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$6.2 million is invested in OCEAN, a decentralized bitcoin mining pool, led by Jack Dorsey.

by V. Sinclair
written by V. Sinclair

Led by billionaire Jack Dorsey, the decentralized Bitcoin mining pool OCEAN recently raised an incredible $6.2 million in its seed funding round. The Bitcoin Opportunity Fund, Barefoot Bitcoin Fund, NewLayer Capital, and other investors are a few of the others.

Independent Bitcoin Mining
Block rewards and transaction fees are normally entirely under the control of conventional Bitcoin mining pools, which divide them up among miners as they see fit. This arrangement also gives them the power to refuse payments to specific miners, either on their own initiative or as a result of regulatory requirements.

The non-custodial payout mechanism of OCEAN pays miners directly from the block reward. As a result, it gets rid of all the possible hazards that come with conventional pools and guarantees that miners won’t be negatively impacted by them.

The purpose of the seed money is to help launch OCEAN, which is the first in a line of initiatives to decentralize Bitcoin mining. Co-founder of Mummolin and seasoned Bitcoin Core developer Luke Dashjr also underlined the need for a change in the function of mining pools in order to establish Bitcoin as a truly decentralized currency. Jack Dorsey commented on the development, saying:

“Our contribution to OCEAN comes out of a deep respect for their mission. OCEAN is solving a problem for Bitcoiners that I think all of us feel – further centralization of pools and mining pools that could plague Bitcoin, and how that risks a bunch of Bitcoin attributes that we hold dear. As part of the launch, Mr. Dorsey noted,”when I see a project that is good for Bitcoin broadly, and that’s also good for me and my companies personally, it becomes a simple decision for me and I’m happy to be a part of it.“

Bitcoin Is Jack Dorsey’s Passion

Jack Dorsey has been involved in the Bitcoin space for a considerable amount of time and is one of its biggest proponents. In addition, he and his group have been focusing on enhancing the Bitcoin Lightning network to increase the scalability of the blockchain.

Jack Dorsey, the creator of Twitter, is also unwavering in his efforts to support the development of the Bitcoin (BTC) protocol, as demonstrated by his recent financial contribution to Brink, a Web3.0 hub that supports network developers.

The disclosed funding commitment under the terms of the Jack Dorsey Commitment is $5,000,000. Additionally, in accordance with the agreement, $1 million will be distributed annually over a period of 5 years.

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Bitcoin
BitcoinMarket

PlanB Warns: Last Opportunity to Secure Bitcoin Below $40,000

by Isaac lane
written by Isaac lane

Renowned crypto analyst PlanB, known for his optimistic outlook on Bitcoin and the stock-to-flow model, has issued a warning on X, suggesting that these could be the final days to acquire Bitcoin below the $40,000 mark. The analyst highlights strong bullish indicators, particularly focusing on Bitcoin’s realized price, indicating an imminent significant price surge.

Bitcoin has demonstrated exceptional price performance throughout the year, boasting a growth of over 125%. Analysts, including PlanB, share the sentiment that this upward trend may persist. PlanB, in particular, draws attention to the realized price model, proposing that the current sub-$40,000 level might be a fleeting opportunity.

Realized Price Insights

Realized price, reflecting the average cost of all circulating Bitcoin, is considered by some as a more accurate measure of Bitcoin’s value than the prevailing market price. During bearish markets, the realized price tends to surpass the spot price, while bullish markets are characterized by a higher spot market price. PlanB’s analysis indicates that Bitcoin’s spot price now surpasses the overall realized cost, the 2-year realized price, and the 5-month realized price. This historical pattern suggests the potential for a substantial upward movement.

Last Call for Affordable Bitcoin

Bitcoin (BTC) is currently trading at $37.687. Chart: TradingView.com

As of the latest data, Bitcoin is trading at $37,687, with its realized price around $21,000, according to Glassnode. PlanB neither confirms nor denies the possibility of another opportunity to purchase Bitcoin at a lower price, emphasizing the potential for Bitcoin to trade between $100,000 and $1 million around the next halving cycle.

Anticipation for Mainstream Adoption

PlanB’s forecast aligns with the general optimism surrounding Bitcoin, especially as the industry anticipates the approval of spot Bitcoin ETFs in the United States. CoinShare‘s recent report notes year-to-date inflows of $1.238 billion into Bitcoin’s digital asset investment products. Additionally, the discount on Grayscale‘s Bitcoin Trust has significantly decreased, signaling institutional interest amid a growing bullish momentum.

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Bitcoin

5ire Token to Launch on Bybit Exchange on December 5th

by V. Sinclair
written by V. Sinclair

The next-generation blockchain ecosystem 5ire, which is centered on sustainability, revealed today that on December 5th, 2023, its native token, 5IRE, will go live on the Bybit cryptocurrency exchange. This is a big step forward for 5ire as it broadens its audience and extends its global reach while showcasing its cutting-edge blockchain technology.

Key Highlights:

  • The 5IRE token will be initially introduced as an ERC-20 token on Bybit, with plans to seamlessly transition it to the native 5ire token on the mainnet through a secure bridge.
  • The listing of 5IRE on Bybit is expected to generate significant interest from institutional and retail investors alike.
  • 5ire is well-positioned to capture a substantial share of the growing blockchain market, with its focus on sustainability, scalability, and security resonating with a wide range of users and applications.

Expanding Global Reach and Introducing Sustainable Blockchain Technology

An important step forward for 5IRE is its listing on Bybit, which makes its token more accessible and speeds up the uptake of its sustainable blockchain ecosystem. Bybit’s extensive global user base will enable 5ire’s technology to reach a wider audience, thereby advancing its mission of utilizing blockchain innovation to drive positive change.

Sustainable and Scalable Blockchain Solution

Traditional blockchains have several drawbacks, including excessive energy consumption, constrained scalability, and security flaws. 5ire addresses these issues. Because of its special qualities, it’s the perfect platform for a lot of different applications, such as enterprise solutions, non-fungible tokens (NFTs), and decentralized finance (DeFi).

  • Environmentally Friendly: 5ire utilizes a unique Proof-of-Stake (PoS) consensus mechanism that consumes significantly less energy than traditional PoW blockchains.
  • Scalable: 5ire’s architecture is designed to handle a high volume of transactions without compromising performance.
  • Secure: 5ire employs advanced security measures to protect the network and its users.

The Future of Blockchain Technology

5ire is a leading company in the blockchain space because of its dedication to security, scalability, and sustainability. With its extensive ecosystem of applications and impending launch on Bybit, 5IRE is well-positioned to have a big influence on the direction of blockchain technology.

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BitcoinMarket

Crypto Markets on Edge as $6.5 Billion Bitcoin and Ethereum Monthly Expiry Looms

by Isaac lane
written by Isaac lane

Crypto lovers are on the brink as Bitcoin and Ethereum hover near resistance ranges, putting the level for a capacity pullback anticipated via traders ahead of the month-to-month expiry.

With a mixed notional fee of $6.5 billion, 108,000 BTC alternatives and 1.2 million ETH options are set to run out on November 24. Traders carefully watch as Bitcoin‘s put-call ratio indicates a max ache point at $33,000 hinting at expectations for an upward thrust in BTC expenses.

Mixed Sentiment Amid Binance Settlement: Fear and Greed Index Drops as Market Digests $4.Three Billion DOJ Settlement

As the market grapples with Binance’s $4.3 billion settlement with the DOJ and CEO Changpeng CZ Zhao pleading responsibility for federal expenses, the Fear and Greed Index slides from 71 to 66. This improvement provides a layer of uncertainty to the general sentiment within the crypto space.

Source: Deribit

Despite Bitcoin and Ethereum experiencing a 0.5% leap in the past 24 hours, trading volumes for each cryptocurrency have seen a decline of 45% and 40%, respectively. Market contributors brace for potential volatility, mainly in the aftermath of recent occasions involving Binance and its CEO.

Source: Deribit

Year-End Dynamics: Traders Anticipate Lower Activity, Analysts Bullish on Crypto Amid Institutional Influence

With the holiday season drawing close, buyers foresee lower buying and selling pastimes because of Christmas and 12 months of giving up deliveries. However, analysts remain bullish on crypto, citing the ongoing Bitcoin halving and the effect on institutional buyers as riding elements.

Noted analyst Rekt Capital shows a strategy of accumulating on deeper retraces, expressing optimism about Bitcoin‘s upside capacity amid expected pullbacks near resistance levels. Market observers keenly look ahead to how these dynamics unfold within the coming weeks.

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Bitcoin

Raiffeisen Bank, Located in Vienna, Has Expanded Its Services to Include Crypto Trading

by V. Sinclair
written by V. Sinclair

In 2024, Austria’s Raiffeisen Bank plans to introduce cryptocurrency trading services, following a number of other European banks that have entered the digital asset custody market.

The 130-year-old bank signed a letter of intent to work together on the offering with cryptocurrency trading platform Bitpanda, and in April, it revealed its plans for the service. The bank declared at the time that it would be the first conventional credit union in the European Union (EU) to offer cryptocurrency as part of its digital investment portfolio.

Unlike other banks that are interested in cryptocurrencies, this one will initially only be available to retail customers in Vienna. Other banks will prioritize serving institutional clients first. About 25% of Austrians reside in Vienna, where we are beginning our journey, according to Curt Chadha, head of the bank’s innovation, during a CoinDesk interview. He continued, saying:

“The customer can use their mobile device to enter Bitpanda through the Raiffeisen app. The experience will be familiar, so confirming a trade will work exactly like an account-to-account bank transfer with the same sort of security customers are used to.”

On their website, Raiffeisen Bank claims to have 16.7 million customers in Austria and Central and Eastern Europe, all of whom are backed by about 45,000 employees. Its foreign business is in charge of $224 billion in assets.

Its entry into crypto custody comes after Commerzbank, the nation’s first full-service bank, announced earlier this month that it had received a crypto custody license from regulators.

A week earlier, the British bank HSBC announced that it will work with the Ripple-owned digital asset custody company Metaco to introduce tokenized securities crypto custody for the upcoming year.

Regulation’s Significance

Legislators and regulators on the continent have worked to make room for cryptocurrency as a regulated financial sector this year, improving the climate for established financial firms.

Bitpanda, a partner of Raiffeisen Bank, was established in 2014 with the goal of facilitating the introduction of stock, ETF, and cryptocurrency custody services by Fintechs and traditional banks in a regulated environment.

BitPanda said over X on Thursday that “recent events have once again shown that regulatory compliance must not be seen as a barrier to growth.” “We sincerely believe that the long-term success of the cryptocurrency industry depends on a collaborative approach to regulation.”

The U.S. Department of Justice fined Binance $4.3 billion earlier this week for violating anti-money laundering regulations specifications.

 

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Grayscale
BitcoinNews

Grayscale Advances Bitcoin ETF Plans: Submits Updated Prospectus After SEC Meeting

by Isaac lane
written by Isaac lane

Grayscale, the cryptocurrency investment giant, is pushing forward with its initiative to convert its extensively used Bitcoin Trust into a gap Bitcoin exchange-traded fund (ETF). The business enterprise has submitted an up-to-date prospectus to the Securities and Exchange Commission (SEC) after a current meeting with the regulatory frame.

Post-Meeting Filings: Grayscale’s Amended S-3 Prospectus Indicates Ongoing Talks with SEC

The submission, dated November 22, takes the shape of an amended S-3 prospectus, a well-known registration report for firms that have fulfilled previous reporting requirements. Analysts, which include James Seyffart from Bloomberg, stated that the submission does not introduce great changes. Notably, there was an offer to alternate the ticker image from GBTC to BTC, despite the fact that Grayscale clarified they haven’t any plans for this kind of amendment.

A memo discovered a meeting between the SEC‘s Division of Trading and Markets contributors, Grayscale, and prison representatives from Davis Polk. The attention became ordinarily on NYSE Arca’s proposed list of ETFs. Grayscale CEO Michael Sonnsenhein became present at the meeting, emphasizing the continued speaking between the company and the SEC.

Unique Approach: Grayscale’s ETF Proposal Sets It Apart in a Competitive Landscape

Unlike other spot, Bitcoin applications from main players like BlackRock and Fidelity, Grayscale’s inspiration involves the conversion of a current investment automobile into an ETF. Market observers endorse that advantageous SEC discussions with Grayscale may also have broader implications for the capability approval of Bitcoin ETFs in standard.

The significance of Grayscale regarding the GBTC conversation and uplifting is highlighted by ETF Store President Nate Geraci. If Grayscale efficaciously uplists GBTC on NYSE Arca while competition launches spot Bitcoin ETFs, coupled with an aggressive fee method, it may function Grayscale to dominate the ETF class.

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BitcoinNews

Grayscale’s Bid for Spot Bitcoin ETF Gains Momentum as SEC Meeting Unfolds

by Isaac lane
written by Isaac lane

Grayscale Investments is intensifying its efforts to steady approval from the Securities and Exchange Commission (SEC) for its Grayscale Bitcoin Trust’s transformation into a gap bitcoin exchange-traded fund (ETF). In a considerable development, Grayscale recently engaged in discussions with officials from the SEC’s Department of Trading and Markets.

NY Stock Exchange Proposal Takes Center Stage

The assembly focused on the proposed rule exchange by way of NYSE Arca, to list and trade shares of the Grayscale Bitcoin Trust (BTC) underneath NYSE Arca Rule 8.201-E. The memorandum, published via the SEC, sheds light on the ongoing efforts through Grayscale to navigate capability listing topics related to the ETF conversion.

Grayscale’s proactive technique is underscored by using a current criminal mandate from a D.C. Circuit court, directing the SEC to re-review the firm’s software. Last month, Grayscale filed a new registration announcement with the SEC in its latest attempt to pass forward with the conversion of its trust product into a gap bitcoin ETF.

Strategic Partnership with BNY Mellon Signals Progress

In an extraordinary improvement, Grayscale and the Bank of New York Mellon (BNY Mellon) entered into a settlement designating BNY Mellon as the switch agent for stocks of the belief. Grayscale aims to list the stocks on NYSE Arca below the image GBTC in addition to solidifying its strategic actions in preparation for regulatory approval.

Industry Giants BlackRock and Fidelity Also Eyeing SEC Approval

Grayscale isn’t on my own in the pursuit of a niche bitcoin ETF, with principal asset managers together with BlackRock and Fidelity also searching for approval from the SEC. Gary Gensler showed last month that the regulator is actively reviewing these filings, marking a broader enterprise fashion towards embracing spot bitcoin ETFs.

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BitcoinMarket

Deribit’s BTC Options Open Interest Hits Record $15B Amid Surging Demand

by Isaac lane
written by Isaac lane

Bitcoin options trading on Deribit has reached unprecedented levels, with notional open interest peaking at a record $15 billion last week. Traders are increasingly seeking bullish exposure as the market matures, reflecting a notable shift in trading dynamics.

Record-Breaking Momentum on Deribit

Last Friday witnessed a remarkable surge in notional open interest for Bitcoin (BTC) options on Deribit, soaring to an all-time high of $15 billion. This milestone, a testament to the growing popularity of BTC options, signifies a more than twofold increase since late September. Although slightly retraced to $13.8 billion at present, the figure underscores the substantial demand for strategic trading tools.

BTC’s options open interest on Deribit (Deribit).

Deribit stands as the preeminent crypto options exchange, commanding nearly 87% of the global crypto options open interest, which presently totals $25 billion. The exchange’s Chief Commercial Officer, Luuk Strijers, expressed excitement about achieving this ATH, emphasizing the escalating preference for options as a strategic asset among traders.

Options Surpassing Futures

In a noteworthy trend, the BTC options market has surpassed the BTC futures market, marking a milestone in market sophistication. Options contracts provide traders with the right to buy or sell an asset, presenting a dynamic approach to navigate volatile markets. The surge in BTC’s value since October, reaching $38,000 from $25,000, has spurred traders to actively pursue bullish exposure through call options.

Amid this surge, Paradigm, an institutional cryptocurrency trading network, notes a persistently bullish options flow. Large volumes of outright calls are being purchased for both BTC and ETH, while call spreads on BTC are being rolled to higher levels. This reflects a prevailing sentiment favoring positive price movements.

Market Dynamics and Strategic Moves

Market participants have been drawn to BTC options for various reasons, including optimism surrounding an impending spot bitcoin ETF approval and broader macroeconomic developments. Notable strategic moves include large block trades for December expiry calls at $40,000 and January expiry calls at $50,000. Additionally, a trader engaged in a volatility-selling strategy, selling a straddle for a premium of $2.8 million.

While Bitcoin options steal the spotlight, the notional open interest in Ethereum (ETH) options has seen a notable uptick, reaching $6.83 billion. Although below the September 2022 peak of nearly $8 billion, this indicates a growing interest in options trading for Ethereum.

The surge in options trading on Deribit reflects a maturing market where traders increasingly leverage these sophisticated financial instruments for strategic positioning, hedging, and capitalizing on heightened volatility. As the crypto landscape evolves, options trading is set to play an integral role in shaping market dynamics.

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BitcoinCryptoMarket

Crypto Market Update: BTC and Pepe Coin Decline; YFI Emerges as Top Gainer

by Isaac lane
written by Isaac lane

The cryptocurrency market faced a downturn as investors exercised caution following BlackRock‘s official filing for an Ethereum ETF. The market decline, initiated on November 16, contradicted expectations of a positive impact from the ETF news, leading to a sell-off in major cryptocurrencies.

Bitcoin and Ethereum Lead the Decline

Bitcoin witnessed a 2.66% drop, reaching $36,422.03, accompanied by a 9.21% decrease in trading volume to $25.59 billion. Despite recent declines, Bitcoin’s 30-day performance showed a growth of over 29%. Ethereum price slumped by 3.36%, trading at $1,984.11, with a 12.06% increase in the last 24-hour trading volume to $14.39 billion.

BNB price decreased by 3.18% to $244.22, while XRP saw a 4.80% decline, trading at $0.6206. Solana‘s price plummeted by 10.48% to $58.62. Dogecoin, however, stood out with a 6.48% increase, reaching $0.08161, and a notable surge in trading volume by 224.27% to $1.73 billion. In contrast, Shiba Inu experienced a 1.61% drop to $0.000008615.

The global cryptocurrency market cap declined by 2.48% to $1.39 trillion, with a 3.25% increase in the overall market volume to $71.17 billion. The fear and greed index stood at 71, indicating a prevailing sentiment of greed in the market.

Top Cryptos Performance

Pepe Coin Chart

Pepe Coin Plunges 7%: The meme coin, Pepe Coin, witnessed a 6.79% decline, trading at $0.000001174, with a 10% decrease in trading volume to $134.53 million.

yearn.finance Chart

Yearn.finance (YFI) Adds 9%: Despite the market downturn, YFI showed resilience with a 9.01% increase, reaching $13,960.93, and a notable surge in trading volume by 48.96% to $379.43 million.

Kaspa Chart

Kaspa (KAS) Soars Over 11%: Kaspa crypto surged by 11.07%, reaching $0.1308, accompanied by a 74.26% rise in trading volume to $276.97 million. Over the last 30 days, Kaspa has gained nearly 190%.

Mantle Chart 

Mantle (MNT) Jumps 11%: Mantle crypto emerged as a top gainer with a 10.78% increase, trading at $0.5092, and a 79.27% surge in trading volume to $135.40 million. Over the last 30 days, Mantle has added almost 55%.

The crypto market experienced a mixed performance, with declines in major cryptocurrencies and notable gains in select altcoins.

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crypto mining
BitcoinNews

Bitcoin Miners Capitalize on Rally Before Halving Event

by Isaac lane
written by Isaac lane

Bitcoin miners are seizing the opportunity presented by the recent surge in cryptocurrency prices. The sector, once in a slump, is now witnessing a revival as companies race to capitalize on profits before the impending “halving” event in April 2024.

Halving and Urgency Among Miners

The upcoming halving, designed to reduce the rate of Bitcoin production by cutting rewards in half, is prompting a sense of urgency among miners. Analysts note a heightened activity as mining companies strive to maximize gains before the impending reduction in token rewards.

The hashrate, indicating the computational power required for mining, has reached an all-time high, according to data from the crypto platform Blockchain.com. This surge in computational power signifies miners employing more energy and speed to solve complex mathematical puzzles and earn Bitcoin.

Bitcoin’s Resurgence and Mining Profitability

Bitcoin‘s recent price rally, a 37% increase over the past month to approximately $37,000, has revitalized mining profitability. The 30-day average revenue earned by miners reached an 18-month high of $32.46 million on November 11, as powerful computers are increasingly utilized to crack puzzles and generate new coins.

While mining profitability has improved compared to recent months, it still falls short of the lucrative conditions witnessed in 2021. Earnings from using 1 petahash per second of computing power have risen to over $81, but remain below the peak of $127 seen in May.

Preparing for the Halving Challenge

With the halving event just six months away, miners are strategizing to maintain margins in the competitive environment. Some are upgrading equipment and increasing hashrate power, while others are exploring relocating operations to Central American countries with more affordable energy prices and cryptocurrency-friendly governments.

Bitcoin prices have surged following halving events, prompting mining companies to position themselves for potential gains. As the industry faces evolving challenges, including a shift in operational geography, the profitability increase continues to drive network hashrate and difficulty higher, highlighting the dynamic nature of the crypto-verse.

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