FreeCryptoCurrency.Me

U.A.E.-based Phoenix Technology Consultants has signed a $650 million order for crypto mining rigs, one of the largest purchases on record, CEO Munaf Ali said at the World Digital Mining Summit (WDMS), which started in Dubai.

• Deliveries of the “new generation” machines will start in 2022. Phoenix will also place orders for over $2 billion worth of crypto mining application-specific integrated circuits (ASICs) in the third quarter of 2022.
• Phoenix’s mining facility will consume over 600MW of electricity and will further expand to reach 1.4GW within the next 18-24 months, Ali said.
• Core Scientific co-founder and co-chairman Darin Feinstein congratulated the Phoenix Tech CEO on the purchase, adding that he is glad to see more decentralization of the Bitcoin network.
• Bitmain will announce its new miner during the conference tomorrow, said Xiaotong Li, Sales Director of EMEA & CIS Region said at another presentation at WDMS.
• Phoenix Tech is affiliated with Phoenix Store, Bitmain’s distributor in the Middle East.

Social network Discord is considering linking to Ethereum, Discord CEO and founder Jason Citron hinted in a tweet early on Tuesday.

probably nothing pic.twitter.com/p4P6MoNGgd

— Jason Citron (@jasoncitron) November 8, 2021

Citron posted a screenshot of what appears to be Discord settings that allow users to connect to Ethereum, saying “probably nothing.” The screenshot also shows the option to connect using Ethereum wallet MetaMask or chain-agnostic wallet connector WalletConnect.

The options were not available on Discord’s browser-based app early on Tuesday when CoinDesk checked. The screenshot could be a private development environment not yet released to the public.

The CEO was responding to another tweet from Packy McCormick. The writer had posted a link to an issue of his Not Boring newsletter in which he wrote about Discord’s potential as a “Web 3 sleeper” and the social network’s deep connections with crypto.

Discord is popular among crypto communities globally.

The U.S. Treasury Department sanctioned crypto exchange Chatex for its alleged involvement in ransomware operations, the federal agency said in a Monday press release.

• It is the second time that the U.S. Treasury Department has sanctioned a crypto exchange. Chatex “has facilitated transactions for multiple ransomware variants” and has provided “material support” to crypto over-the-counter exchange Suex, which is also associated with ransomware, the press release said.
• In September, Suex was sanctioned by the Treasury Department over ransomware activities.
• The Biden administration has launched a crackdown on ransomware and is trying to convince other governments to follow its lead. Crypto intelligence firm Chainalysis estimates that North American crypto addresses sent $131 million to ransomware-linked addresses between July 2020 and June 2021, more than double what Western Europe, the second hardest-hit region, sent.
• The Treasury’s Office of Foreign Asset Control (OFAC) added Chatex to its Specially Designated Nationals And Blocked Persons List (SDN). Another three entities associated with Chatex were also added to the blacklist; Izibits OU, Chatextech SIA, and Hightrade Finance Ltd.
• The list covers individuals working for governments involved in terrorism or drug trafficking, according to the Treasury Department. Being on the list means these individuals’ assets are blocked and U.S. citizens are barred from doing business with them.
• Suex and Chatex share a co-founder, Egor Petukhovsky, and at one point, a holding company, Estonia-based Izibits OU, according to TRM Labs.
• A separate Treasury Department announcement mentioned about 30 sanctioned crypto wallet addresses associated with Chatex.
• Chatex operates a crypto exchange and wallet through a Telegram messaging bot.

Read more: Egor Petukhovsky, CEO of US-Sanctioned Suex, Says He Will Go to Court

Good morning, Here’s what’s happening:

• Market Moves: Bitcoin passes $67.500
• Technician’s Take: Indicators for bitcoin suggest an upside toward the $86,000 resistance level.
• Catch the latest episodes of CoinDesk TV for insightful interviews with crypto industry leaders and analysis.

Prices

• Bitcoin (BTC): $66.530.58
• Ether (ETH): $4771.16

Market Moves

Bitcoin rose over 7% during the past 24 hours. The No. 1 cryptocurrency by market capitalization had passed $67,500 on Monday at the time of publication to break its previous all-time high of $66,974.77 on Monday.

As bitcoin’s prices increased, the funding rates on major exchange Binance and OKEx, or the cost of holding long positions in the perpetual futures on the exchanges, also elevated on Monday, according to data from coinglass. (Exchanges calculate funding rates every eight hours.) CoinDesk previously reported that rising funding rates are usually a sign that the market is becoming overheated.

Tokens associated with layer 1 blockchains that are similar to the Ethereum blockchain will continue to be worth monitoring on Tuesday, as several of them – terra, solana, and avalanche – hit record highs in the past two days. Many layer 1 blockchains are holding major events in the coming days – for example, Polkadot’s hotly anticipated parachain auctions on Nov. 11 – that could boost their tokens’ prices, too.

“Retail and traditional investors lack the resources and skills necessary to analyze the wide variety of complex individual application tokens, so the tokens of layer 1 blockchains have essentially become the ‘lazy man’s index’ – a catch-all solution for betting on the overall growth of digital assets,” Jeff Dorman, chief investment officer at fund manager Arca, wrote in his latest blog post on Monday.

Technician’s Take

Bitcoin Holds Support at $60K-$65K, Testing All-Time High

Bitcoin (BTC) broke above a short-term downtrend and broke its record high. At the time of publication, bitcoin’s price had broken $67,500. The cryptocurrency rose more than 7% over the past 24 hours.

Upside momentum is improving after a two-week consolidation phase of between $60,000 and $64,000. A confirmed breakout from that consolidation would require at least two consecutive daily closes above $66,900.

Indicators suggest further upside for BTC’s price, initially toward the $86,000 resistance level. Seasonal strength in the fourth quarter could support continued bullish activity over the next two months.

For now, intraday charts appear to be overbought into Asian trading hours, although pullbacks should remain limited given strong support at around $60,000.

Important Events

Be on the lookout for the following Nov. 9:

• Housing Industry Association: Australia new home sales (October)
• 8:30 a.m. Hong Kong/Singapore (12:30 a.m. UTC): National Australia Bank’s Business Confidence (October)
• 1 p.m. Hong Kong/Singapore (5 a.m. UTC): Economic Watchers surveys on short-term economic trends (Japan)
• 5 p.m. Hong Kong/Singapore (9 a.m. UTC): Break Point conference organized by the Solana Foundation to assemble cryptocurrency leaders.

On CoinDesk TV

In case you missed it, here are the most recent episodes of “First Mover” on CoinDesk TV:

Acting Comptroller of the Currency Michael Hsu on White House Stablecoin Report

“First Mover” hosts spoke with Acting Comptroller of the Currency Michael Hsu about the White House’s report on stablecoins calling for bank-like oversight. Plus, the show included crypto markets analysis from FTX.US President Brett Harrison.

Latest Headlines

Bank of China Reveals Machine That Converts Foreign Currency to Digital Yuan: Report

Shiba Inu Sees Record Speculative Frenzy, Snaps 5-Week Winning Trend

Crypto Exchange Huobi Global to Move Spot Trading Services to Gibraltar

Crypto Mining Stocks Rally After Bitcoin Surges Near Record, Ether Hits All-Time-High

Cadenza Ventures Launches $50M Crypto Fund for DeFi and Blockchain Projects

Longer Read

Craig Wright’s Latest Funhouse-Mirror Legal Adventure

NFTs Take Over NYC

Bitcoin, the oldest cryptocurrency, on Monday blew past $67,000 for the first time, hitting $67,523.28 in recent trading.

The markets have been in a bull mode since the beginning of the October, as the crypto market in total has added nearly $1 trillion to its total value in just a month. At the press time, the total market capitalization of cryptocurrencies has reached near $3 trillion, according to data from CoinMarketCap.

As CoinDesk reported, bitcoin is widely perceived by many investors as a store of value asset like gold, making the crypto a haven as worries about inflation increase. Meanwhile, blockchain data from Glassnode shows that the number of unique wallets with a balance of more than zero bitcoin has returned to near 39 million, a number that’s close to a record high of 38.7 million in May.

At the same time, Glassnode noted in its weekly report on Monday that bitcoin’s balances on exchanges continued to drop, while Bitcoin mining hashrate, a measure of the total computational power being used to secure the Bitcoin blockchain, could return new all-time highs before the end of the year – after it plunged in July due to China’s crackdown in bitcoin mining.

At the same time bitcoin was surging above $67,000 around 11:14 p.m. UTC Monday, ether, the second largest cryptocurrency by market capitalization, also set an all-time high, hitting $4,794.99, according to CoinDesk.

Ether’s surge came as reports show that the Ethereum network burned more ether than it issued for at least a week, after Ethereum’s London hard fork upgrade introduced a mechanism to burn a large portion of transaction fees, measured in ether, instead of sending them to miners. Burning means that the ether is permanently removed from the circulating supply.

Meanwhile, the concerns around Ethereum blockchain’s scalability and high transaction fees continued to move parts of the market’s attention to so-called Ethereum alternative tokens including solana (SOL), polkadot (DOT), terra (LUNA), and avalanche (AVAX).

Data from blockchain data firm Kaiko shows that ethereum is losing market share to other popular layer 1 blockchains since the beginning of the year, as ether’s trading volume on Binance, the largest crypto exchange in the world, has fallen to 42% from 76% in the beginning of the year with the lost volume shifting to other layer 1 tokens.

“The recent [non-fungible token] fervor has again generated high transaction fees on the Ethereum blockchain, making alternate networks that solve for scalability concerns more attractive,” Kaiko wrote in its newsletter on Nov. 8.

Quick Take

• Standard Crypto is an investment firm based in the San Francisco Bay area that focuses on the crypto/blockchain sector
• The firm operates with a long-term orientated thesis and is primarily focused on projects in three areas: infrastructure, networks, and apps
• In total, the firm has deployed capital to at least 18 startups and protocols across eight verticals, which The Block has mapped out

This research piece is available to
members of The Block Genesis.
You can continue reading
this Genesis research on The Block.

Robinhood’s shares fell 3.1% in after-market trading on Monday, after the stocks and cryptocurrencies trading app acknowledged Nov. 3 security data breach in a blog post.

• “An unauthorized third party obtained access to a limited amount of personal information for a portion of our customers,” the popular trading platform said in the Monday blog post.
• The company said that the unnamed third party obtained a list of email addresses for about five million people and full names for a different group of approximately two million people.
• Robinhood assured its customers that the attack had been contained and that no personal information such as social security, bank account or debit card numbers were exposed.
• The company also stated that the breach didn’t cause financial loss for any customers..
• However, the company also said that the hack had compromised the personal information of 310 accounts, including name, date of birth, and zip code, and exposed more extensive information for 10 customers.

Read More: Robinhood Traders, Including Bitcoin Holders, Left in the Lurch Following Theft: Report

PayPal’s (PYPL) adjusted earnings per share of $1.11 for the third quarter came in ahead of the analyst consensus estimate of $1.07, according to FactSet. But the company also posted revenue of $6.18 billion in the third quarter, which was short of estimates of $6.23 billion.

• The company posted total payment volume of $310 billion in the third quarter, up 24% from the year-ago period. It added 13.3 million net new active accounts in Q3 versus 11.4 million in Q2.
• PayPal’s transaction revenue rose to $5.61 billion during the third quarter, up 10% from the year-ago period, but down 3% from Q2.
• Part of PayPal’s transaction revenue comes from the company’s crypto “buy, sell and hold” product, but the company excludes crypto payments from total payment volume.
• The company has reported in the past that customers who purchased crypto through the platform have been logging into PayPal twice as often as they were before they could buy crypto.
• PayPal said it expects fourth-quarter net revenue to be in the range of $6.85 billion to $6.95 billion, which was below the consensus estimate of $7.24 billion.
• The company also expects total payment volume growth of about 33% to 34% for 2021, as well as the addition of roughly 55 million net new accounts, including three million active accounts from the acquisition of Paidy.
• Shares of PayPal were roughly flat at $229.57 in after-hours trading on Monday.

El precio de bitcoin se disparó el lunes y puso fin a un periodo de casi tres semanas de variaciones leves en las que la demanda persistía en torno a los $60.000.

La criptomoneda supera los $66.000 y parecía dispuesta a desafiar el récord de $66.975 alcanzado el 20 de octubre, según datos de CoinDesk.

Ether, el token nativo de la blockchain de Ethereum, también rompió su récord anterior a primera hora del lunes, cuando su precio superó brevemente los $4.700 alrededor de la 1:00 UTC, según los datos de CoinDesk.

Bitcoin es la mayor criptomoneda del mundo por capitalización de mercado, mientras que ether es la segunda.

Yuya Hasegawa, analista del mercado de criptomonedas del exchange japonés bitbank, dijo que el descenso del rendimiento de los bonos reales o ajustados a la inflación puede estar impulsando a bitcoin. “La caída de los rendimientos reales por los temores de inflación puede haber causado el reciente repunte de BTC”, dijo Hasegawa a CoinDesk en una declaración por correo electrónico. Los datos del Departamento del Tesoro de Estados Unidos muestran que el rendimiento real a 10 años cayó al -1,09% el viernes, el más bajo desde el 30 de agosto.

Bitcoin es ampliamente percibido como un activo de reserva de valor, como el oro. Aunque el presidente de la Reserva Federal, Jerome Powell, reiteró la semana pasada que las presiones sobre los precios pueden ser transitorias, persiste el temor a que la inflación se descontrole.

“La narrativa de la inflación todavía domina los titulares y la gente está sintiendo el apuro a nivel mundial”, dijo Coinbase en su correo electrónico semanal el viernes. “Ya sea que se trate de los precios de la gasolina en los Estados Unidos, los precios de la energía en Europa o los precios de los alimentos en América Latina, las dificultades de la cadena de suministro y la reducción de la fuerza de trabajo tienen a los inversores en busca de una reserva de valor.”

Los datos de la blockchain también muestran señales alcistas para bitcoin a medio plazo, dijo Eddie Wang, analista principal de OKLink research, rama de investigación de datos del exchange cripto OKEx. El hashrate de la red, o potencia de cálculo, ha aumentado de forma constante desde julio; la dificultad de minería, una métrica que describe lo difícil que es para los mineros encontrar nuevos bloques de bitcoin y obtener ganancias, también ha aumentado ocho veces, y los mineros han acumulado más de 3.000 BTC en sus carteras desde septiembre, dijo Wang.

El número de billeteras individuales con un saldo superior a cero ha vuelto a ser de 39 millones, cerca del récord de 39,28 millones de billeteras con más de cero en mayo, dijo Wang, citando los datos como un indicador de un ánimo favorable en el mercado.

El aumento de las monedas vinculadas a bitcoin y de las stablecoins es también una señal de un mercado alcista, dijo Wang. El analista señaló que se imprimieron 6.022 wrapped bitcoins (WBTC) en Ethereum en los últimos siete días, y Tether imprimió 1.000 millones de ERC-20 USDT el 5 de noviembre.

Los datos obtenidos por la empresa de análisis de blockchain Chainalysis muestran una nueva acumulación por parte de los grandes inversores, conocidos en el mercado como ballenas. Los inversores con al menos 1.000 BTC se hicieron con 142.000 monedas en la última semana de octubre, lo que eleva la cifra acumulada a casi 200.000 BTC, la más alta de 2021.

Según Daniel Kukan, operador senior de criptomonedas de la empresa suiza Crypto Finance AG, el último movimiento alcista de bitcoin parece estar impulsado por el spot, ya que las tasas de financiación o el costo de mantener posiciones largas en el mercado de futuros perpetuos continuan siendo bajas.

Los datos proporcionados por Coinglass.com muestran que la tasa de financiación media era del 0,0250% a primera hora del lunes, frente a 0,0589% del 3 de noviembre. Los exchanges calculan las tasas de financiación cada ocho horas. Una tasa de financiación muy alta, se considera, representa un exceso de apalancamiento alcista. Una combinación de costos crecientes y una evolución lateral de los precios suele obligar a los operadores a recortar las posiciones largas, lo que provoca un retroceso de los precios.

Kukan dijo que la tendencia lateral observada en las últimas dos semanas era una pausa típica del mercado alcista. “Fue una consolidación saludable y el mercado no ha puesto a prueba el soporte a corto plazo de $58.000, lo que es una señal fuerte”, añadió Kukan. “Veo cierto interés por vender ligeramente por encima de los $70.000, [pero] supongo que vamos a quitar ese nivel bastante rápido”.

El exchange japonés bitbank espera que el precio de bitcoin baje hasta los $58.000 y suba hasta los $76.000 esta semana.

El anterior máximo histórico de bitcoin se produjo tras la aprobación de los primeros fondos cotizados en bolsa respaldados por futuros de bitcoin en Estados Unidos.

Microsoft (MSFT) Decentralized Identity head Daniel Buchner announced he is leaving the company to join Square (SQ) to lead the payment company’s efforts in the emerging space where blockchain technology is used to verify identities online.

“This decision wasn’t made lightly. Microsoft is a key player whose contributions have advanced the entire ecosystem. I chose to make this move now because I believe Square is primed to take Decentralized Identity technology into new areas that will help drive adoption,” Buchner tweeted on Monday.

“I need to dig into Square’s use cases before discussing specifics, but going in, my intent is to leverage the great work the Decentralized Identity community has already done wherever it makes sense for Square. I am excited to start this new journey and will share more when I can,” he continued.

GM. I have some personal news: 5 years after establishing Decentralized Identity at Microsoft, where I had the opportunity to work with great folks developing open source DID infrastructure (e.g. ION), standards, and products, I am joining Square to lead Decentralized Identity. pic.twitter.com/XKgWiIAh0D

— Daniel Ƀrrr (@csuwildcat) November 8, 2021

The emerging field of decentralized i9dentity offers an open-source, standards-based ecosystem for identifying individuals, organizations and devices through self-owned and independent IDs. Decentralized Identity could free users from having to use a mess of passwords, emails, text messages and authentication apps to verify identity.

Earlier this year, Microsoft’s Decentralized Identity team launched the ION Decentralized Identifier (DID), which uses Bitcoin’s blockchain to create digital IDs for authenticating identities online. ION uses the same logic as Bitcoin’s transaction layers to verify an identity. A public key and its private key are used to confirm that the user owns the ID.

Square hasn’t publicly detailed its decentralized identity plans. but the payments firm isn’t new to crypto. Square launched its peer-to-peer payment service Cash App in 2013, and late last yea, added the ability to get Bitcoin back on purchases. Last week, the company disclosed that Cash App generated $1.82 billion in bitcoin revenue during the third quarter. The company plans to release a white paper on Nov. 19 outlining TBD,its new division for creating an open platform to build a decentralized bitcoin exchange.

Read More: Microsoft’s ION Digital ID Network Is Live on Bitcoin