining activity. Regarding the subject, a group of researchers and professors from a technical education institution in Singapore is looking for solutions for the miners of Litecoin (LTC), together with the 3M company.

In this way, these systems are gaining popularity and are likely to replace some of the techniques used by crypto mining farms, which include dipping their miners in oil tanks.

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Crypto News Tech

Crypto Collectibles Feature Added In Opera Wallet

Opera, the famous Internet browser, announced that it is now possible to send cryptos from the Ethereum (ETH) network directly between users of its integrated crypto wallet.

“We believe that an important part of our lives is developed online, and so will be the things we collect,” said the Opera team on their blog.

Now, users will be able to make transactions with their cryptos by exchanging them with each other from the browser, without the need to enter exchange platforms or massive online markets. Opera intends to integrate a wallet that allows holding and exchanging crypto collectibles.

“We are big fans of crypto collectibles. They are unique digital objects that can be kept in the blockchain and collected in a wallet […] These digital objects are known in the crypto world as ‘collectibles,’ ‘unique tokens’ or non-fungible tokens or NIFTYs. Although they are still in an early stage of adoption, baseball cards or CryptoKitties can already be collected and stored in a wallet. We believe that this is just the beginning of a trend,” said Opera devs.

Crypto collectible adoption rates might skyrocket thanks to Opera wallet once it becomes public

Referring to the fact that the transactions in the blockchain are not instantaneous, they implemented in this version of the Opera wallet a notification system that warns when a transaction is made and when it is confirmed.

The wallet is available in its private beta version, which gives reason to think that, if it is implemented publicly, the adoption of blockchain crypto collectibles can skyrocket to never-before-seen levels. This result, on the one hand, looks positive, but on the other hand, it can evidence the network’s shortcomings. A successful mass adoption requires that the blockchain in which these smart contracts are executed has a high processing capacity to handle the subsequent volume of transactions generated.

At the moment, the Opera wallet is only available in the Opera browser for the Android, and, because it is based on the Ethereum (ETH) network, it only supports ERC-20 and ERC-721 tokens.

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