Price analysis 3/5: BTC, ETH, ADA, BNB, DOT, XRP, UNI, LTC, LINK, BCH

Selling pressure from global equities markets continues to weigh on Bitcoin price as traders endeavor to flip the $50,000 level back to support. Analysts expect the U.S. economy to stage a strong recovery in the second half of this year as coronavirus vaccines are distributed and economic activity begins to increase. As growth picks up, inflation concerns are also on the rise. Speculation is rife that the U.S. Federal Reserve may have to adjust its dovish stance to hold down interest rates.  In anticipation, the 10-year U.S. Treasury yield has…

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Big Tech sell-off and rising Treasury yield pin Bitcoin price below $50K

A sharp spike in the 10-year U.S. Treasury yield and an extended Big Tech sell-off is weighing on cryptocurrency prices as investors flee risk-on assets. Bitcoin (BTC) continues to struggle below $50,000 on March 5 as a spike in the 10-year Treasury yield to 1.62%, its highest level in over a year, has taken a toll on global financial markets and hit risk-assets especially hard.  At the time of writing the S&P 500 and Dow are up 0.46% and 0.64% but the tech sector sell off continues as companies like…

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PAID Network exploiter nets $3 million in infinite mint attack

After an attack at one point worth nearly $180 million, community members are left wondering if the exploit is a “rugpull” or a security lapse. Paid Network, a DeFi platform aimed at real-world businesses, has been exploited today in an “infinite mint” attack that has sent PAID token prices plunging upwards of 85%. While the exploit netted nearly $180 million in PAID tokens at the time of the attack — what would have comfortably been the largest exploit of a DeFi protocol — the hacker’s payday will end up being…

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McAfee faces crypto-related fraud charges from NY court

Meanwhile, the anti-virus mogul is still imprisoned in Spain. Crypto advocate and internet security pioneer John McAfee faces a number of different criminal charges, based on a new statement from the United States Department of Justice, or DoJ.  The department accused McAfee of “conspiracy to commit commodities and securities fraud, conspiracy to commit securities and touting fraud, wire fraud conspiracy and substantive wire fraud, and money laundering conspiracy offenses stemming from two schemes relating to the fraudulent promotion to investors of cryptocurrencies qualifying under federal law as commodities or securities,”…

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Is Bitcoin a Ponzi scheme? Pick your side in the latest Cointelegraph Crypto Duel!

Kraken Bitcoin strategist Pierre Rochard debates professor of computer science Jorge Stolfi on whether Bitcoin meets the definition of a Ponzi scheme. Does Bitcoin meet the definition of a Ponzi scheme? This is the subject of the latest Cointelegraph Crypto Duel, where Bitcoin strategist at Kraken meets professor of computer science at the University of Campinas, Jorge Stolfi. Similar to other Bitcoin skeptics, Stolfi repeatedly defined Bitcoin as a Ponzi scheme. The core of his argument is that Bitcoin doesn’t produce any cash flows and the money with which Bitcoin…

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Pricing the hype: Crypto companies valued at billions as market booms

Crunching the numbers: Analysts and industry experts weigh in on crypto firms like Coinbase and Kraken being valued in the billions. Cryptocurrency and blockchain firms are attracting billion-dollar valuations as the space continues to see major investment in 2021. The likes of exchanges Coinbase and Kraken have had mind-boggling numbers attached to their plans to raise funds, with the former set to go public through a direct listing and the latter preparing for a lucrative fundraising round. Since it formally announced its plans for a public listing, Coinbase has been…

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Bitcoin Mining Company Cipher Mining To Go Public Via SPAC, Valued At $2 Billion

Bitfury subsidiary Cipher Mining Technologies is merging with Global Acquisition Group and going public on Nasdaq. Today, Cipher Mining Technologies announced that it plans to go public via a merger with Good Work Acquisition Corp. Cipher Mining was recently formed as a subsidiary of Dutch Bitcoin mining company Bitfury. “The combined company, to be named Cipher Mining Inc, is expected to be listed on the Nasdaq under the ticker symbol ‘CIFR,’” Reuters reported. Following the merger with Good Work that values the combined company $2 billion, the merged company is…

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Square’s $297M stake in Tidal could unlock DLT features, analyst says

Square’s majority stake in Jay-Z’s streaming service Tidal will potentially help artists grow their fan bases using blockchain technology, a Gartner analyst said. Square’s majority stake in Jay-Z’s streaming service Tidal could potentially result in some blockchain-related functionalities on the platform, according to one analyst. Avivah Litan, a technology analyst at consulting company Gartner, suggested that Square’s $297 million investment could push Tidal to start taking advantage of new technologies like blockchain and cryptocurrencies, Reuters reports Friday. With Square’s help, Tidal would specifically benefit from the technology of non-fungible tokens,…

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Stocks slide as dollar hits 4-month highs: Why Bitcoin price is slumping below $50K

Bitcoin is slumping as the DXY breaks out and the U.S. stock market tanks. The price of Bitcoin (BTC) is extending its slump below $49,000 on March 5 as the U.S. dollar index (DXY) reached the highest levels since November 2020.   DXY (blue) vs. BTC/USD (orange). Source: Tradingview Meanwhile, the prospect of rising rates and a potential stock market top is putting downward pressure on equities and Bitcoin, causing the entire cryptocurrency market to pull back. Rising treasury yields — the biggest threat to Bitcoin? Bitcoin and risk-on assets, in…

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Retail Investors, Elon Musk And The Rise Of Bitcoin

A landscape that gives more power to retail investors and the influence of celebrity endorsement have driven bitcoin’s recent rise. Adoption of bitcoin is accelerating at an unprecedented rate. Bitcoin is the world’s first investment megatrend in which retail investors have led institutional allocators. And, until the advent of the Great Corona Recession, that dynamic was not given much consideration by the investment banks, hedge funds and asset management titans. The rapidity and magnitude of the bounce in equities and risk assets in March of last year was caused in…

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