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Exclusive: Bitwage CEO says ‘we’ll be empowering millions’ after Stellar announcement

The CEO of Bitwage CEO said the company would be improving millions of lives after its recent implementation on the Stellar blockchain. 

Crypto payroll provider Bitwage announced on Thursday, August 11th, that it is now offering the digital dollar (USDC) stablecoin to be distributed via the Stellar blockchain on their platform.

Thanks to this latest development, companies across the world now have a fully compliant, easy-to-use, and frictionless solution when it comes to paying their employees and contractors globally. 

Following this implementation, Bitwage aims to provide a new solution that makes it easier for companies to hire alent across different continents and countries

At the moment, both companies and workers suffer from issues such as the loss of certain percentage of funds when using the global banking systems, the long waiting time to receive payments and more. 

The issue discourages some companies from hiring talents outside their countries. However, Bitwage’s latest announces means that  workers are now able to receive any percentage of their salaries they want in digital dollars, via USDC. 

This latest development means that companies and employees would enjoy lower costs, same-day deposits of their funds, the ability to store their savings in USD, and the ability to get local currency exactly when they need it.

Credit Bitwage CEO Jonathan Chester exclusively told Coinjournal that;

“It’s been great working with the stellar team. Together, we’ll be empowering millions to receive wages in the currencies they want, faster and cheaper than traditional methods”

By taking advantage of USDC on the Stellar blockchain, workers are given access to USDC on a low-fee blockchain that has one of the longest histories in the industry.

Chester added that;

“USDC on the Stellar network has lower fees, so you can receive your money faster, cheaper and keep it as digital dollars for saving. Our users have been asking for low-cost options for stablecoins and we are very excited to deliver. Now, companies can guarantee cheaper, faster and better payment options to all their workforce. This option is fully regulated and compliant so all companies have to worry about is how to keep their employees happy and not worry about payments issues. Thanks to USDC over Stellar, digital dollars will make a huge change to people’s lives.”

Bitwage said although it made a name for itself in the Bitcoin payroll space, empowering people to get paid in USDC is a great alternative. 

The company concluded that using Bitwage for USDC payroll with Stellar gives both individuals and companies a low-risk option to partake in the crypto payroll revolution.

Bitwage is a San Francisco-based company that offersBitcoin, cryptocurrency and stablecoin payroll services including invoicing and benefits services. The company also offers resources to employers, employees, and freelancers with their robust, online platform.

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Top cryptocurrencies likely to rally in the week

The cryptocurrency market started the week with low momentum and continues trending sideways mid-week. However, there are cryptos that have a lot to look forward to, that could make gains towards the end of the week. Of the large cryptocurrencies that could do well in the course of the week, here are among the top ones to keep an eye on today.

Bitcoin (BTC)

Bitcoin (BTC) hasn’t had a good week so far, especially with all the news of high inflation coming from all the major economies. However, news coming from Iran could help propel the top crypto within the week. The news indicates that the country has imported its first batch of goods in crypto. This is a big deal as it is a validation for Bitcoin as a means of payment. This is likely to create FOMO around Bitcoin, especially now that Bitcoin is holding strong above $20k.

Ethereum (ETH)

Ethereum (ETH) is one of the cryptocurrencies that have the potential to make big moves in the course of the week. This has a lot to do with news about a possible fork ahead of the Ethereum merge. If such happens, then there could be a rush by investors to buy Ethereum in anticipation of getting some free coins after the merge. At the same time, there is a lot of expectation that after the merge, the value of Ethereum could go up. That’s because it comes with a lot of expectations about a reduction in Ethereum scaling issues and overall Ethereum gas fees. All this, coupled with Ethereum price resilience in the last few days, could see ETH record gains throughout the week.

Axie Infinity (AXS)

Axie Infinity (AXS) completes the list of the top cryptocurrencies that could do well in the course of the week. That’s because AXS is currently trading at a low of 90% from its most recent highs. However, the price is improving, and most investors have seen an improvement in the price recently. Data shows that only 22% of all AXS investors are currently in a loss. As more investors turn profitable, AXS could see FOMO and turn profitable in the week.

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You can sell Bitcoin and still be bullish, says Cypherpunk CEO

The cryptocurrency market has lost more than 60% of its value over the past few months.

Cypherpunk CEO Jeffrey Gao believes that people can sell Bitcoin and be bullish about the cryptocurrency. 

Bitcoin is down by more than 65% of its value since the start of the year. Bitcoin hit an all-time high of $69k in November 2021 but is currently trading around $23k per coin.

The bear market has seen some investors, including Tesla, sold off some of their bitcoins. Gao said investors can be bullish about Bitcoin and still sell their coins. He said;

“Going forward, that mentality towards risk management while still being bullish over the long term is very important. […] You can be bullish on crypto, but you can still sell out of the market.

Over the longer term, at least at this point in time, I would be more bullish on Bitcoin conservatively than those other tokens. But over the next two or three months, I’m probably more partial towards Ethereum and Solana.”

Gao said although he is bullish about Bitcoin, he is more optimistic about certain altcoins like Ether and Solana (SOL). 

The CEO revealed that Cypherpunk started the liquidation process in early May, prior to the Terra network collapse. He said; 

“By the time that it happened, we probably offloaded about 30% or 40% of the risk. We sold another portion when BTC briefly traded above $30,000 in late May. The final one-third we probably got rid of was sometime in June.”

Gao pointed out that the broader cryptocurrency market has witnessed forced liquidations, with some of the leading institutions like Voyager, Three Arrows Capital and Celsius getting involved in operations that lacked risk management. 

The Cypherpunk CEO lamented that the absence or near absence of risk management is what really separates the crypto industry from the other mature financial markets. 

The total cryptocurrency market cap remains above $1 trillion, down from the all-time high of $3 trillion recorded in November 2021.

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Bitcoin continues to struggle to push past the $24k resistance level

The cryptocurrency market has continued its positive start to the week despite some coins and tokens currently underperforming.

The cryptocurrency market is trading in the green zone again. The market has added less than 1% to its value in the last 24 hours, and the total market cap stays above $1.1 trillion.

The broader market is experiencing a mixed performance, with some coins and tokens currently trading in the red zone while others are performing positively. 

Bitcoin is up by 0.38% in the last 24 hours. The leading cryptocurrency didn’t have enough momentum to surge past the $24k resistance level despite trading in the green zone. 

Over the past seven days, Bitcoin has added nearly 5% to its value. This has allowed the leading cryptocurrency to maintain its position above the $20k psychological level.

However, the bulls would need to push higher to enable Bitcoin to move towards the $25k psychological level over the coming days.

Key levels to watch

The BTC/USD 4-hour chart is bullish as Bitcoin has been performing well over the past few days. The technical indicators show that the bulls are currently in charge of the market.

The MACD line crossed the neutral zone into the positive territory as Bitcoin rallied higher. Thus, indicating positive momentum for the leading cryptocurrency. 

The 14-day relative strength index of 60 shows that Bitcoin is above the neutral level. If the bulls remain in charge, Bitcoin could enter the overbought region in the coming days or weeks.

At press time, Bitcoin is trading around $23,860 per coin. BTC could surge past the $24k resistance level before the end of the day if the bulls remain in control.

However, it would need to support of the broader cryptocurrency market to move past last month’s high of $24,693 and head towards the $25k psychological level.

The bears might still regain control and push BTC below the $23k support level. However, BTC should comfortably stay above the $22,132 support level in the short term.

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Trillion-dollar investment fund takes an interest in crypto – Which cryptos could reap big?

There has been a lot of negative news around cryptocurrencies in the last few months. Despite this, cryptocurrencies have rebounded, and through the first week of August, the total market capitalization has remained steady above the $1 trillion mark. There is also a lot of good news that could also see the whole cryptocurrency market rally throughout the month. 

One of them is that BlackRock, one of the most significant investment funds, is getting into crypto. The institution with more than $1 trillion in assets under management is looking to partner with Coinbase. The partnership aims to create a platform through which institutional investors who form part of BlackRock’s client base can enter the crypto market. Not only is this bullish news for the whole crypto market, but it also creates a perfect opportunity for several large-cap cryptocurrencies to rally within the month. That’s because big money tends to focus on large-cap cryptocurrencies. 

If you are looking to bet on large-cap cryptocurrencies, here are a few you would want to keep in mind throughout the month.

Ethereum (ETH)

Ethereum (ETH) is one of the top altcoins that have the potential to rally in August if the BlackRock news positively impacts the market. That’s because, besides the market news, Ethereum has a lot going on. One of them is the upcoming merge that will finally see Ethereum run as Eth 2.0. That aside, Ethereum is one of the cryptocurrencies that BlackRock’s institutional money is likely to buy. That’s because it happens to be one of the most secure cryptocurrencies after Bitcoin. Ethereum is already outpacing Bitcoin in August, so there is a strong chance that the momentum could continue.

Cardano (ADA)

Cardano (ADA) is one of the cryptocurrencies that could see its price move as the BlackRock news filters into the market. One thing that makes Cardano attractive to investors is that it is highly decentralized. After the recent issues affecting high-profile cryptocurrencies, the odds are that decentralization will take centre stage in cryptocurrency investments going into the future. Besides its attractiveness to institutional money, the Cardano developer team has announced some significant upgrades in the short term. This could also play a role in giving Cardano momentum in August.

Bitcoin (BTC)

Bitcoin (BTC), being the largest cryptocurrency, is an obvious choice for institutional money. As such, now that BlackRock is interested in the crypto market, Bitcoin can reap big. Bitcoin is already showing positive signs. 

After dropping below $20k not so long ago, it has bounced back and is now holding steady above $22k throughout August. There is also data showing that the majority of the Bitcoin in existence today has been taken off exchanges making the number one crypto highly illiquid.

As such, if institutional investors such as BlackRock take an interest in Bitcoin, its value could go up significantly. Even a tiny order could take BTC to unexpected prices within the month.

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Jack Dorsey’s firm, Block Inc., posts $1.47B Q2 profits, Bitcoin revenue drops

Former Twitter CEO Jack Dorsey’s digital payments firm, Block Inc., registered a $1.9 billion profit in the second quarter of 2022 despite the ongoing turmoil within the crypto market. Revenue from Bitcoin services, however, dropped and only accounted for about $41 million of the overall profit.

The firm cited price volatility and lack of consumer demand for the reduced revenue from Bitcoin compared to past years.

The Q2 report showed that the digital payment firm saw its year-to-year profits climb by about 29%. This comes amid the reduced Bitcoin business.

Block Inc. Bitcoin business

Block Inc. generates Bitcoin revenue primarily from BTC trading services through its digital payment application Cash App. The reduced gross Bitcoin gross profit suggests that Bitcoin could be a high-cost venture for the digital payments firm.

Commenting about the reduced Bitcoin revenue, Block Inc. stated:

“The year-over-year decrease in Bitcoin revenue and gross profit was driven primarily by a decline in consumer demand and the price of bitcoin, related in part to broader uncertainty around crypto assets, which more than offset the benefit of volatility in the price of Bitcoin during the quarter.”

The Block also realized a $36 million impairment loss on its BTC holdings, although that is just a loss on paper.

The firm was, however, quick to emphasize that the slump in Bitcoin profits does not reflect the broader performance of the firm’s business.

Following Block’s Q2 performance, investors seem to be quite impressed despite the fact that the firm’s stock dropped by over 7% in the after-hours trading.

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I will take Bitcoin at $35k by the end of the year, says Sam Bankman-Fried

Bitcoin has been trading above the $20k level in recent weeks, and Sam Bankman-Fried says he will accept the leading cryptocurrency trading around $35k by the end of the year.

Sam Bankman-Fried, the CEO of FTX, revealed in a recent interview with Fortune Magazine that he would accept Bitcoin trading around the $35k region by the end of the year.

Bitcoin reached an all-time high of $69k in November 2021 but has lost more than 60% of its value since then. At press time, Bitcoin is trading close to the $23k level after recovering from its recent losses. 

When asked about his predictions for Bitcoin and Ether and whether BTC would reach $100k soon, Bankman-Fried said;

“Boy, Ethereum is interesting. Obviously, with the upcoming merge⁹, there’s huge volatility, right? I think it could get way better or way worse—I just don’t know the answer.

I think Bitcoin’s a little bit easier to predict. If there’s more pain and more liquidations, that changes things. But a bit more recovery from the carnage, and regulatory clarity—that could be a big exogenous shock, a positive shock that could come over the next year. We’d be lucky to hit $100K, but I wouldn’t rule it out. But, you know, if you told me at the end of the year, Bitcoin is gonna be at $35K, I’d fucking take that.”

SBF added that he believes the ultimate strength of the cryptocurrency industry comes from blockchain technology being able to assert itself as a positive influence on the global economy. He said;

“There’s been skepticism of me from people who, correctly, view me as coming at it from a pragmatic rather than ideological perspective. I believe in blockchain because I think it’s useful and can make the world better in very specific practical ways.

My belief is that the industry is contingent on blockchains, ultimately being able to have a real positive impact on the world. I’d like to think I do a good job of representing other people who believe in the industry even if they came at it from a different angle originally, but there is always a little bit of unease there.”

Bankman-Fried’s FTX has become one of the leading crypto exchanges in the world, only behind the likes of Binance. 

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Bitcoin holds above $23K despite crypto hacks – analyst explains why

Bitcoin (BTC/USD) continues to hold above the $23,000 price level despite recent hacks that have seen malicious actors drain millions of dollars from two crypto platforms.

BTC price, which recorded its best monthly performance since October 2021 with over 17% in 30-day returns and hit its highest price level since mid-June, is poised around $23,300 as at the time of writing.

Crypto analyst on BTC strength despite hacks

The outlook suggests bulls are strengthening above a key level that has previously provided the base for fresh momentum. Even then, the resilience comes amid a new wave of crypto hacks.

This week alone has seen two major heists – an attack on crypto swap platform Nomad bridge on Monday saw hackers steal nearly $200 million in user funds, and on Tuesday, Solana (SOL) was exploited to leave over 7,000 wallets compromised. More than $5 million had been stolen by Wednesday.

But according to Marcus Sotiriou, an analyst at digital asset broker GlobalBlock, Bitcoin continues to suggest strength above $23k despite the exploits. He explained why this could be the case, noting:

Despite these hacks, the illicit activity relative to fiat currencies remains low,” a scenario the analyst says is supported by South African professor Steven Sidley’s recent remarks that illicit transactions involving fiat currencies were 50x that experienced in crypto.

BTC above key level

Sotiriou also notes that Bitcoin is trading above the critical level presented by the 200-week moving average. A look at the charts show that the level is currently around $22,900, and bulls’ ability to hold above it could prove important to a new leg up, the analyst noted.

The chart below shared by Documenting Bitcoin via Twitter shows Bitcoin price return to the 200-week MA.

In a note to clients published on Wednesday, Sotiriou adds that Bitcoin’s show of strength above the 200-Week MA also comes as data indicates short Bitcoin funds recorded higher outflows this past week – the first such outflows for the inverse BTC product in the US over the past five weeks.

Also importantly, inflows into Bitcoin funds jumped in July to $474 million, up from outflows of $481 the previuos month.

This is the biggest monthly inflow of 2022. As these funds are typically purchased by institutions and high net worth individuals, this is a signal that smart money is very interested in buying crypto at these prices,” Sotiriou said in emailed comments.

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Bitcoin tops $23k as the broader market slowly recovers

The cryptocurrency is trading in the green zone again, following a poor start to the week.

The cryptocurrency market is turning a corner following a poor start to the week. The market is up by 1.5% in the last 24 hours, with the total market cap still above the $1 trillion level.

Bitcoin has taken advantage of the ongoing market performance to stage a recovery of its own. After rallying past the $24k resistance level last week, Bitcoin started the week poorly and dropped below $23k on Tuesday.

However, the leading cryptocurrency is currently recovering and is trading above the $23k psychological level once again.

Bitcoin is up by 0.5% over the past 24 hours, which means it is underperforming against the broader cryptocurrency market. However, it could rally higher as the market continues to recover.

Key levels to watch

The BTC/USD 4-hour chart remains bearish despite Bitcoin currently trading in the green zone. Bitcoin’s technical indicators have been improving, indicating that the leading cryptocurrency could rally higher soon.

The MACD line remains below the neutral zone but is slowly climbing higher as Bitcoin is recovering from its recent slump.

The 14-day relative strength index of 46 shows that Bitcoin is no longer in the oversold region. However, Bitcoin needs to surge higher for the RSI to move into the overbought zone.

At press time, BTC is trading at $23,016 per coin. If the market recovery continues, BTC could break past the $23,860 resistance level over the next few hours. However, it would need the support of the broader cryptocurrency market to top last week’s high of $24,490.

Bitcoin is underperforming against the broader market, indicating that the bears haven’t relinquished control just yet. BTC could drop below the $22,492 support level if the bears regain control.

The leading cryptocurrency should comfortably defend its price above the $21,987 support level in the short term. 

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Bitcoin is not like the rest of crypto, says Swan Bitcoin’s CEO

Cory Klippsten, the CEO of Swan Bitcoin, believes that Bitcoin is not like the rest of crypto.

Cory Klippsten, CEO at Swan Bitcoin and Partner at Bitcoiner Ventures, revealed in a recent interview that he believes Bitcoin is unlike the other cryptocurrencies. When asked about his thoughts on Bitcoin and whether it is a Ponzi scheme, Klippsten said;

“Why is Bitcoin not a Ponzi scheme? The big difference is that there is no entity or group of people that control Bitcoin who are marketing Bitcoin to be able to dump it. If anything, most Bitcoiners that promote Bitcoin are just buying and holding as much as possible — and people who love it the most are the people who never sell.”

The Swan Bitcoin CEO said he is improving his media presence to ensure that more people are not victims of events like the Terra crash and the Celsius liquidation. Klippsten said;

“When I’m out there talking to media, honestly, I think the number one message that I try to get across is that Bitcoin is not part of the crypto industry. There’s Bitcoin, and there’s other things that call themselves crypto.

It’s in the interest of crypto people to try to put Bitcoin under that umbrella. And it’s clearly in the interests of Bitcoiners in Bitcoin companies to separate Bitcoin from crypto. So that’s the message that I try to convey very clearly with every one of these outlets.

The difference between Bitcoin and other crypto assets is something that crypto publications understand, but the mainstream press? They’re blown away — they thought all crypto people are basically crypto bros trying to grift.”

The collapse of Terra’s UST stablecoin shed another bad light on algorithmic stablecoins. Klippsten said it is very hard for a decentralised algorithmic stablecoin to maintain its peg against the US Dollars. He said;

“Well, there are two different stablecoins: collateralised and uncollateralised. You can’t have a decentralised, algorithmic stablecoin maintain a peg. You need to have a centralised team conducting market operations, else you will just not be able to maintain the peg in times of stress.

This is something the Basis team discovered in 2018 ⏤ , and they were way smarter than Do Kwon or anybody else like at Tron or whatever working on stablecoins today. Basis realised that this stablecoin thing couldn’t be anything other than a security. So they decided to refund the investors’ money.”

Bitcoin is trading above $23k after performing well over the past few weeks.

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