Cryptocurrency Weekly News – Week 50

There are tons of news that surround cryptocurrency every day. Most of the information is about Bitcoin; however, other crypto assets are mentioned as well. Here, we will present to you, the most important crypto news that occurred this week. Keep reading to find out more information on the subject.

Welcome to Cryptocurrency Weekly News
Welcome to Cryptocurrency Weekly News

In this article, we will talk about several events that occurred this week in the crypto world. First we will talk about how China’s Bitcoin miners control 66% of global hash rate. Additionally, we have to mention that Russia’s Darknet Marketplace is trying to raise $146 million. Last but not least, we will talk about the price of ether and the rise of altcoins. As always, more information about crypto can always be found on this website.

Study aimed at Chinese Miners

Chinese Bitcoin (BTC) miners are now responsible for controlling as much as 66% of global hash rate, a new report claims. This study was run by CoinShares, a digital asset manager based in London. Hash rate is a measure referring to the overall computing power involved in validating transactions on the Bitcoin blockchain. As reported, more power suggests greater network security as well as interest in the profitability potential of mining Bitcoin.

It’s important to note that this is the highest recorded hash rate since 2017. The Sichuan province holds more than 50% of the global hash rate. Other mining centers in China make up for the rest. Reports claim that this increase of the last 2 years is due to technological advancements. Miners today are using a much more sophisticated mining hardware.

Darknet Marketplace Plans Global Expansion

The largest darknet marketplace is planning an ICO in order to raise $146 million. They need the funds in order to be able to go global. The operators of the marketplace, known as “Hydra,” have ambitions to roll out their model of anonymized, rogue trading for illicit substances at a massive scale. An investment memorandum, accessible only via dark web browsers like Tor, claims the platform’s global  expansion “will start a new era in the West” at a scale that is “hard to imagine.”

Scheduled for Dec. 16, the token sale will offer investors bundles of 100 tokens, conferring rights to a 0.003% share of company profits. The tokens are valued at $100 apiece, payable in Bitcoin (BTC). Issuance is set at 1,470,000 tokens, accounting for 49% of Eternos’ value and pledging $500 in monthly dividends for those purchasing more than 100 tokens. Forklog has warned readers the project may turn out to be an exit-scam. The numbers are based on a forecast of $15 million monthly revenue, which the operators justify citing their current growth metrics. 

At the moment, Hydra claim that they have over 3 million users and over 100 000 transactions are handled daily. With such numbers it’s more than possible for the darknet marketplace to raise such a high amount of money and go public.

Ether & Altcoins are Rallying

Altcoins continue to take advantage of Bitcoin’s sideways trading and traders who take a quick glance at the altcoin-to-Bitcoin pairings at their exchange of choice will notice that many of the altcoins are again posting double-digit gains. Reports suggest that THETA is up 13.26% while KNC is up 18%. On the other hand, Ether has failed to mirror such results. However, Ether is still going to close the year with a 35% gain.

The altcoin has had it’s ups and downs this year. Experts believe that if Ether could break above the descending trend-line and pass $150, the price could go above that. Ether is expected to reach $160 before the end of the year. Ether price is also approaching the moving average of the Bollinger Band indicator at $148 and the upper band is at $155. Traders will notice that the moving average confluence divergence (MACD) histogram shows a steady increase in momentum and the MACD continues to pull away from the signal line. 

Tune in Next Week!

Check out the Coinbet24 Blog next week for more information and updates about Bitcoin and cryptocurrency. Additionally, visit our Crypto Information section for any extra data on the subject. In the meantime, check Coinbet24.com, a Bitcoin Sportsbook & Online Casino operator.