Bitcoin mining firm Bitdeer could delay public offering to 2023

An SEC filing stated Safari Group shareholders could vote to give the company the option to extend the Bitdeer deadline up to four times until December 2023.

Bitdeer, a crypto mining firm spun off from China-based mining manufacturer Bitmain, may see its public offering on the Nasdaq delayed a year depending on a vote from shareholders of the Blue Safari Group Acquisition Corp. 

In a Nov. 2 Securities and Exchange Commission filing, Blue Safari said it will be holding a shareholding meeting before the end of 2022 to vote on whether to extend the deadline of its deal with Bitdeer. The mining firm announced in November 2021 that it had entered into a definitive merger agreement with Blue Safari in order to go public through a special purpose acquisition company in the United States.

The SEC filing stated the shareholders could give the company the option to extend the deadline up to four times until December 2023, as well as move the meeting to a later date if there was an insufficient number of votes. If successful, the two firms could merge under the name Bitdeer Technologies Group for a listing on the Nasdaq.

“If the Charter Amendment proposal is not approved and we have not consummated a business combination by the Current Termination Date, we will (a) cease all operations except for the purpose of winding up, (b) as promptly as reasonably possible but not more than ten business days thereafter, subject to lawfully available funds therefor, redeem 100% of the public shares,” said the SEC filing. “In the event we wind up, there will be no distribution from the Trust Account with respect to our rights to receive ordinary share upon the consummation of an initial business combination and the rights will expire worthless.”

Founded and under the leadership of former Bitmain co-founder Jihan Wu, Bitdeer facilitates cloud-mining services through U.S.-based data centers operated in Tennessee, Washington, and Texas. As of Oct. 30, the firm reported it was mining roughly 900 Bitcoin (BTC) daily.

Related: Old Bitcoin mining rigs risk ‘shutdown’ after BTC price slips under $24K

Following the crypto market downturn in May, many crypto firms announced the termination of deals. Israel-based cryptocurrency exchange eToro was valued at roughly $10 billion as of March 2021 and was seemingly on track for a SPAC merge announced in July it had terminated its agreement with Fintech V. The exchange was reportedly considering a private funding round of up to $1 billion.

Cointelegraph reached out to Bitdeer, but did not receive a response at the time of publication.


Steph Curry files trademark for the Curryverse: Nifty Newsletter, Oct. 26–Nov.1

MyNFT marketplace’s new NFT vending machine aims to make digital art more accessible at a London in-person event.

In this week’s newsletter, read about how NBA superstar Stephen Curry filed a trademark application for his own metaverse, the Curryverse, where users play-to-earn nonfungible tokens (NFTs). Check out why TV streaming providers should start to incorporate NFTs into their programming. In other news, find out how an NFT vending machine made digital art more accessible at a London event. Last but not least, Nifty News highlighted NFT markets that are scrapping royalties and the launch of GameStop’s new NFT marketplace. 

Steph Curry files trademark for the Curryverse, where players earn NFTs

National Basketball League (NBA) megastar Stephen Curry filed an application for a trademark on Oct. 26 to create his own version of the Metaverse. The “Curryverse” will cater to the NBA star’s large fan base through virtual worlds and play-to-earn experiences.

If approved, it will grant the four-time NBA champion exclusive rights for “entertainment services, namely, personal and virtual and metaverse appearances.” According to the application, the Curryverse will entail online gaming services in which players will be able to earn NFTs.

Continue reading…

TV streaming providers should start relying on NFTs

NFTs could change the way subscription services work by allowing users to sell or rent out their subscriptions when they don’t need them. By using NFTs for subscription products, users can have access to gated content so long as they’re interested in the possibility of selling when no longer needed.

They also have the potential to take the relationship between the consumers and content to the next level. Content creators can benefit from a direct 1-1 relationship with engaged audiences. Creators can use NFTs to package content or incentivize particular behavior.

Continue reading…

NFT vending machine to make digital art more accessible at London event

MyNFT, a multichain NFT marketplace, announced it will showcase its first-ever physical NFT vending machine at this year’s NFT.London event scheduled for Nov. 2–4.

The platform hopes to create an easy and accessible means for people who want to start buying and trading digital assets without needing to get knee-deep in Web3 technicalities. The vending machine will even allow users to purchase an NFT without owning a digital wallet.

Continue reading…

Nifty News: LooksRare the latest NFT market to sack royalties, Twitter’s tweeting tiles and more

The NFT marketplace LooksRare is one of many to recently scrap enforced creator royalties. The move follows similar decisions by NFT marketplaces Magic Eden and X2Y2.

On Oct. 27, the platform tweeted that it would not be supporting creator royalties by default rather, it will share 25% of its protocol fees with NFT creators and collection owners. Buyers can still choose to pay royalties when purchasing an NFT, but it will be on an opt-in basis.

Continue reading…

Nifty News: GameStop NFT market goes live, Hong Kong’s NFT concept and more

The new NFT marketplace for American video game retailer GameStop went live on Ethereum layer-2 blockchain ImmutableX in the latest Web3 push from the gaming retailer.

The pair first partnered in February to build the marketplace offering a $100 million grant for NFT content creators and tech developers before a public beta of the NFT marketplace debuted in July. The full launch will allow for popular Web3 games on ImmutableX, such as the role-playing game Illuvium and Gods Unchained, to be accessed by users.

Continue reading…

Thanks for reading this digest of the week’s most notable developments in the NFT space. Come again next Wednesday for more reports and insights into this actively evolving space.


Crypto executives discuss the emergence of Web3 tech hubs around the world

While the San Francisco Bay Area and Miami are the traditional top picks, Singapore — or just about anywhere in the world with stable internet — has also been gaining in popularity.

Where are the top destinations for a career in crypto? For some, it’s traditional innovation hubs such as Miami or Silicon Valley. For others, it’s Singapore or Seoul. In addition, some would even argue that simply having a stable internet connection, irrespective of location, is sufficient for one to carve their own path in the realm of Web3.

To answer this question, Cointelegraph’s editor-in-chief, Kristina Lucrezia Cornèr, asked a panel of experts at the annual Web Summit conference in Lisbon. Speakers at the event included Zach Coelius, managing partner at Coelius Capital; Laura González-Estéfani, founder and CEO of TheVentureCity; and Oscar Ramos, general partner of Orbit Startups.

The four experts at “The Next Silicon Valley” panel at Web Summit. Source: Cointelegraph

According to González-Estéfani, who was born in Spain but spent most of her time in the San Francisco Bay Area and Miami, the next tech hub will be a place where people can “get the support they need from the different partners, investors and ecosystem builders.” And for González-Estéfani, that place is more likely to be in the United States than in Europe.

“The Bay Area is very approachable. Anyone is willing to help you. People see you, and they fall in love with you with your vision. If you’re looking for funding, there are a lot of entrepreneurs willing to help you. If you go to Miami, it’s a huge mix of people from all over the world, entrepreneurs of all ages. But if you look at Europe, it’s a lot more conservative.”

González-Estéfani’s take, however, was not echoed by Coelius, who was originally born in Minnesota and moved to the Bay Area in 2005. He saw the matter very differently: “When I first arrived, I saw billions upon billions of dollars flowing into the tech industry,” said Coelius. “But that energy, which was all centered in the Bay Area, has now scattered all over the world. So, whether it’s Miami or Lisbon or Kosovo, there’s just amazing innovation happening all over the world.”

Coelius further added that groupthink in the Bay Area is a major factor in why he believes the next tech hubs will instead be in locations scattered around the world:

“A lot of people think the same way. They go to the same parties, they play the same games, they think the same things. And it makes things really boring. And so, I’m personally very excited about all the new ideas that are showing up for people worldwide.”

As for Ramos, who also came from Madrid but has lived in Asia for the last 15 years, he believes the future of tech development will be concentrated in the East. “In China, I’ve seen the revolution of a technical system,” he said. “When I first arrived, you couldn’t pay for anything online. You need to have somebody to come to you, and you pay back to that person. And now, there is a market we’re currently seeing as the most advanced fintech ecosystem in the world.”

At this point, Lucrezia-Cornèr also joined in on the matter. While Cointelegraph is based in over 30 countries, Lucrezia-Cornèr manages her everyday corporate affairs in a very small Italian village with less than 7,000 inhabitants. “If we were to bring all the people in one place, we actually would lose all our value,” she said, “because our value is not biased to the place where we are based, but whether or not we are able to look for the likes of others.”

Coelius seemed to agree, adding that his advice for entrepreneurs and workers alike is to “go where your network is, where your support system is, where your infrastructure has been built. And then, you can recruit talent from all over the world.”

“The Next Silicon Valley” panel in Web Summit. Source: Cointelegraph


CZ explains why it’s so important to be building during the bear market

The crypto executive cites lower labor costs and business acquisition costs as key factors.

During a live panel at the Web Summit in Lisbon, Changpeng Zhao (colloquially styled as CZ), CEO of cryptocurrency exchange Binance, shared his viewpoint on why it’s so important for crypto projects to continue their development in the bear market. As told by CZ:

“It’s easier to hire talent in the bear market. A year ago, a college graduate knowing a little bit of Solidity programming cost a lot of money. The salaries just didn’t make much sense to me, but now it’s come down to very reasonable levels.”

“Now it’s easy to hire people and grow,” he said, while also pointing to the declines in project valuations: “A year ago, every project with a test product or six-page whitepapers was worth $100 million. Currently, the valuation is very reasonable.”

CZ explained that a combination of lower labor costs and less expensive projects has made it an ideal environment for corporate acquisition and consolidation. “For example, a year ago, everybody wanted to sell a nonfungible token, but now, only the strongest of projects are doing it, so the selection is actually much better.”

As for a possible end to the bear market itself, CZ pointed out that crypto market cycles typically last four years, with one year of falling prices, then two years of recovery, and a final year of rising prices. The Binance executive and blockchain personality also reiterated that he believed in the long-term potential of crypto: “We’re very long-term investors. So we anticipate to be involved in the space for the next 10, 50, or 100 years.”

A brief history of “#bitcoin crashed”…

2014, #bitcoin “crashed” to $200
2018, #bitcoin “crashed” to $3,000
2022, #bitcoin “crashed” to $20,000
2026, #bitcoin “crashed” to … no idea.

Crypto is high-risk and highly volatile. Learn to manage your risks.

— CZ Binance (@cz_binance) November 2, 2022

CZ also cited emerging signs of a market turnaround: “Right now, there are exponentially more people now trusting crypto instead of not trusting them. In addition, the industry has grown tremendously over the last however many years.” But he also cautioned against using historical evidence to make forward judgments, saying: “So we are close to a year into this bear market, but I cannot predict the future because, at the end of the day, history doesn’t predict the future.”


Bitcoin price hits $20.8K as volatility ensues over Fed 75-point rate hike

The Fed acts as expected, with comments from Chair Jerome Powell still to come as BTC/USD wakes up.

Bitcoin (BTC) saw instant volatility on Nov. 2 as the United States Federal Reserve enacted a fourth consecutive 0.75% interest rate hike.

BTC/USD 1-hour candle chart (Bitstamp). Source: TradingView

Fed hints more hikes to com

Data from Cointelegraph Markets Pro and TradingView showed BTC/USD initially dropping to $20,200 before momentarily rebounding to $20,800.

The Fed confirmed the 0.75% hike, which marks its most intensive hiking schedule in forty years, in a statement.

“The Committee seeks to achieve maximum employment and inflation at the rate of 2 percent over the longer run. In support of these goals, the Committee decided to raise the target range for the federal funds rate to 3-3/4 to 4 percent,” it stated.

“The Committee anticipates that ongoing increases in the target range will be appropriate in order to attain a stance of monetary policy that is sufficiently restrictive to return inflation to 2 percent over time.”

Analysts had long predicted increased volatility around the rate decision. At the time of writing, Fed Chair Jerome Powell was still to deliver comments on the move, something markets would be keenly eyeing for trajectory cues.

“Beware, volatility will remain high during this event, fake-outs happen before the real move takes place!” Michaël van de Poppe, founder of trading firm Eight, told Twitter followers.

The Fed’s decision had been nonetheless widely expected, as per CME Group’s FedWatch Tool, with Cointelegraph reporting on a theory that sticking to the script would still offer crypto a shot at further upside.

Fed target rate probabilities chart. Source: CME Group

How long can the hikes go on?

Should Powell hint at possible slower increases or a pivot in policy, the situation could however turn dramatically.

Related: New Bitcoin Yardstick metric says $20K BTC now ‘extraordinarily cheap’

“The market rallying ~13% off the lows was this expected 75 bps. It’s all about the presser now,” popular account CryptoISO summarized.

“We knew the fed had telegraphed an eventual slowdown/pause Not a pivot but more of a reassessment as data comes out to see how it is flowing through. 75 bps each time wont work.”Federal funds rate chart. Source: St. Louis Fed

The statement confirmed that Fed officials had voted unanimously for 0.75%. 

The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Every investment and trading move involves risk, you should conduct your own research when making a decision.


Bitcoin bulls aim for a post-FOMC win in Friday’s $640M BTC options expiry

FOMC-induced volatility is impacting BTC price, but bulls are still aiming for a win in this week’s $640 million options expiry.

The past few months have been painful for Bitcoin (BTC) bulls, but they are not alone. The United States Federal Reserve’s tightening economy policy has led investors to seek protection in cash positions and inflation-protected bonds. 

Surging inflation and recession signals have caused the S&P 500 stock market index to retreat 19% year-to-date. Even gold — previously considered a safe asset — is suffering the consequences, trading down 20% from its all-time high.

The increasing costs of a home mortgage added fear that a housing crisis might be underway. Since the FED started raising interest rates in March, borrowing costs have gone up and up, and mortgage rates have reached multi-decade highs.

Regardless of the prevailing bearish sentiment, Bitcoin bulls could still profit by $270 million on Friday’s options expiry.

$640 million in options expire on Nov. 4

According to the Nov. 4 options expiry open interest, Bitcoin bears concentrated their bets between $16,000 and $20,000. These levels might seem gloomy right now, but Bitcoin was trading below $19,500 two weeks ago.

Bitcoin options aggregate open interest for Nov. 4. Source: Coinglass

At first sight, the $335-million put (sell) options dominate the $305-million call (buy) instruments, but the 0.92 call-to-put ratio does not really tell the whole story. For example, the 7.5% BTC price pump since Oct. 21 wiped out most bearish bets.

A put option gives the buyer a right to sell BTC at a fixed price at 8:00 am UTC on Nov. 4. However, if the market trades above that price, there is no value in holding that derivative contract, so its value goes to zero.

Therefore, if Bitcoin remains above $20,000 at 8:00 am UTC on Nov. 4, only $30 million of those put (sell) options will be available at the expiry.

Bulls will fight to send Bitcoin above $22,000

Here are the four most likely scenarios for Friday’s options expiry. The imbalance favoring each side represents the theoretical profit. In other words, depending on the expiry price, the active quantity of call (buy) and put (sell) contracts varies:

Between $19,000 and $20,000: 500 calls vs. 5,100 puts. The net result is $90 million favoring the put (bear) instruments.Between $20,000 and $21,000: 3,300 calls vs. 1,500 puts. The net result favors the call (bull) instruments by $40 million.Between $21,000 and $22,000: 7,500 calls vs. 200 puts. The net result favors bulls by $155 million.Between $22,000 and $23,000: 12,200 calls vs. 0 puts. Bulls are completely dominant, profiting $270 million.

This crude estimate considers call options used in bullish bets and put options exclusively in neutral-to-bearish trades. However, this oversimplification disregards more complex investment strategies.

Bears need a sub $20,000 to secure a win

A mere 3% price dump from the current $20,500 level is enough for Bitcoin bears to secure a $90 million profit on the Nov. 4 options expiry. However, these traders have undergone a $780 million liquidation in futures contracts between Oct. 24 and Oct. 28, meaning they might have less margin to subdue bulls’ upward pressure.

For now, Bitcoin bears need to catch short-term negative headwinds triggered by tighter macroeconomic conditions to secure a win.

Consequently, options market data slightly favors the call (buy) options, even though a $270 million profit seems distant for BTC bulls.

The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Every investment and trading move involves risk, you should conduct your own research when making a decision.


SEC chair highlights crypto enforcement cases to legal experts

Gary Gensler used examples of SEC enforcement against BlockFi and a former Coinbase employee in justifying the agency’s approach to violations of U.S. securities laws.

United States Securities and Exchange Commission Chair Gary Gensler cited major enforcement actions against crypto firms as part of the “economic realities” of securities regulation.

In written remarks for the Practising Law Institute’s Annual Institute on Securities Regulation on Nov. 2, Gensler used examples of SEC enforcement against crypto lending firm BlockFi and a former Coinbase employee in justifying the agency’s actions on violations of U.S. securities laws. Under Gensler, the SEC would take a “treat like cases alike” approach to enforcement actions regardless of the form of securities, funds or investors.

“When BlockFi failed to register the offers and sales of a crypto lending product, and made materially false and misleading statements about those securities, we charged them,” said Gensler. “When a former Coinbase manager and others allegedly misappropriated confidential information to purchase crypto asset securities, we charged them.”

According to the SEC chair, the commission’s enforcement staff consisted of “public servants” and “cops on the beat” who were “uniting public zeal with unusual capacity.” The SEC filed more than 700 enforcement actions against firms as of Sept. 30, resulting in roughly $4 billion in civil penalties from $6.4 billion obtained from judgments and orders.

“Fraud is fraud, regardless of the types of investors you have defrauded and the types of securities used in the fraud.”

However, Gensler reiterated his “come in and talk to us” message for firms offering financial products, giving them a chance to “cooperate with [the SEC’s] investigation, and remediate [their] misconduct.” The SEC chair suggested that enforcement against crypto firms will likely still be on the commission’s scope in 2023 in its budget request from May.

Related: Investors are loving SEC’s crypto industry crackdown: Survey

Many in and out of the crypto space have criticized the SEC for taking a “regulation by enforcement” approach in its cases against crypto firms — for example, labeling nine tokens as “crypto asset securities” in a July complaint against a former Coinbase product manager.

The outcome of the 2022 midterm elections in the U.S. — either in a lame-duck session of Congress or starting in January 2023 — could influence whether proposed bills on the Commodity Futures Trading Commission’s and SEC’s roles overseeing crypto come to pass.


Bank of International Settlement will test DeFi implementation in forex CBDC markets

The centralized financial institution says the automated market making technology in DeFi can serve as a ‘basis for a new generation of financial infrastructure.”

According to a new announcement on Wednesday, the Bank of International Settlement, or BIS, along with the central banks of France, Singapore, and Switzerland, will be embarking on a new initiative dubbed “Project Mariana” in its exploration of blockchain technology. Project Mariana intends to use decentralized finance, or DeFi, protocols to automate foreign exchange markets and settlement. 

Project Mariana explores using automated market makers for the cross-border exchange of hypothetical CHF, EUR and S$ wholesale CBDCs. It’s a #BISInnovationHub joint venture with the French, Swiss & Singapore #CentralBanks@banquedefrance @MAS_sg @SNB_BNS

— Bank for International Settlements (@BIS_org) November 2, 2022

This includes using DeFi protocols to stimulate the hypothetical exchange of cross-border transactions between the Swiss Franc, Euro, and Singaporean Dollar wholesale central bank digital currencies, or CBDCs. The technologies involved in building Project Mariana include that of smart contracts and automated market maker protocols, or AMMs. Researchers seek to combine pooled liquidity in AMMs with innovative algorithms to determine the prices of tokenized assets, potentially developing into a basis of exchanges for CBDCs.

As an organization created by central banks to regulate the international financial framework, BIS wrote that, “automated market makers can become the basis for a new generation of financial infrastructure.” Cecilia Skingsley, head of innovation hub at BIS, added:

“This pioneering project pushes our CBDC research into innovative frontiers, incorporating some of the promising ideas of the DeFi ecosystem. Mariana also marks the first collaboration across Innovation Hub Centres; expect to see more in the future.”

BIS and collaborating central banks have set a tentative date of mid-2023 for delivering a proof of concept. The financial institution was previously skeptical of digital assets due to their inherent price variance and lack of a unified regulatory framework. Nevertheless, BIS has praised elements of distributed ledger networks, such as their technological prowess relative to fiat money. According to a recent report authored by BIS, 90% of central banks worldwide are currently researching the utility of CBDCs. 


‘Planet Killer’ Asteroid Found In Sun’s Glare and Moving to Earth’s Path

When the mainstream media calls an asteroid a “planet killer,” we usually tend to take it with a grain of salt since we know that eye-grabbing headlines like that draw attention. When a noted astronomer using a state-of-the-art ground-based observatory uses that phrase, we should sit up and listen. Well, get that spine straight and those ears perked because a leading astronomer and astrophysicist just released a paper describing two “planet killers” which have been hiding in the glare of the sun and regularly cross the path of the Earth. One of these “killers” is a mile wide and yet has been keeping out of sight in the sun’s bright glare. There is a possibility that more could be hiding there, but this one is the big concern right now because its orbit is slowly moving it to be in sync with Earth. Should we be worried?


The Roswell UFO Controversy: My Approach to the Legendary Event

Numerous pro-UFO books have been written on that certain, controversial incident which occurred on the Foster Ranch in early July 1947. It has become far better known as the Roswell UFO crash. Those aforementioned books include Roswell in the 21st Century by Kevin Randle, The Children of Roswell by Tom Carey and Don Schmitt, The Roswell Incident by Charles Berlitz and William Moore, The UFO Crash at Roswell by Kevin Randle and Don Schmitt, and Crash at Corona by Stanton Friedman and Don Berliner. As for the U.S. Air Force, it has now published two reports on Roswell – one in 1994 and the other in 1997. Neither report endorses the alien angle, which should surprise absolutely no-one. The conclusion of the USAF, today, is that the Roswell wreckage came not from a weather-balloon, as was claimed by the Air Force way back in July 1947, but from a huge “Mogul” balloon-array utilized to secretly monitor for Soviet atomic bomb tests in the latter part of the 1940s. As for the reports of alien bodies found at the crash site, it is the Air Force’s firm opinion that they were crash-test-dummies used in high-altitude parachute experiments. There is, however, another theory for what happened outside of Roswell in early July 1947. In some ways, it’s a theory that is more controversial than the idea that aliens crashed and died on the ranch. 

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