— Documenting Bitcoin đź“„ (@DocumentingBTC) May 30, 2021
Bitcoin QR Code Added On The Car
Bitcoin QR Code Shown on The Bitcoin Car
There was a Bitcoin address in QR code added on the car itself, which was the primary address used for donations for the race.
It was Bitcoin Pizza Day last week, baking to support Bitcoin developers; now a car, racing for Bitcoin awareness! Exciting things are happening as Bitcoin keeps on coming; slowly but surely, creeping into our everyday lives, hidden in plain sight for those that are awake enough to see.
COMIT Network, an Australian-based decentralised exchange (DEX), now allows atomic swaps between Monero and Bitcoin.
This means users can directly swap Monero (XMR) for Bitcoin (BTC) without intermediaries. This is currently only available on wallets that support the new functionality. Modern crypto wallets such as Samourai Wallet proved earlier this month that atomic swaps using XMR is working.
We're excited to share that COMIT's XMR <-> BTC Atomic Swaps tool is now available on mainnet! https://t.co/B9fqFjWUGv
“The decentralized Monero exchange technology is here, so now it’s a race for wallets to provide the best user experience. With such high user demand for easy and private peer-to-peer exchanges, it’s only a matter of time before wallets widely implement them.”
Justin Ehrenhofer, an organiser of Monero Space.
The Monero community is working with the Australian COMIT project to build a PoC (Proof of Concept) DEX for the BTC-XMR direct swaps.
Traders Are Using Monero To Avoid Taxes
Monero is best known for its private and fungible characteristics, like hiding the sender, receiver and amount details for all transactions. This allows crypto traders to use XMR to avoid crypto taxes.
This is made possible as XMR uses a special advanced cryptography to facilitate anonymous transactions on decentralised exchanges. This makes it very difficult to prove who actually owns a Monero token.
The Australian Tax Office (ATO) warned crypto traders to report their cryptocurrency holdings in this years tax returns, which could directly affect up to 600,000 aussies.
Chess world champion Magnus Carlsen has won the FTX Chess Cup, the world’s first Bitcoin chess championship, taking home the prize of 0.6 BTC and US$60,000 in cash.
In the live stream, Magnus (ranked #1) celebrated wildly after winning against Filipino-American Grandmaster Wesley So (ranked #9). See live chess ratings.
Winning this tournament provides Carlsen with a seat at the Meltwater Champions Chess Final in San Francisco.
This isn’t the first time chess and Bitcoin has been in the news, as former world champion Garry Kasparov declared his support for Bitcoin and blockchain technologies last year.
FTX is Expanding into “Crypto Sports Betting”
FTX has created a new specialised futures contract platform, which allows crypto traders to place “bets” on sporting events from the Olympics to events such as the 2024 American presidential elections.
How Australians Can Trade On The Olympics
Trading on the 2021 Olympics (OLY2021) is available to Australians, but not in several other countries as stated on the FTW website: “Trading OLY2021 is not permitted by residents of the United States, Canada, the European Union, the United Kingdom, Singapore, the UAE, Cambodia, Turkey, mainland China and Hong Kong SAR, and other FTX prohibited jurisdictions.”.
CoinJar is pleased to announce that they’re now offering zero-fee taker trades through their CoinJar Exchange platform – becoming one of the first cryptocurrency exchanges in the world to offer zero fees for crypto-fiat trading.
“From the moment CoinJar was founded in 2013, our mission has been clear: to make crypto as simple and accessible as possible,” says CoinJar CEO Asher Tan. “Trading with 0% fees is simply the next step in this journey.”
Drawing on the runaway success of zero-fee trading companies like RobinHood and 212 Trading, CoinJar Exchange offers 0% fees on all taker trades – an order to buy or sell an asset at the current market price – including crypto–fiat pairs like BTC/AUD and ETH/GBP.
Traders who create maker orders – orders to buy or sell below or above the current price – will still only pay fees as low as 0.04%.
“While other fee-free trading platforms make their users pay by offering wide spreads or high deposit or withdrawal fees, CoinJar is still offering the same fair prices, lightning fast execution and free deposits and withdrawals we always have,” says Tan.
Together with the recently launched CoinJar Instant Buy, which allows customers to buy crypto using a credit or debit card with only a 2% fee, Tan says it shows CoinJar’s dedication to improving the crypto experience for the everyday user.
“As believers in the long-term future and importance of cryptocurrency, we think it’s vital to try and remove the barriers to its use and adoption. By offering fee-free trading, we’re hoping to make it easier than ever for people to join the crypto community.”
About CoinJar Exchange
CoinJar Exchange is an advanced trading platform designed for CoinJar users who want greater control over buying and selling cryptocurrency. This includes the ability to set order prices, as well as a Trading API to manage your accounts, orders and trades.
The Bitcoin protocol has experienced a reduction in mining difficulty due to China’s crackdown on bitcoin mining and the cascade that followed.
On-chain data shows the network’s mining difficulty adjusted to 21.64 trillion, the lowest it’s been since mid-March, which represents a 16% drop. The latest all-time high (ATH) was 25.04 trillion in May, which was the strongest move upwards since October 2017.
May recorded an ATH in BTC mining difficulty
On May 21, China’s State Council published a document wherein it stipulates it will be “cracking down on bitcoin mining and trading activities” in order to “prevent possible financial risks”.
In the hours following the announcement, the exchange tokens of Huobi, OKEx and Binance, which are mainly China-based crypto trading exchanges, fell by 17%, 19% and 10%, respectively. During this time the Huobi Mining Pool hashrate also took a steep 29% slide.
What Affects The Hashrate
In the same week as the State Council’s announcement, bitcoin miners in Sichuan faced a cap due to increased public power usage. In order to free up electricity for the public, the Sichuan government allows businesses to use the excess hydro-power generated, making it appealing to miners.
At a meeting scheduled this week in Chengdu, the capital city of Sichuan, regulators will discuss the effects of bitcoin mining on the province’s hydro-electricity excess.
2. Inner Mongolia's energy consumption reduction is not up to beijing's standard, so it is the most active to crack down mining 3. Mining is of no use to the real economy, and even seizes the production capacity of other chips
Due to regulatory uncertainty, Chinese miners are looking to pack up and ship out or at the very least sell their mining rigs. The silver lining is that if China were to ban crypto, it would no longer hold the majority of nodes securing the network.
3, In past 48 hours, Chinese miners already started to accelerate migrating process to other countries. There will also be large quantities of Bitcoin mining machines available for sales.
Hash power represents the combined computational power required to mine and process transactions on the blockchain. Higher hashrate means more resources are being devoted to process transactions, making a network more resilient to attacks.
Bitcoin’s mining difficulty is designed to adjust itself every 2,016 blocks based on average block production intervals throughout the period. There are also scheduled difficulty changes in order to keep block creation at around one block every 10 minutes. The more difficult it is to mine, the more hashes will need to be generated to find the block rewards, pushing the total hashrate higher.
Australia Binance AU https://www.dreamstime.com/view-australia-world-map-vignette-radial-blur-effect-elements-image-furnished-nasa-image161905173
Binance Australia has broken another record with a massive $615 million AUD daily trading volume on their cryptocurrency exchange.
The previous record of $130 million AUD in a single day was set back in January this year by Binance Australia. And now they have broken the record a few months down the line.
We hit an all-time high of over A$600 million in 24-hour trading volume last Wednesday, 19 May 2021!
— Binance Australia 🇦🇺 (@Binance_AUS) May 22, 2021
Binance Australia reached $615.83 million in daily AUD trading volume on 19 May 2021.
Binance is also currently the largest exchange in the world with $35 billion USD trading volume at the time of writing (second place with $15 billion USD).
The exchange has also been the top digital exchange in Australia since January this year.
Binance Australia has now reached 3 times the Bitcoin (BTC) trading volume compared to other exchanges in the Australian market, various times.
Additionally, AUD trading volume is a common indicator defining the performance of digital exchanges. It has been less than 3 months since the last all-time-high (ATH) of $175 million AUD in trading volume was recorded (on 23 Feb). This new peak in volume of $615 million AUD is 3.5 times higher.
During this year, the growth of Binance Australia has been surprising, not just in trading volume but in customer base as well, topping other Aussie exchanges in both Ethereum (ETH) and Bitcoin (BTC) 24-hour trading volume.
Let’s take a closer look at this week’s altcoins showing breakout signals. We’ll dive into the trading charts and provide some analysis to help you.
1. Cardano (ADA)
Cardano is a proof-of-stake blockchain platform that says its goal is to allow “changemakers, innovators, and visionaries” to bring about positive global change. The open-source project also aims to “redistribute power from unaccountable structures to the margins to individuals” — helping to create a society that is more secure, transparent, and fair.
ADA Price Analysis
At the time of writing, ADA is ranked 4th cryptocurrency globally and the current price is $2.14 AUD. Let’s take a look at the chart below for price analysis.
ADA‘s 97% climb during early May returned to the monthly open, sweeping lows several times down to $1.32 AUD.
Last week, the price bounced from the monthly open near $1.78 AUD again, creating possible support near $2.02 AUD. A quick sweep of this recent swing low could reach into a support area near $1.70 AUD, while a sharp downturn in the market is likely to run for the relatively equal lows near $1.40 AUD.
If the price breaks through the closest significant resistance near $2.30 AUD, the swing high at $2.45 AUD is a likely target. This move could reach a daily gap near $2.60 AUD.
Strong bullish momentum could propel the price to resistance near $2.81 AUD. If this move occurs, the significant swing high near $3.15 AUD provides a reasonable goal.
2. Callisto Network (CLO)
Callisto Enterprise, a branch company focusing on enterprise applications of blockchain technology. Several major public transport companies from central and eastern Europe have joined in this initiative.
Callisto has built a scalable blockchain ecosystem featuring a staking mechanism, a full DeFi protocol, and a stablecoin. Callisto Network is a self-sustaining and self-funded blockchain ecosystem, not financed by pre-mined coins or an ICO.
CLO Price Analysis
At the time of writing, CLO is ranked 513th cryptocurrency globally and the current price is $0.02086 AUD. Let’s take a look at the chart below for price analysis.
CLO spent the month of May ranging across the monthly open, reaching 26.5% over and 45% below.
The price is currently consolidating between adjacent resistance and support at $0.01675 AUD with no clear higher-timeframe trend. A strong move over the monthly open could signal a run to resistance beginning near $0.02275 AUD.
This move would likely target the swing high at $0.02541 AUD and relatively equal highs near $0.02761 AUD. A sustained bullish trend could reach up to the April high near $0.03500 AUD.
Bulls might see a sweep of the relatively equal lows near $0.01142 AUD as a chance to buy at a discount. If this level fails to hold, the next significant area for the price to find buyers is likely near the consolidation around $0.00724 AUD that began March’s bullish trend.
3. Verasity (VRA)
Verasity is a Protocol and Product Layer Platform for Esports and Video Entertainment. Verasity’s mission is to significantly increase advertising revenues for video publishers on any video platform through its rewarded player and ad stack utilizing its patented protocol layer on the blockchain – Proof of View. PoV is the only Protocol Layer patented technology for the blockchain USA Patent.
VRA Price Analysis
At the time of writing, VRA is ranked 394th cryptocurrency globally and the current price is $0.02433 AUD. Let’s take a look at the chart below for price analysis.
VRA‘s strong downtrend that began in mid-April has retraced most of its Q1 move, recently sweeping lows near $0.0168 AUD but struggling to find strong support.
A sweep of the relatively equal lows near $0.0128 AUD into possible support around $0.00122 AUD, combined with bullish market conditions, could be the catalyst that begins to form a bottom. If this level fails, bulls might buy the monthly gap’s low near $0.0098 AUD.
The swing low near $0.0326 AUD may form resistance to any sudden pumps as holders unload some of their position. A more substantial move might sweep relatively swing highs into probable resistance near $0.0438 AUD, potentially reaching up to the May monthly open near $0.0521 AUD.
Where to Buy or Trade Altcoins?
These 3 Altcoins have high liquidity on Binance Exchange so that could help with trading. Instead, if you’re looking at buying and HODLing cryptos, then Swyftx Exchange is a popular choice in Australia.
English police stumbled upon a Bitcoin mining operation when their drone detected a considerable amount of heat emanating from a warehouse in the West Midlands on May 18.
Suspecting a cannabis farm, the police were able to seize around 100 Bitcoin mining devices which were running on stolen electricity.
Mining operation found by the Police in Sandwell, UK
Detectives said they were tipped off about lots of people visiting the unit throughout the day and a police drone picked up a lot of heat coming from the building.
It’s certainly not what we were expecting. It had all the hallmarks of a cannabis cultivation set-up.
Sandwell Police Sergeant Jennifer Griffin
The computer equipment has been seized but no arrests have been made.
Bitcoin mining equipment in question
Bitcoin Mining Is Not Illegal But Stealing Electricity Is
The police said although it wasn’t illegal to mine Bitcoin, the issue was that the electricity was syphoned from the power grid, hence illegal.
Mining for cryptocurrency is not itself illegal but clearly abstracting electricity from the mains supply to power it is. […] It is just the second illegal mining operation the local force have discovered in the region.
On May 28, the Biden Administration released the 2022 Budget Proposal, as the US Treasury calls for more detailed crypto reporting requirements to combat tax evasion.
A statement by the US Treasury claimed that tax evasion using crypto assets is a rapidly growing problem. “The global nature of the crypto market offers opportunities for taxpayers to conceal assets and taxable income by using offshore crypto exchanges and wallet providers.”.
This follows related news that Biden is introducing a new tax proposal for businesses in the US to report crypto transactions over US$10k.
Australia Tax Time Approaching
It’s not just the U.S. cracking down, but also in Australia as we see the ATO warning crypto traders that they will have to report their gains. It is expected that over 600,000 aussies have participated in the cryptocurrency market and an estimated half of those will need to submit their tax returns with their crypto profit and loss.
The Securities and Exchange Commission has filed a lawsuit against five individuals linked to BitConnect for promoting and selling unregistered securities.
$2B in Unregistered Sales
According to the filing, the SEC stated that BitConnect’s lending program constituted a $2 billion USD unregistered securities offering ever since the platform was not operating with a broker-dealer license.
Four BitConnect promoters —Trevon Brown, Craig Grant, Ryan Maasen and Michael Noble— plus Joshua Jeppesen are now facing disgorgement (repayment of ill-gotten gains) plus interest, injunctive relief and civil penalties. In particular, Jeppesen served as a liaison between BitConnect and its promoters and represented the company at promotional events and conferences.
We allege that these defendants unlawfully sold unregistered digital asset securities by actively promoting the BitConnect lending program to retail investors. We will seek to hold accountable those who illegally profit by capitalizing on the public’s interest in digital assets.
Lara Shalov Mehraban, Associate Regional Director of SEC’s New York Regional Office
As reported, the Australian Securities and Investments Commission accused John Bigatton, a former BitConnect promoter, of ripping off small investors in Australia, back in 2017/2018. Despite the various counts of financial crime, Bigatton pleaded not guilty at Downing Centre Local Court.
Biggest Scam in Crypto History?
Carlos Matos, leader of BitConnect, during an event
BitConnect has been considered one of the largest scams in crypto history. The platform debuted in 2016 with great success but shut its lending platform in 2018 following allegations of fraud and warnings from regulators.
The scam has also been compared to OneCoin, a Ponzi scheme promoted as a cryptocurrency, which had connections with Phoenix Holding Group Ltd — a Dubai-based company recently accused of money laundering through horse racing in Australia.
