News Updates September 11, 2022
1. Bitcoin Would Be Ready For $24,000 If This Happens; What Is That?
Bitcoin (BTC) despite showing bearish signs against tether (USDT) as the price plunged to $18,500 recently, with many traders and investors sweating on their long open position.
The price of Bitcoin (BTC) quickly bounced off from that region after forming a bullish divergence on the four-hour chart and has shown no intention of stopping.
Bitcoin (BTC) Price Analysis On The Weekly Chart.
The price of BTC has had a tough time maintaining the bullish momentum it has shown in recent weeks as the price was rejected from the $25,200 area acting supply zone for most sellers.
BTC has struggled to trend higher after it saw its price drop from a rising wedge as this triggered most sell orders, leaving BTC’s price to retest its previous all-time high, leaving many worried as the price could go lower to $10,000.
The price of BTC could face another scenario, but in this case, its trends are higher ahead of the weekly close. Haven bounced off pretty well from the last weekly low, and claiming the support at $20,700, BTC could be ready for a major run to $24,000-$25,000 if the weekly candle closes above $21,700.
BTC’s price looks bullish ahead of the weekly close and could trend even higher as the market looks promising ahead of the new week.
2. SEC to address growing crypto issuer filings with specialized offices
The upcoming Office of Crypto Assets will review crypto filings, allowing DRP to refocus on filing review issues related to crypto assets.
In light of the influx of filings from cryptocurrency issuers in the United States, the Securities and Exchange Commission (SEC) decided to set up two new offices this fall to provide specialized support to the seven offices currently responsible for reviewing issuer filings.
Under the Division of Corporation Finance's Disclosure Review Program (DRP), the SEC announced plans to add two offices — an Office of Crypto Assets and an Office of Industrial Applications and Services — purely focused on dealing with crypto assets and industrial applications and services, respectively.
Sharing insights into the move, Renee Jones, director of the Division of Corporation Finance, stated:
“The creation of these new offices will enable the DRP to enhance its focus in the areas of crypto assets, financial institutions, life sciences, and industrial applications and services and facilitate our ability to meet our mission.”
According to the announcement, the Office of Crypto Assets will take over DRP’s effort to review crypto filings, allowing the department to refocus its resources “to address the unique and evolving filing review issues related to crypto assets.”
The Office of Industrial Applications and Services on the other hand, will be set up to take over non-pharma, non-biotech, and non-medicinal products from the Office of Life Sciences.
3. Latin America is ready for crypto — just integrate it with their payment systems
Brazil is already leading the globe in cryptocurrency adoption. Integrating crypto with payment providers in the region is a surefire way to see Latin America fully embrace the industry.
Thriving on exploiting users’ data, Web2 monopolies like Facebook and Google have ushered in an era of massive internet centralization in recent years. This concentration of power has enabled huge shares of communication and commerce closed platforms, giving users little control over how their data is collected.
An emerging concept, Web3, will provide a means to pivot from centralization to an open-source internet. A recent report from Andreessen Horowitz (a16z) found that this new digital economy could reach an astounding 1 billion users by 2031. If executed correctly, the decentralized internet will allow users to take control of their data and content.
While Web3 promises to radically change the internet and its ability to provide value to users worldwide, key hurdles must be overcome before it can be adopted en masse.
*Brazilian proposal would make crypto payments legal and protect private keys*
One major obstacle to mass adoption is the lack of local payments integration that many Web3 projects have. For example, a global Web3 project based in Germany likely doesn’t understand or offer the preferred payment options of people living in Brazil. While it seems tedious, accepting local payment options familiar to customers in their respective regions is a strategic decision that can make an enormous impact in winning market share.
Let’s look at how Web3 projects can scale in Latin America and globally by expanding local payment options.
*Top Latin America delivery app to accept crypto*
COVID-19 accelerated digital transformation in nearly every corner of the world. In Mexico, the adoption of SPEI, a real-time gross settlements payment system created by the Bank of Mexico, is rising. Companies can capitalize on systems like SPEI by finding a way to partner with central banks or employing a third party to link to banks for them.
Additionally, the pandemic and the rise of contactless payments highlighted the importance of flexible payment options. Online payment methods are gaining significant traction in Latin America. For example, Mexican convenience store OXXO recently launched a voucher-based banking app that allows users to pay for their utility bills and online purchases that now boasts more than 1.6 million users. Keeping up-to-date with new developments in the payments landscape is vital to serving customers and keeping pace with the competition.
4. Florida govt warns against auto warranty scammers asking crypto payments
Regardless of the methods used by scammers to contact potential victims, the FDACS newsletter highlighted five red flags that can help citizens identify and evade possible scams.
The Florida Department of Agriculture and Consumer Services (FDACS) issued a warning sharing insights into identifying robocall scam marketing auto warranties, which includes being asked to pay for the services via gift cards and cryptocurrencies.
Consumer complaints against increasing robocall scams — wherein scammers use prerecorded calls to market and sell fraudulent services — led the Enforcement Bureau to order phone companies to avoid carrying robocall traffic.
Regardless of the methods used by scammers to contact potential victims, the FDACS newsletter highlighted five red flags that indicate scams.
In addition to asking Florida residents to refrain from making crypto payments, the FDACS reiterated that no government officials would ask for personal information, such as their Social Security or credit card numbers, adding that “Only scammers will require one of those kinds of payment, and once you send the money, you probably won’t get it back.”
Although the newsletter mentioned the impossibility of tracking down crypto funds from hackers, numerous corporations, including Velodrome and Curve Finance, have successfully recovered stolen funds — thanks to the immutable nature of blockchain technology.
US lawmakers call on Mark Zuckerberg to address 'breeding ground' for crypto scams: Report
On Sept. 5, United States congressman Brad Sherman — a well-known crypto skeptic — acknowledged the rapid growth of the crypto ecosystem, claiming that banning cryptocurrencies was no longer an option.
Sherman stated that political donations and crypto lobbying make blanket banning cryptocurrencies impossible.
5. Crypto Scam: U.S. Senators Ask Mark Zuckerberg What Meta Is Doing To Stop It
Crypto scam is always a pain the neck, especially for these guardians of the law. They want answers and as part of their inquiry, they’re turning their attention to the world’s 16th wealthiest man.
Democratic senators from the United States Senate questioned Mark Zuckerberg, the chief executive officer of Meta, about the company’s procedures for combating cryptocurrency fraud.
The Washington Post reports that Democrats in the US Senate want more details from Meta about how the company deals with cryptocurrency scam, claiming the company’s platforms are fertile ground for con artists.
Bob Menendez of New Jersey leads the group of senators, which also includes Sherrod Brown of Ohio, chairman of the Banking Committee, and Elizabeth Warren of Massachusetts.
Several of Meta’s sites are especially popular hunting grounds for scammers, the Senators said, despite the fact that “crypto scams are prevalent across social media.”
6. No, Vitalik Buterin Is Not Giving Away Ethereum Ahead of Merge.
With the Ethereum merge being just days away, opportunistic cryptocurrency scammers are attempting to cash in on the hype surrounding the much-anticipated event. The official Twitter account of KMFM, a radio station based in a South East England County called Kent, was recently compromised to promote an Ethereum (ETH) giveaway scam by impersonating Vitalik Buterin. Over the past week, several other verified Twitter accounts have been compromised to specifically target the Ethereum community. In mid-August, Buterin warned that all of his Instagram accounts are fake and have nothing to do with him.
Earlier this September, U.Today reported that some Ethereum users face a “dust attack,” with scammers sending a suspicious token to wallets to trick potential victims into approving phishing tractions by pretending to hold a vote on forking Ethereum 2.0.
7. Bitcoin Mining Expansion Heats Up: Crypto Miner Secures Underground Bunker, Cleanspark Snags Turnkey Mining Site
Bitcoin mining operations continue to truck on through the crypto winter as a number of miners have revealed expansion plans during the last week. Following the acquisition of 10,000 ASIC Antminers, Cleanspark revealed it acquired a turnkey bitcoin mining facility from Mawson Infrastructure. Reports note that Arsenal Digital Holdings acquired an underground data center outside Houston and some people suspect it’s Westland Oil’s infamous fallout bunker. Additionally, the CEO and founder of Terawulf revealed the company’s Lake Mariner data center is up and running with 1 exahash per second (EH/s) of SHA256 hashrate.
On Friday, it was reported that Arsenal Digital Holdings (OTCMKTS: ADHI) acquired a “50-acre operational data center campus comprised of a four-story office building.” The facility is said to have a “two-story subterranean campus,” with an additional 100,000 square feet of space. The site is already ready to take on 15 megawatts (MW) of capacity, according to a report published by Dan Swinhoe.
Swinhoe also details that the site is likely the former Westland Oil bunker. When the bunker was originally constructed in 1982, it was reportedly “shrouded in secrecy and protected by armed guards.” Westland Oil founder Louis Kung built the place for his family, friends, and employees in order to “protect 350 adults for up to three months.” In 2004 the bunker was converted into a data center, and in 2008 the site’s data center was upgraded.
Swinhoe says the site went on sale in 2021 and the owner was asking $39 million. The reporter further quotes Arsenal’s CEO Ryan Messer who said: “Data centers are among the most highly coveted assets in the digital infrastructure space, and we are proud to make this acquisition a foundational asset for the company as it will be a true flagship location.”
