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Crypto, Blockchain & Bitcoin News

Month: November 2022

Markets Spike After Fed Chair Says It ‘Makes Sense to Moderate the Pace’ of Rate Hikes, Hints Easing Could Happen in December

Equities, precious metals, and cryptocurrencies shined on Wednesday following Federal Reserve chairman Jerome Powell’s speech at the Brookings Institution in Washington. The crypto economy increased 3.11% to $860 billion, while the top four stock indexes jumped between 2% to 5% higher on Nov. 30.

Stocks, Crypto, and Precious Metal Markets Jump Higher Against the Greenback Following Powell’s Speech at Brookings Institution

On the last day of November, the U.S. central bank’s chief Jerome Powell offered a “progress report on the Federal Open Market Committee’s (FOMC) efforts.” The Fed chair’s speech at the Brookings Institution in Washington hinted at the possibility of smaller rate hikes starting in December.

“It makes sense to moderate the pace of our rate increases as we approach the level of restraint that will be sufficient to bring inflation down,” Powell said. “The time for moderating the pace of rate increases may come as soon as the December meeting.”

After Powell’s speech, equity markets spiked and cryptocurrencies and precious metals followed suit. A troy ounce of .999 fine gold jumped 1.15% higher during the last 24 hours, while an ounce of fine silver rose by 4.45%, according to the New York Spot Market Price. Gold is currently exchanging hands at $1,770 per ounce and silver is swapping for $22.27 per ounce.

Gold bug and economist, Peter Schiff, added his two cents about Powell’s commentary on Wednesday afternoon. “Investors are no longer buying what Powell is selling,” Schiff said via Twitter. Schiff remarked that “not only will the economy crash” but it will also be “another financial crisis,” the economist opined.

All four major stock indexes rallied on Wednesday afternoon as well following Powell’s speech. Nasdaq, the Dow Jones, S&P 500, and NYSE were all up between 2% and close to 5% higher against the U.S. dollar. Equities investors believe Powell plans to settle down with large rate hikes following his commentary at Brookings Institution.

Powell’s statements, however, noted that restrictive policy is still needed to remain in place for quite some time. “It is likely that restoring price stability will require holding policy at a restrictive level for some time,” Powell detailed. “History cautions strongly against prematurely loosening policy. We will stay the course until the job is done,” the Fed chair added.

Cryptocurrencies also benefitted after Powell’s speech as the entire crypto economy increased 3.11% against the U.S. dollar on Wednesday afternoon. Bitcoin (BTC) rose above the $17K per unit zone, rising 3.43% against the greenback. Ethereum (ETH) jumped 5.66% higher on Wednesday nearing the $1,300 per unit range.

What do you think about the market reaction to Jerome Powell’s speech on Wednesday? Let us know what you think about this subject in the comments section below.

Data Shows There’s No Profits Left for Bitcoin Miners That Can’t Obtain Cheap Electricity, Run Efficient Mining Rigs

During the last few weeks bitcoin’s cost of production has been higher than the leading crypto asset’s spot market value and in turn, this has put massive pressure on bitcoin miners. On Nov. 30, 2022, statistics show if miners paying for electricity pay roughly $0.12 per kilowatt hour (kWh), only three application-specific integrated circuit (ASIC) mining rigs are profitable. At a rate of $0.07 per kWh, profits begin to increase and data shows 16 different ASIC bitcoin mining devices are profitable with electrical costs at that rate.

At $0.12 per Kilowatt Hour, Only 3 ASIC Miners Gather Profit Using Today’s Bitcoin Exchange Rate

Bitcoin miners are feeling the pain of an extremely high difficulty rating and much lower bitcoin prices than a year ago today. Data from indicates that the cost of bitcoin production ($19,356 per unit) is a lot higher than the spot market value ($16,877 per unit). This means bitcoin miners need to obtain the cheapest electricity they can find on planet earth, and operate with the most efficient bitcoin mining devices on the market today.

Metrics show the world average price for electricity in 2022 is $0.143 per kWh and in specific regions around the world, average businesses and households can spend less than $0.10 per kWh, and some areas as low as $0.01 per kWh. Countries that enjoy cheap electricity rates lower than a U.S. nickel per kWh include Qatar, Russia, Iran, Saudi Arabia, Venezuela, Kyrgyzstan, Cuba, Libya, Uzbekistan, and Kazakhstan.

While cheap electricity is good for bitcoin miners, they also need the most effective ASIC mining units on the market. Statistics show that only three ASIC miners are profitable if the operation has to pay $0.12 per kWh. The machines that still profit under this electricity cost ($0.12 per kWh) include the Bitmain Antminer S19 XP Hyd. which boasts 255 terahash per second (TH/s), the Antminer S19 XP (140 TH/s), and the Antminer S19 Pro+ Hyd. (198 TH/s).

If the electrical cost is slashed down to $0.07 per kWh, 16 different SHA256-compatible ASIC machines will see a profit, according to data collected by At $0.07 per kWh, a Bitmain Antminer S19j (90 TH/s) is estimated to produce $0.21 per day in profit. If electrical costs are cut down even lower at $0.05 per kWh, roughly 43 ASIC bitcoin mining rigs will see a profit.

At that rate ($0.05 per kWh), an Antminer S19 XP Hyd. will get an estimated $9.69 per day, while the Ebang Ebit E12+ with 50 TH/s will produce $0.15 per day in profits, according to Furthermore, SHA256 ASIC machines are the fourth most profitable proof-of-work (PoW) devices behind algorithms like Kadena, Scrypt, and Eaglesong.

At $0.05 per kWh, PoW ASIC machines that are compatible with those three algorithms can make an estimated $20.35 to $42.64 per day in profits depending on the hashrate output of the specific rig. The most dominant two brands on the market today, in terms of high-powered, next-generation bitcoin miners, include Bitmain’s Antminer series and Microbt’s Whatsminer series.

What do you think about the electrical costs bitcoin miners pay and the realized profits they see after obtaining cheap electricity and leveraging high-powered, next-generation ASIC mining rigs? Let us know what you think about this subject in the comments section below.

ECB Blog Post Insists This Is ‘Bitcoin’s Last Stand,’ Officials Claim BTC Is Headed Toward ‘Irrelevance’

On Wednesday, Nov. 30, 2022, a blog post published by the European Central Bank (ECB) discusses bitcoin and the authors Ulrich Bindseil and Jürgen Schaaf seem to believe its “bitcoin’s last stand.” The ECB authors further say that while bitcoin’s price has consolidated and stabilized, the central bank officials remarked that “it is an artificially induced last gasp before the road to irrelevance.”

Members of Europe’s Central Bank Believe They Predicted Bitcoin Would Be Heading Toward ‘Irrelevance’ Before FTX Went Bust

Two members of Europe’s central bank, Ulrich Bindseil, the director general of the ECB’s market infrastructure and payments division, and Jürgen Schaaf, an advisor to the ECB’s payments sector, published a blog post about the leading crypto asset bitcoin (BTC).

The ECB blog post is called “Bitcoin’s Last Stand,” and the writers claim the crypto asset is becoming irrelevant. Bindseil and Schaaf explain that BTC’s price has dropped 76% lower than the $69K all-time high, and the authors have noticed bitcoin proponents think BTC is taking a “breather on the way to new heights.”

The ECB authors do not believe this will be the case this time around. “More likely, however, it is an artificially induced last gasp before the road to irrelevance,” the ECB blog post’s authors insist. “And this was already foreseeable before FTX went bust and sent the bitcoin price to well below USD16,000.”

The members of the European Central Bank further opine that “bitcoin has never been used to any significant extent for legal real-world transactions.” The ECB’s blog post adds:

Bitcoin is also not suitable as an investment. It does not generate cash flow (like real estate) or dividends (like equities), cannot be used productively (like commodities) or provide social benefits (like gold). The market valuation of Bitcoin is therefore based purely on speculation.

ECB Officials Say Banks That Promote Bitcoin Bear ‘Reputational Risk,’ Blog Post Insists Regulation Does Not Represent ‘Approval’

The authors don’t necessarily use the terms, but Bindseil and Schaaf relate bitcoin to a Ponzi or pyramid scheme, as the authors stress that “speculative bubbles rely on new money flowing in.”

“Big Bitcoin investors have the strongest incentives to keep the euphoria going,” the blog post’s writers insist. While regulatory policy has grown around cryptocurrency assets, the two ECB officials believe that “regulation can be misunderstood as approval.” Bindseil and Schaaf are not too keen on the idea that the crypto space should be allowed to innovate “at all costs.”

Bitcoin’s innovative value, the ECB authors say has been very little compared to the risks that allegedly outweigh innovation. The ECB paper states:

Firstly, these technologies have so far created limited value for society – no matter how great the expectations for the future. Secondly, the use of a promising technology is not a sufficient condition for an added value of a product based on it.

Lastly, the central bank executives think that banks that promote bitcoin will bear reputational risk. The ECB members say that because they believe bitcoin is not a suitable investment nor a payment system, “it should be treated as neither in regulatory terms and thus should not be legitimised.”

Bindseil’s and Schaaf’s blog post is very similar to the opinions held by people like Peter Schiff, Charlie Munger, and the hundreds of so-called bitcoin obituaries published over the years. Despite the ECB opinion post, there are many individuals, academic papers, and companies that wholeheartedly disagree with the two central bank executives.

The global blockchain leader at EY, Paul Brody, recently said that this crypto winter is a “much milder crypto winter than the last one.” Brody also said that crypto price fluctuations are impacting the industry’s growth a lot less these days. “For the first time ever, price ups and downs don’t have that big of an impact on the long-term growth of the industry,” Brody opined.

Furthermore, a paper published by Matthew Ferranti, a Harvard Ph.D. candidate in economics, says that banks should hold a little bitcoin. Ferranti said that even central banks should consider holding bitcoin, and more specifically, central banks struggling with financial sanctions depending on the financial institution’s accessibility to gold reserves.

What do you think about the ECB’s blog post about Bitcoin’s so-called ‘last stand?’ Do you agree with the officials from Europe’s central bank? Let us know your thoughts about this subject in the comments section below.

Biggest Movers: LTC Nears 6-Month High, as Near Rebounds From Recent Lows

Litecoin has been a notable mover on Nov. 30, as the token edged closer to a recent six month high. Following yesterday’s gains, cryptocurrency prices remained in the green on Wednesday, with the global market capitalization up 2.07% as of writing this. Near protocol also surged today, as prices rebounded from recent lows.


Litecoin (LTC) moved closer to a six month high on Wednesday, as the token rose for a second straight session.

LTC/USD rallied to an intraday high of $79.73 earlier in today’s session, less than 24-hours after trading at a low of $75.21.

The move saw LTC climb to its highest point since last Wednesday, when the token hit a high of $83.43.

This was the strongest point litecoin was trading at since May 10, and comes as the relative strength index (RSI) rebounded from a recent floor.

As of writing this, the index is currently tracking at 65.48, which is above a support point of 61.45.

Earlier gains have somewhat eased, with LTC now trading at $78.04. Despite this, bulls likely will still be targeting a move above $80.00.

Near Protocol

Near protocol (NEAR) was another notable gainer on Wednesday, as prices continued to move away from recent lows.

Following a low of $1.59 on Tuesday, NEAR/USD surged to an intraday high of $1.73 earlier today.

As a result of this, near protocol moved away from its long-term support point of $1.50, and is now nearing a resistance point of $1.75.

Looking at the chart, the RSI is now hovering slightly above a ceiling of 35.00, and is tracking at 35.07.

As of writing this, NEAR has fallen below earlier highs of $1.73, and is currently trading at $1.70.

Should price strength continue to move above its current ceiling, we will likely see the token race past the $1.75 point, and edge closer to $2.00.

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Could we see near protocol climb above $2.00 in December? Let us know your thoughts in the comments.

Kraken Takes Steps to Weather Crypto Winter

Today we’re announcing one of the hardest decisions at Kraken to date. We’re reducing our global workforce by approximately 1,100 people, or 30 percent, in order to adapt to current market conditions. We are extremely grateful for the contributions of those impacted by today’s announcement…

The post Kraken Takes Steps to Weather Crypto Winter appeared first on Kraken Blog.

New NFT Collections added to Kraken NFT

We’re thrilled to announce that we have added ten new NFT collections to Kraken NFT for our current beta testers to explore, collect and trade. After revealing the first 70 collections earlier this year, we carefully selected these new collections so you can continue to…

The post New NFT Collections added to Kraken NFT appeared first on Kraken Blog.

Sam Bankman-Fried Interview Reveals Dark Donations to Republicans, FTX’s ‘Poorly Labeled Accounting’

On Nov. 29, 2022, the crypto supporter and reporter, Tiffany Fong, published an interview with the former FTX CEO Sam Bankman-Fried (SBF) that was recorded 13 days before the interview was released. During the interview, SBF discussed who he thinks may have hacked FTX and he further denied he had a backdoor installed to funnel funds between FTX and Alameda Research. “I don’t even know how to code,” SBF stressed to Fong during the conversation. Additionally, the New York Times claims to have obtained a slew of emails and text messages between FTX’s legal counsel, other top executives, and SBF while the exchange was in the midst of collapse.

SBF Claims Backdoor Accusations Are ‘Definitely Not True,’ Probably a ‘Poorly Labeled Accounting Thing’

Roughly two weeks ago, the co-founder and former CEO of FTX, Sam Bankman-Fried (SBF), decided to do a phone interview with Tiffany Fong. The telephone interview (here and here) was revealed by Fong a few days before she published it, and on Tuesday, Nov. 29, 2022, the discussion with SBF was published on Youtube.

“You don’t get into the situation we got in, if you make all the right decisions,” SBF said during his chat. “If I’d been more careful … there’s a billion things I could have done.” In the interview, Fong talked about the alleged “backdoor” that was mentioned in a Reuters article that said, “executives set up a book-keeping backdoor.”

SBF denied the “backdoor” claims when he spoke with Fong, and he insisted that he “literally never opened the codebase for any of FTX.” “That’s definitely not true … I don’t even know how to code,” the former FTX CEO remarked. SBF said he doesn’t know exactly what the Reuters article was referring to when they published a story about the backdoor. SBF said, however, it may have been a “poorly labeled accounting thing,” when he stated:

I was wrong … I was incorrect on Alameda’s balances on FTX by a fairly large number, an embarrassingly large one.

SBF Discusses ‘Dark’ Donations to Republicans to Appease ‘Super-Liberal’ Media, FTX Co-Founder Touches on FTX’s Wallet ‘Hack’

During the interview with Fong, SBF touched upon campaign finance in the U.S. and addressed how high-up FTX officials donated millions of U.S. dollars to America’s two-party system of politicians. While its widely known SBF donated to the Democratic party, the FTX co-founder said he donated to Republicans in the dark to appease liberal media. “I donated about the same amount to both parties,” Bankman-Fried said.

“All my Republican donations were dark,” SBF told Fong during the telephone conversation. “The reason was not for regulatory reasons. It’s because reporters freak the f*** out if you donate to Republicans, they’re all super-liberal, and I didn’t want to have that fight.”

SBF also told Fong that the theories surrounding FTX and Ukraine were false, but noted that he wished he was “part of an international conspiracy that interesting.” Bankman-Fried also talked about the hacker who drained FTX’s wallets the same day the firm filed for bankruptcy protection.

The FTX co-founder believes he “narrowed it down to like eight people — I don’t know which one it was.” SBF also told Fong that he was able to acquire capital in the sum of $4 billion from an unspecified fund “eight minutes” after his exchange filed for bankruptcy protection. Furthermore, despite the red flags surrounding FTX’s FTT token and how it was held by very few wallets (and still is), SBF wholeheartedly believed FTT was better than a lot of other tokens.

“I think [FTT token] was basically more legit than a lot of tokens in some ways,” SBF explained during his interview with Fong. “It was more economically underpinned than the average token was,” he added.

Report Claims SBF ‘Ignored’ Warnings and ‘Clung to Power’ Waiting Until the Last Minute to Relinquish Control of FTX

On the same day, Fong released her interview with SBF, New York Times (NYT) reporter David Yaffe-Bellany published an article featuring quotes from “dozens of pages of emails and private messages” obtained by the publication. The report said during the time FTX was collapsing reportedly there was “no cooperation” with SBF, as far as giving up control of the exchange.

The NYT report claims documents show that FTX’s legal counsel and other top executives wanted SBF to relinquish authority immediately and prep for bankruptcy proceedings. “[SBF] ignored their warnings and clung to power, seemingly convinced that he could save the firm, despite mounting evidence to the contrary,” the report details.

FTX’s lead legal counsel member Ryne Miller, a former U.S. Commodity Futures Trading Commission (CFTC) employee for over three years, insisted “the exchanges must be halted immediately.” The email to FTX staff on Nov. 10 stressed: “The founding team is not currently in a cooperative posture.” That same day, the NYT report says SBF told the FTX staff that he was trying to raise capital but in a text message to top executives, Miller remarked the fundraising chances had a “0% likelihood.”

Another message the NYT reviewed shows that FTX’s chief operating officer, Constance Wang, told employees “I don’t want to stop trying yet” when things were looking quite bleak for the crypto exchange.

According to Yaffe-Bellany’s report, in a group chat with a number of FTX employees, Alameda Research’s CEO Caroline Ellison said she was “kinda worried that everyone is gonna quit/take time off.” Yaffe-Bellany’s report says that in private messages FTX officials “pressed the case with Mr. Bankman-Fried’s father,” the Stanford Law professor Joe Bankman.

Between talking with his dad and an alleged fundraising discussion with Tron founder Justin Sun, SBF finally gave up control to John Jay Ray III. Ray is FTX’s new CEO and is overseeing the bankruptcy and restructuring proceedings. The interview with Tiffany Fong followed five days after he relinquished control of the company and FTX filed for bankruptcy protection.

After the interview, Fong noted that “SBF expresses remorse in this interview” and in another statement, she said she was “not expecting to have an impromptu phone call [with] Sam Bankman-Fried.” The former FTX CEO is also scheduled to speak with Andrew Ross Sorkin at the annual New York Times Dealbook Summit on Nov. 30.

Alameda CEO Caroline Ellison reportedly left Hong Kong and fled to Dubai, but reports are unconfirmed. FTX co-founder Gary Wang’s location is currently unknown at the time of writing, and both Wang and Ellison have yet to talk to the press.

What do you think about former FTX CEO Sam Bankman-Fried’s interview with Tiffany Fong? What do you think about the New York Times report that says SBF didn’t relinquish control of FTX so easily? Let us know what you think about this subject in the comments section below.

Bitcoin, Ethereum Technical Analysis: BTC Moves Above $17,000 on Wednesday

Bitcoin moved to $17,000 on Wednesday, as markets continued to digest the U.S. consumer confidence report. Confidence amongst consumers fell to its lowest level since July, despite inflation easing in the world’s largest economy. Ethereum remained higher, edging closer to $1,300.


Bitcoin (BTC) briefly rose above $17,000 in today’s session, as traders reacted to the latest U.S. consumer confidence report.

Despite falling to a six-month low, the decline in confidence was less than expected, which was a relatively positive sign for markets.

Following a low of $16,366.66, BTC/USD rose to an intraday peak of $17,021.67 earlier in the day.

However, following the breakout of $17,000, which has also been a long-term resistance level, some earlier bulls moved to secure gains, exiting their positions in the process.

As of writing, BTC is trading at $16,832.07, with the 14-day relative strength index (RSI) tracking at 45.72, below a ceiling of 46.00.

Should price strength continue in an upward direction, and move beyond this upcoming obstacle, then bitcoin could extend today’s rally.


Like BTC, ethereum (ETH) also moved higher on Wednesday, as prices surged for a second success session.

ETH/USD hit a peak of $1,276.55 earlier in today’s session, which comes less than 24-hours after trading at a low of $1,205.78.

As a result of today’s gains, the world’s second largest cryptocurrency hit its highest point since November 15.

Looking at the chart, the move has pushed the 10-day (red) moving average closer to its 25-day (blue) counterpart, with an upward crossover imminent.

In addition to this, the RSI is now tracking at 51.27, which is above a key resistance level at the 50.00 mark.

The target for ETH bulls appears to be the $1,300 level, which was last hit on November 11, when the coin was at a peak of $1,307.

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Do you expect ethereum to start December above $1,300? Leave your thoughts in the comments below.

Report: Nigerian Securities Regulator to Exclude Crypto in its Digital Asset Agenda

According to Lamido Yuguda, the director general of the Nigerian Securities and Exchange Commission, the regulator does not plan on including cryptocurrencies in its digital asset agenda. Yuguda reportedly said the commission will only change its stance on cryptos when Nigerian regulators agree on the standards to protect digital asset investors.

Commission to Promote ‘Sensible Digital Assets’

The Nigerian Securities and Exchange Commission (NSEC) said it will only include cryptocurrencies in its digital assets agenda when regulators finally agree on the standards to protect investors. The commission added that cryptocurrencies are currently excluded because the exchange platforms where such digital assets are traded are operating outside of the Nigerian banking system.

According to a Bloomberg report, the NSEC is keen on promoting what the institution’s director general Lamido Yuguda calls “sensible digital assets.” Yuguda explained:

The commission is in the business of protecting investors, not in the business of speculation.

In addition to promoting safer digital assets, the commission reportedly said it will explore blockchain’s use in advancing virtual and traditional investment products.

In May, the NSEC unveiled new rules governing the issuing of digital assets as well as the registration requirements for platforms that offer digital assets. At the time, some in the Nigerian crypto community believed the new rules applied to cryptocurrencies. While Yuguda admitted that cryptos are presently excluded, he did not rule out including them in the future.

“Any asset that is traded in the Nigerian capital market requires the joint approach of different regulators,” the director-general reportedly said.

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What are your thoughts on this story? Let us know what you think in the comments section below.

Football Fever Is Infecting DeFi Project With Excitement

PRESS RELEASE. Doha, Qatar: For the next couple of weeks, over a billion people are glued to the TV every day watching players of their favorite team working brilliantly together to win the ultimate prize. What’s really different this time around is how much crypto plays a role in football, with team fan tokens and NFT collections released by football stars like Christiano Ronaldo as prominent examples.

And now, leading communities in crypto are joining football fever and even using it as an opportunity to bring crypto to the masses. With this World Cup, billions will learn about the Web3 ways of working together and winning big thanks to the Binance Football Fever 2022 campaign that allows anyone to get their football fever on while having a chance to win part of the $1,000,000 in prizes.

The DeXe DAO community, being a close partner of Binance and running a number of joint activities with them, has also joined Binance’s Football Fever in true DAO fashion — by proposing and passing onchain a sponsorship of Binance Football Fever. Now football fans can win $DEXE tokens while learning about DeFI. There are a lot of football fans in the DeXe community. And the project is all about teamwork in Asset and DAO Management, so the partnership with Binance on this was a natural fit for the DeXe DAO.

In Asset Management, traders have skills but need more capital to win big. Investors have the capital but need to find traders they can trust to manage it. DeXe’s asset management platform gives them a relationship framework where the traders feel free in their trading decisions and well-rewarded for their success while the investors get multilayer security and transparency to help them protect their capital. This way, DeXe maximizes the opportunity to win while minimizing the risk of losing — an elite approach worthy of a World Cup.

Can you imagine if players on the pitch would get rewarded for how many passes they made rather than for scoring? Such a team wouldn’t win a game, let alone the World Cup. Effective teamwork has shown in this World Cup yet again that teams with less star power are still able to defeat teams that are better on paper. Effectiveness matters. That’s why in DAO management, DeXe aligns the incentives so that community members get rewarded for the most effective DAO activity and pretty much anything about the DAO can be modified via onchain proposals. In DeFi like in football, you need to make it easy to score, to defend, and to adjust the strategy to optimize those actions.

With DeXe’s and Binance’s involvement in the World Cup media hype, football fans can both cheer for their favorite teams and learn more about DeFi. If the efforts of Binance, DeXe, and other projects promoting crypto among football fans succeed, who knows, maybe the next World Cup will be run on-chain.


About The Dexe Network

Dexe Network is an Asset and DAO Management platform that brings the dreams of DeFi into practical reality by giving fund and DAO creators the power to effectively, quickly, and securely grow their organizations. With DeXe, traders become managers without much effort beyond trading as they normally do and DAOs are governed in a truly decentralized and autonomous way thanks to proper incentives and on-chain governance. DeXe’s Ambassador Program has laid the groundwork for community-generated rewards for effective DAO participation.




This is a press release. Readers should do their own due diligence before taking any actions related to the promoted company or any of its affiliates or services. is not responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in the press release.