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Report: UK Gold Dealer Sold Out of Bullion After Pound’s Record Fall Causes Demand to Skyrocket

The United Kingdom-based gold dealer, Ash Kundra, has claimed that he recently ran out of gold coins and bars after the demand for the precious metal skyrocketed. The pound’s plunge to a record low versus the dollar, as well as the turmoil in financial markets, is said to be the cause of the sudden increase in demand for the precious metal.
Demand for Gold ‘Increased Exponentially’
A United Kingdom-based gold dealer, Ash Kundra, has revealed that he repeatedly ran out of gold coins and bars in the days that followed the United Kingdom treasury chief Kwasi Kwarteng’s mini-budget proposal. Kundra, who operates from London’s Hatton Garden jewelry quarter, is quoted in a Bloomberg report suggesting that demand for the precious metal had “increased exponentially” following Kwarteng’s controversial proposals.
According to the report, the rush to gold by Britons came at a time when the precious metal’s U.S. dollar value was approximately 20% lower than its March peak of just above $2,060 per ounce. However, the turmoil in the U.K. financial markets, as well as the pound’s slide to a record low versus the dollar, meant gold was again a more alluring alternative.
This, in part, is said to explain why those in the United Kingdom were scrambling to get their hands on the precious metal. As Kundra observed:
I keep running out of coins, I keep running out of bars.
Gold Collateral
At Bullion Vault, a member of the London Bullion Market Association, the number of Britons who opened accounts to buy gold was reportedly more than double the usual rate.
In addition to buying gold, many British residents are believed to have sought safety in cryptocurrencies. As noted by a leading provider of crypto market intelligence products, Messari, a record number of investors from the U.K. and the EU are thought to have acquired bitcoin using their respective currencies on the same day that the pound touched an all-time low versus the dollar.

Meanwhile, in addition to using gold as a hedge against currency depreciation, many in the U.K. are now reportedly using the precious metal as collateral. Commenting on Britons’ reported use of gold as collateral, Jim Tannahill, the managing director of Suttons and Robertsons, said he expects to see more and more of this.
“We anticipate we will continue to see an upward trend in people using gold as loan collateral in the coming months whilst this period of extreme uncertainty exists,” Tannahill is quoted explaining.

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Terence Zimwara

Terence Zimwara is a Zimbabwe award-winning journalist, author and writer. He has written extensively about the economic troubles of some African countries as well as how digital currencies can provide Africans with an escape route.

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Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.

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Kenyan Central Bank Rejects Deputy President Rigathi Gachagua’s Claims Country Lacks Forex to Import Oil

The Central Bank of Kenya appeared to rebuke the country’s new deputy president Rigathi Gachagua, after it rejected the latter’s claims the East African nation lacks enough foreign exchange to import oil. According to the bank, all the foreign exchange used in private transactions and for oil imports is sourced from commercial banks.
Central Bank Only Sources Forex for the Government
The Kenyan central bank has pushed back against remarks made by the country’s deputy president Rigathi Gachagua which implied the East African nation lacks foreign exchange reserves to import fuel. In a statement, the bank said it “does not supply foreign exchange for transactions other than for the national government.”
According to the bank, all the foreign exchange used in private transactions and for oil imports is sourced from commercial banks. This has been the case since the complete liberalization of the foreign exchange market in the 1990s, the bank’s statement added.

In addition, the Central Bank of Kenya (CBK) insisted that it is mandated to adhere to the requirements of the country’s central bank act. Known as the Central Bank of Kenya Act (26), the law requires:
[The CBK] at all times use its best endeavours to maintain a reserve of external assets at an aggregate amount of no less than the value of four months’ imports as recorded and averaged for the last three preceding years.
Kenya’s Bleak Prospects
According to the CBK, Kenya’s import cover stood at 4.64 months as of September 26, 2022. The statement also revealed that the CBK had usable foreign exchange reserves valued at $7.42 billion as of September 29, 2022.
In an interview with Citizen Digital, Gachagua, who was recently sworn in as Kenya’s deputy president, said Kenya’s economic prospects were dim. He said the dire situation had forced the new government to end the fuel subsidy. Gachagua added that President William Ruto’s government is going to prioritize increasing food production.
However, in its statement that dismisses Gachagua’s claims, the CBK insisted that it will “continue to provide adequate cover and a buffer against shocks in the foreign exchange market.”
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Terence Zimwara

Terence Zimwara is a Zimbabwe award-winning journalist, author and writer. He has written extensively about the economic troubles of some African countries as well as how digital currencies can provide Africans with an escape route.

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, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.

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Samsung Latam Launches ‘House of Sam’ Metaverse Experience in Decentraland

Samsung Latam, the regional division of the electronics giant, has decided to present its own space in Decentraland, an Ethereum-based metaverse platform. The space, which will be named “House of Sam,” will allow users to have virtual contact with different products of the brand, and play mini-games to win Samsung-branded rewards for their avatars.
Samsung Latam Dives Into the Metaverse
Samsung Latam, the Latin American regional division of the electronics company, has decided to dedicate an online space to increasing the visibility of its brand in the digital world. The company will maintain a space called “House of Sam” in Decentraland, one of the biggest Ethereum-based metaverse platforms.
According to reports, the goal of this move is to bring the brand closer to a new generation of consumers using the metaverse as a tool. The space is already open for users, being launched on September 1 with a virtual show from the Brazilian trio, Melim.
About the launch of this new digital space and its objectives, Arthur Wong, marketing director for Samsung Latam, stated:
Our customers will be able to interact with each other and participate in exclusive shows, courses, and events that we will offer for free at Decentraland, one of the most democratic and open spaces in the metaverse. Our goal is to be ever closer to Gen Z, our younger consumers who no longer draw boundaries between what is physical and what is virtual.

Activities and Prizes
The House of Sam will offer a series of mini-games related to the brand, that will also present prizes to users in the form of exclusive wearables for its avatars in Decentraland. Some of the most iconic products of the Samsung brand are also present in the virtual space, including the Freestyle portable projector.
This is one of many moves Samsung has already made directly into the metaverse, though the company has also been active in the NFT (non-fungible token) marketplace and the bitcoin mining chip business. In July, the company launched another metaverse experience named Space Tycoon as part of the Roblox platform. In January, the company opened its own store in Decentraland.

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Sergio Goschenko

Sergio is a cryptocurrency journalist based in Venezuela. He describes himself as late to the game, entering the cryptosphere when the price rise happened during December 2017. Having a computer engineering background, living in Venezuela, and being impacted by the cryptocurrency boom at a social level, he offers a different point of view about crypto success and how it helps the unbanked and underserved.

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Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.

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Taking Yield Farming to the Next Level With Animal Farm

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As a result of DeFi protocols, access to finance has been democratized, allowing anyone with an Internet connection to gain access to opportunities and services. However, they only gained popularity after the ‘DeFi summer of 2020’ and the yield farming craze that followed.
The concept of yield farming has changed the way people view savings by becoming the standard means of generating passive income in the cryptosphere. Consequently, numerous DeFi protocols have developed their architecture and functionalities around yield farming. However, yield farming has remained virtually unchanged over the years despite its value.
Introducing Animal Farm
Animal Farm is a DeFi protocol that is modelled after George Orwell’s novel of the same name that criticizes centralized power. Unlike its competitors, it is the first and only decentralized ownership lending and yield aggregation protocol in the DeFi industry.
The platform uses two native tokens, DOGS ($AFD) *live October 18th*, the reward asset, and PIGS ($AFP), the governance token, which represents the platform’s ownership stake.
Dynamic Supply
In contrast to other DeFi platforms, Animal Farm utilizes a dynamic supply control algorithm. By employing this innovative algorithm, the supply of the DOGS ($AFD) token, which will launch on October 18th, and the PIGS token, is determined in a trustless, decentralized manner.
As a result of the supply control algorithm and tokenomics of DOGS ($AFD) and PIGS ($AFP), the supply is designed to remain stable and even become deflationary during times of low demand, thereby allowing for optimal pricing performance in all market conditions.
$AFP Giveaway – Join the Animal Farm Craze
The Animal Farm team will be conducting a giveaway contest in celebration of the full launch of the protocol on October 18th. After completing a series of tasks, one user will be awarded exactly $5,000 worth of BUSD. In order to avoid adding to the circulating supply of tokens, Animal Farm does not pay for promotion or marketing with native tokens. Therefore, the reward will be in BUSD.
Animal Farm Tokenomics & Reward Model
Launching on October 18th, DOGS ($AFD) has a unique vesting model which does not lock users’ tokens. By instead using a variable tax model, it has created an incentive structure that rewards those who secure profit in the form of BUSD and BNB dividends by staking DOGS ($AFD) instead of selling it on the market.
Stakers in Animal Farm’s ‘DogPound’ have the tax associated with transacting their DOGS ($AFD) reduced at a rate of 1% daily. This model perfectly aligns incentives for optimal performance. It rewards users for removing AFD tokens from circulation while allowing them to earn as the wealthy do by accumulating assets; this allows them to earn a dividend paid out in BNB.
70% of taxes placed on DOGS ($AFD) token transactions are swapped for BNB and paid out to the ‘DogPound’ loyalty staking contract, allowing DOGS ($AFD) stakers to reduce their DOGS ($AFD) transaction tax while earning a high yield BNB dividend.
30% of taxes on transacted DOGS ($AFD) tokens are swapped for BUSD and paid out to the ‘PigPen’ as a high-yield BUSD dividend. The platform owners receive 75% of the fees generated from deposits and withdrawals in BUSD, which are then distributed as a high-yield dividend to $AFP stakers in the PigPen. 25% of fees generated on the platform from deposits and withdrawal fees are utilized to buy DOGS ($AFD) and add AFD/BUSD liquidity, generating a consistent flow of DOGS ($AFD) buy pressure and locked decentralized liquidity.
Whenever $AFP or $AFD tokens are sold, 3% of the transaction is burned, which removes them from circulation forever, making them deflationary.
Higher Yield Through Lending
Decentralized lending is achieved by lending collateralised TVL (Total Value Locked) to Pancakeswap, the largest decentralized exchange on Binance Smart Chain (BSC). Thus, Animal Farm offers low-risk yield aggregation compounded on top of yield natively generated by the protocol. Yield generated through lending to Pancakeswap is converted to BUSD and paid out to ‘PigPen’ stakers. The users gain all the benefits of earning yield on Pancakeswap while earning additional cash flow on Animal Farm with improved incentive structures.
Governance
Not only are stakers of the $AFP token earning platform fees and taxes as owners of the platform, but they also have a vote on future roadmap proposals.
Sustainability & Performance
With all of the mechanics detailed above, rewarding users for removing $AFP & $AFD tokens from circulation and paying out a dividend for doing so in the non-native token (BUSD & BNB), and dynamic control of the supply based on underlying demand, Animal Farm and it’s native tokens are designed to be the highest performing yield generating assets ever created.
Closing Thoughts
Animal Farm is ready to become one of the leaders in the DeFi world. There is an extensive roadmap, which includes already developed products, generous incentives, an appealing referral program, an elegant user interface, a distinctive architecture, and an innovative yield-generating system that performs at all market levels.
To learn more about Animal Farm, how to purchase $AFP now, and prepare for the full launch on October 18th, visit the official website and socials (Twitter, Discord, Youtube).

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Disclosures Show Shopify’s CEO Bought $3M Worth of Coinbase Shares During the Past 2 Months

Public records show that Shopify’s CEO Tobias Lütke has purchased close to $3 million in Coinbase shares during the last 60 days. Lütke became a Coinbase board member last February and because he is a Coinbase associate, he’s required by law to submit his trades to the U.S. Securities and Exchange Commission (SEC).
Since August 11, Shopify’s Tobias Lütke Purchased a Significant Quantity of COIN Shares
Coinbase Global Inc. (Nasdaq: COIN) shares have seen better days as statistics show during the past 12 months, COIN has lost 73.47% or a loss of 184 nominal U.S. dollars in value. On Monday, October 3, 2022, COIN gained 2.11% during the past 24 hours and ​​0.93% over the last five days.
Today, COIN’s current market value has been hovering around 66.61 nominal U.S. dollars per share. Public records indicate that during the last two months, Shopify CEO Tobias Lütke has picked up a touch less than $3 million worth of COIN shares.
COIN year-to-date statistics on October 3, 2022, at 2:30 p.m. (ET).
Lütke acquired 3,930 shares of COIN on August 11 and he paid $97.24 per share. Five days later, Lütke purchased 4,023 shares on August 16 at $90.55 per share. From August 11, up until September 27, Lütke purchased thousands of Coinbase shares approximately six times.
The acquisition records show he paid an average of around $369K every week on COIN shares since August 11. The billionaire founder and CEO of Shopify is extremely fascinated with technology and he’s a core team member of the Ruby on Rails project.
A year ago, Lütke and a few other Shopify executives, with the help of Celtic House Venture Partners, invested $3 million into a global print-on-demand platform called Creative Layer. Lütke and Shopify have shown interest in bitcoin (BTC) and cryptocurrency assets for quite some time.

In February 2020, Shopify joined Meta’s Libra Association, and the same year, the company started accepting crypto payments as a payment method. Lütke is the director of the five-member Coinbase Global board, which includes a16z founder Marc Andreessen, Coinbase CEO Brian Armstrong, Coinbase co-founder Fred Ehrsam, and the former CSO of Cisco Kelly Kramer.
Disclosures show that Ehrsam is the only other Coinbase insider who has purchased shares this year, as the co-founder acquired 1.1 million shares for roughly $76 million. Last May, Ehrsam paid just over $68 per share on average for the 1.1 million COIN shares. Records show that Lütke owns approximately 65,815 shares and his cheapest purchase was his most recent for $62 per share.

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2 months, 60 days, Billionaire Founder, Brian Armstrong, CEO of Shopify, COIN, COIN shares, Coinbase, coinbase global, Coinbase Insiders, coinbase stock, Creative Layer, crypto payments, Fred Ehrsam, Kelly Kramer, Libra Association, Marc Andreessen, Ruby on Rails, Shopify, Shopify Founder, Tobias Lütke
What do you think about the Shopify CEO purchasing $3 million worth of COIN shares during the last two months? Let us know what you think about this subject in the comments section below.

Jamie Redman

Jamie Redman is the News Lead at Bitcoin.com News and a financial tech journalist living in Florida. Redman has been an active member of the cryptocurrency community since 2011. He has a passion for Bitcoin, open-source code, and decentralized applications. Since September 2015, Redman has written more than 6,000 articles for Bitcoin.com News about the disruptive protocols emerging today.

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Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.

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The XSwap Treasure Token Aims to Impress by Providing Many Useful Functionalities

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PRESS RELEASE. XSwap is a name that has been gaining considerable attention lately for a compelling reason. The XSwap Treasure Token, XTT, may best be defined as XSwap Protocol’s farming reward token. Furthermore, it serves as the native token of their subproject known as the XSwap Launchpad.
What’s there to know?
The launchpad provides a comprehensive solution to projects seeking a wide range of services, such as project token generation, pre-sale funding, token and liquidity locking, and multi-sending tokens. The team shall add additional features to the launchpad as they deem fit in the future. These changes depend on what the team sees as beneficial for both XSwap and the end users.
XTT tokens can be staked by users to earn more XTT. With no minimum or maximum limits, users have the freedom to stake whatever amount that they desire. Moreover, newly launched projects which utilize the launchpad can also use the staking platform enabling their respective communities to obtain staking rewards in their project tokens by staking XTT.
When users offer liquidity to XSwap’s DEX, they will be granted Liquidity Pool (LP) tokens (XSP2) and rewarded for providing liquidity. These LP tokens can also be staked, enabling users to earn rewards in XTT. Additionally, XTT is minted by the main contract, which is rare and fixed. The minted XTTs are distributed in various proportions after considering their multiplier in all farming pools. Therefore, all LP providers share the total pool rewards in that pool.
The XDC Launchpad
The XDC Launchpad is the first fully decentralized launchpad for the XDC network. XSwap has witnessed the rapid growth of this industry, which ultimately led to the formation of the XSwap AMM DEX. To better meet the needs of various startup projects and to further its goal of expanding the XDC network, XSwap created the launchpad. This is so that upcoming projects that want to build in the network can generate capital for their business operations.
It allows investors to access early-stage token sales at significantly lower costs before publicly launching these tokens in the market. In a nutshell, a ‘win-win situation’ is created for project developers and cryptocurrency investors.
Thanks to XSwap Protocol’s increasing presence as well as reach and by utilizing the launchpad, numerous DeFi projects will receive the much-needed exposure they seek; this results in more people knowing about their project. Furthermore, these projects will gain considerable traction and experience an increase in participation from their communities and other potential markets. As well as obtaining a significantly wider reach to the overall DeFi ecosystem, it will result in having project tokens seamlessly integrated into cryptocurrency exchanges.
Important information about $XTT
Apart from the official name being XSwap Treasure Token and the ticker being XTT (18 decimals), the total supply is infinite, and the contract address is also publicly available. There was only one pre-sale round, and the goal to reach 1,000,000,000 tokens was achieved.
The minimum amount required to invest was 4,000 XDC, whereas the maximum was 400,000 XDC. XSwap provided a 10% bonus to those who did one-time maximum buy-ins of 400,000 XDC. It is also worth mentioning that 60,000,000 XTT was allotted to be airdropped to XSP holders at a ratio of 1 XTT for every 100 XSP they hold. In the pre-sale phase, the minting rate would be determined by how much XTT is sold and would fall within a given range.
About XSwap
XSwap is an AMM DEX for XRC20 tokens built in the XDC Network. It essentially enables all customers to swap and earn within a secure pool. XSP, the DEX’s native cryptocurrency, is used throughout the blockchain and has certain utilities like farming, voting, staking and payment capabilities.
Moreover, the XSP token has already been integrated with Fireblocks, and users should expect XTT to be integrated soon. In terms of past achievements, XSwap Protocol successfully launched its AMM DEX in the XDC network. With the launch of XTT, XSwap will soon have its farming platform available. In addition, XTT will be used as the launchpad’s native token and as the primary farming reward token. Regarding future goals, the team will focus on launching the XSwap Wallet along with the payment gateways.
For more information and regular updates, visit the official website and the Twitter, Telegram and Medium channels.

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This is a press release. Readers should do their own due diligence before taking any actions related to the promoted company or any of its affiliates or services. Bitcoin.com is not responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in the press release.

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Decentralized App BCH Bull Prepares for Launch, Platform Allows Users to Long or Hedge Bitcoin Cash Against a Myriad of Tradeable Assets

Just recently the developers behind the Bitcoin Cash-centric project Anyhedge released the alpha version of the Anyhedge Whitelabel and since then, 284 smart contracts were created onchain, and more than $32,900 in funds hedged using the alpha protocol. Furthermore, this month, General Protocols, the engineers behind Anyhedge, revealed the team plans to launch a decentralized application (dapp) on the Bitcoin Cash blockchain that allows anyone to long bitcoin cash against a myriad of tradeable assets.
General Protocols to Launch a Decentralized Application That Allows Users to Hedge or Long Bitcoin Cash, Anyhedge Alpha Whitelabel Recently Released
In recent times, there’s been a few different projects building within the Bitcoin Cash (BCH) ecosystem. One protocol called Anyhedge just released the protocol’s alpha version, which allows users to create smart contracts onchain. Furthermore, the team behind Anyhedge, General Protocols, recently summarized the Anyhedge Extension, which was made possible after the new ruleset changes were applied to the BCH network last May.
This month, General Protocols aims to launch the decentralized application (dapp) BCH Bull.
This month, General Protocols has plans to launch a dapp called BCH Bull, an application that allows people to long BCH against a number of tradeable assets. BCH Bull is a permissionless and noncustodial dapp built on the BCH chain. Tradeable assets that can be used to long or hedge bitcoin cash include assets like the U.S. dollar, bitcoin (BTC), ethereum (ETH), or the precious metal gold.
“Utilising the AnyHedge protocol (built by General Protocols), BCH BULL will allow users to instantly create up to 10x leverage smart contracts directly with their own wallets without the need for any sign-up,” General Protocols BCH Bull announcement explains. The team’s dapp announcement adds:
On the other side of the contract, those users wishing to stabilise their purchasing power will also be able to create hedging positions against those same assets, thus providing a trustless and novel crypto stability solution, essential for risk-averse users such as merchants, miners, and other businesses operating with cryptocurrency.
General Protocols details that because Anyhedge smart contracts leverage the unspent transaction output (UTXO) properties offered by the BCH network, the smart contracts have an advantage. Benefits included “being able to handle high volumes with low fees, whilst all contracts are stateless and remain independent of each other, thus improving privacy and reducing any systemic security risk.”

So far, the project’s creators detail that the alpha testing saw more than 100 onchain contracts and every one of them executed “perfectly” and “seamlessly.” The Alpha testing of Anyhedge ended on September 28, and General Protocols summarized the achievements.
“284 smart contracts created onchain with over $32,900 hedged,” the team explained on October 2. The BCH Bull beta release is set to launch at some point this month and interested parties can check out the project’s updates via the General Protocols Telegram channel.

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What do you think about the upcoming BCH Bull application built by General Protocols? Let us know what you think about this subject in the comments section below.

Jamie Redman

Jamie Redman is the News Lead at Bitcoin.com News and a financial tech journalist living in Florida. Redman has been an active member of the cryptocurrency community since 2011. He has a passion for Bitcoin, open-source code, and decentralized applications. Since September 2015, Redman has written more than 6,000 articles for Bitcoin.com News about the disruptive protocols emerging today.

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Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.

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Tether CTO Says US Treasury Notes Account for More Than 58% of USDT’s Reserves

On Monday, the chief technology officer of Tether Holdings Limited, Paolo Ardoino, explained that U.S. Treasury bills represent more than 58% of the company’s reserves. The announcement follows Tether hiring the accounting firm BDO Italia and the stablecoin issuer’s quarterly attestation, which had shown a decrease in commercial paper holdings.
Tether’s Commercial Paper Holdings Shrank to Less Than $50 Million
According to Tether’s CTO, U.S. Treasuries account for a large fraction of the company’s USDT reserves. Tether’s CTO Paolo Ardoino tweeted about Tether’s portfolio update on Monday.
Ardoino was also asked when he expected Tether’s next transparency update to be published and the Tether CTO replied: “Deadline is usually 45 days — But with the new auditor we’re improving processes to reduce timelines.”
In the portfolio update, Ardoino said:

Tether portfolio update. Tether as of 30 September 2022 holds ~58.1% of its assets in U.S. t-bills. Up from 43.5% on June 30, 2022. [Commercial paper] exposure is [less than] 50M now.

The news follows the company hiring the accounting firm BDO Italia and publishing the company’s quarterly attestation for Tether’s reserve holdings. Tether detailed at the time that it wants to reduce commercial paper holdings to zero by the year’s end.
The attestation published in August shows that Tether’s commercial paper holdings exposure was reduced, and the latest update shows Treasury reserves Tether holds today are up 14% from June 30, 2022. Commercial paper, however, has diminished down to less than $50 million.
When Ardoino was asked to “smooth brain talk” the tweet and was questioned if the update was good or bad, Tether’s CTO replied that it was “good.” Tether is the largest stablecoin by market capitalization and today, the USDT market cap is around $67.95 billion.

Tether’s entire valuation equates to 7.044% of the $966 billion crypto economy. Moreover, tether’s trade volume on October 3 is more than half of the crypto economy’s aggregate trade volume worldwide.
During the last 24 hours, the entire crypto economy recorded $48.43 billion in global trade volume, while USDT accounts for $28.63 billion of the trades. 64.53% of BTC’s share of trades are paired with tether (USDT) today, and USDT accounts for 34.27% of ethereum (ETH) swaps on October 3.
“As promised, Tether will once again demonstrate a commitment to transparency in our next quarterly attestation,” Tether explained in a note sent to Bitcoin.com News on Monday. “Portfolio updates to look out for include a reduction in commercial papers, now making up less than $50M of its reserves and the holding of 58.1% of its assets in U.S. Treasury bills.”
“In the upcoming attestation report, Tether will continue to validate the business, the strength of its reserves, and further solidify its position as the industry’s leading stablecoin,” the representative for Tether Holdings Limited added.

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BDO Italia, Commercial Paper, Commercial Paper Holdings, consolidated reserves report, dollar-pegged crypto, Paolo Ardoino, stablecoin assets, Stablecoin Reserves, stablecoins fluctuate, T-notes, Tether, Tether CTO, Treasuries, us treasuries, US Treasury Bills, US Treasury notes, USDT
What do you think about the Tether CTO’s recent portfolio update that notes Tether has more commercial paper holdings today? Let us know what you think about this subject in the comments section below.

Jamie Redman

Jamie Redman is the News Lead at Bitcoin.com News and a financial tech journalist living in Florida. Redman has been an active member of the cryptocurrency community since 2011. He has a passion for Bitcoin, open-source code, and decentralized applications. Since September 2015, Redman has written more than 6,000 articles for Bitcoin.com News about the disruptive protocols emerging today.

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Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.

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Data Shows Bitcoin’s Hashrate Has Grown by More Than 4 Quadrillion Percent Since 2009

Following the network difficulty change six days ago on September 27, Bitcoin’s hashrate surpassed the 295 exahash per second (EH/s) range two times during the first two days of October. Presently the network is coasting along at 229 EH/s and block intervals have been faster than the ten-minute average, which means another upward difficulty adjustment is likely in the cards. With Bitcoin’s mining difficulty looking as though it will reach another all-time high (ATH), the network’s hashrate has increased exponentially from six million hashes per second to the recent two hundred ninety-five quintillion hashes per second.
Bitcoin’s Network Hashrate and Difficulty Continues to Rise
Bitcoin’s computational power is a whole lot stronger than it was 13 years ago. The network’s mining difficulty reached an all-time high just recently on September 13, 2022, at block height 753,984.
The height the mining difficulty reached was approximately 32.05 trillion hashes and it’s a high probability that the network will see an upward adjustment on or around October 11, 2022. Statistics show that the difficulty retarget could be anywhere from 4.22% higher to 10.7%.
Bitcoin hashrate on October 3, 2022, 1-month stats.
Despite the lower bitcoin (BTC) U.S. dollar exchange rate and a difficulty that’s close to the ATH, miners have continued to increase their hashpower. In fact, there is no computational network today, that has exponentially risen at the pace the Bitcoin Network’s hashrate has increased during the last decade.
Bitcoin block time on October 3, 2022.
On January 19, 2009, Bitcoin’s hashrate was approximately six million hashes per second (6,290,000) and using the recent 295 EH/s recording, it equates to two hundred ninety-five quintillion hashes per second (295,000,000,000,000,000,000). Those two data points indicate that the network’s hashrate has grown four quadrillion percent higher in 13 years’ time.
Current block times have been less than the ten-minute average at 9:01 minutes at the time of writing. On October 1, 2022, the block interval was even faster at 7:95 minutes in between blocks. Difficulty adjustments are a lot more common every two weeks than they were in the early days (pre-2010).

It wasn’t until February 2, 2010, or block height 40,320 that the difficulty rose above 1 hash and by September 18, 2017, at block height 485,856 Bitcoin’s network difficulty rose above 1 trillion hashes for the first time.
Just like the hashrate, Bitcoin’s mining difficulty has risen exponentially as well, increasing three quadrillion percent since February 2, 2010, or during the course of the last 4,626 days. At the time of writing, more than 756,888 bitcoin blocks have been mined into existence and 1,831,949.98 BTC remains left to mine.

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13 years, Bitcoin, Bitcoin (BTC), bitcoin exponential growth, Bitcoin hashrate, Block Height, block times, Blocks, computational power, data points, Difficulty adjustments, difficulty ATH, Exahash, exponential growth, hash per second, Hashes, Hashpower, Hashrate, percentage increases, SHA256 Hashrate, two hundred ninety-five quintillion hashes
What do you think about the Bitcoin network’s exponential hashrate growth and the difficulty adjustments in recent times? Let us know what you think about this subject in the comments section below.

Jamie Redman

Jamie Redman is the News Lead at Bitcoin.com News and a financial tech journalist living in Florida. Redman has been an active member of the cryptocurrency community since 2011. He has a passion for Bitcoin, open-source code, and decentralized applications. Since September 2015, Redman has written more than 6,000 articles for Bitcoin.com News about the disruptive protocols emerging today.

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Top Crypto Exchange LBank at Token 2049: Successful Exhibition and Afterparty

press release

PRESS RELEASE. SINGAPORE, Oct. 3rd, 2022 – Global crypto exchange, LBank, joined Token 2049 in Singapore as sponsor and exhibitor. LBank was welcomed with open arms at the Token 2049 venue and continued to host a successful after-party. As one of the rise-and-coming major crypto hubs, Singapore hosted a diverse crowd of crypto lovers and gave LBank the great chance of meeting many users and fans in person.
With over 7000 attendees and 2000 companies represented, TOKEN 2049 is currently the biggest event in crypto. The event also coincides with the Formula 1 Singapore Grand Prix, making Singapore the most exciting place to be at the moment. LBank’s team was very glad for this opportunity to connect with our Asia-based users and partners.
LBank had the honor of exhibiting at Token 2049 and meeting many projects, partners, and media representatives at the event. “It was good to see everyone face to face, as most of the time we communicate online. We are really looking forward to working with LBank soon” a partner said.
On September 29th, LBank hosted a successful “LBank & Friends” Afterparty for people to have a chance to socialize after the main conference. The event, which was co-hosted by Encryptus and MetaBell, saw a diverse gathering of friends from all corners of the industry, with more than 300 people attending.
LBank’s exhibition at TOKEN 2049 came alongside LBank’s current brand upgrade, including airdrops and other events. This was the first time LBank used its new logo and brand material in an offline conference. “Token 2049 is the best opportunity to show our new logo and share our future plans. One can’t ask for a more friendly, energetic space than this” said a representative from LBank.
About LBank
LBank is one of the top crypto exchanges, established in 2015. It offers specialized financial derivatives, expert asset management services, and safe crypto trading to its users. The platform holds over 7 million users from more than 210 regions across the world. LBank is a cutting-edge growing platform that ensures the integrity of users’ funds and aims to contribute to the global adoption of cryptocurrencies.
Start Trading Now: lbank.com
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Contact Details:
LBK Blockchain Co. Limited
LBank Exchange
[email protected]
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