Shiba Inu up by 20% after Elon Musk’s Tweet | Bitcoin News

Bitcoin News: 18th October 2021

  • El Salvador’s President Bukele reveals that BTC demand outnumbers USD demand.
  • Grayscale is reportedly close to filing a proposal to convert a Bitcoin fund into a spot ETF, according to CNBC.
  • Binance Smart Chain Launches Richass Murlocs Social Club
  • Malaysian police have charged illicit crypto miners and seized mining machines in order to save money.

El Salvador’s President Bukele reveals that BTC demand outnumbers USD demand

President Bukele recently revealed that the first value of bitcoin was mined using an experimental natural energy-powered crypto mining operation in late September. This project employs energy that is created naturally by utilising geothermal power supplied by a nearby volcano, with one of the most prominent benefits being a “zero-emissions” footprint.

President Bukele declared in his most recent tweet, dated October 16, 2021, that Chivo had achieved the following important achievements:

Based on the quantity of USD fed into these devices vs the amount withdrawn, the volume of USD being converted to bitcoin via government-issued Chivo ATMs considerably surpasses that of the opposite conversion (bitcoin to USD).

The Chivo network had received “24,076 remittances totaling $3,069,761.05 (in one day)” on October 16, 2021.

El Salvador is a Central American country bordered by Honduras and Guatemala, both of which have recently adopted bitcoin as legal money. 

El Salvador's President Bukele reveals that BTC demand outnumbers USD demand
El Salvador’s President Bukele reveals that BTC demand outnumbers USD demand

The official bitcoin wallet of the El Salvadorean government is known by the nickname Chivo.

On September 7, 2021, the wallet was introduced on the same day and date that the government accepted bitcoin as legal currency for the first time.

El Salvador isn’t the only country in the Americas to deploy a cryptocurrency at the national level, but it is currently the most fascinating. Venezuela, for example, sought to establish the ‘Petro,’ private government crypto tied to the oil industry. The Venezuelan government has continued to promote the token’s purpose and worth to this day.

Grayscale is close to filing a proposal to convert a Bitcoin fund into a spot ETF

According to a report by CNBC citing a source familiar with the situation, Grayscale Investments plans to seek to convert the world’s largest bitcoin fund into a spot exchange-traded fund (ETF) early this week.

While the exact date of Grayscale’s planned submission is unknown, the world’s largest digital asset management has made no secret of its desire to seek clearance for a spot bitcoin-based ETF after a futures-based one has been approved by the SEC.

Grayscale is close to filing a proposal to convert a Bitcoin fund into a spot ETF
Grayscale is close to filing a proposal to convert a Bitcoin fund into a spot ETF

On Friday, the permission was given. Grayscale’s ETF would be backed by real bitcoin units, rather than being tied to it through derivatives contracts like futures. It would represent a further extension of the leading cryptocurrency as a recognised investible asset if the proposal were to be approved. According to several experts, the $38.7 billion Grayscale Bitcoin Trust (GBTC), whose shares are currently traded on public stock exchanges, has little chance of getting permission for its present proposal to transform into an ETF backed by bitcoin anytime soon.

The SEC will have 75 days to evaluate the file after it is submitted.

Binance Smart Chain Launches Richass Murlocs Social Club

The Non-fungible Token (NFT) collection by RMSC has gone live on Binance Smart Chain (BSC). Richass Murlocs is a 1,000-piece NFT collection inspired by the mythical amphibian of the same name.

The collection is comparable to the Bored Ape Yacht Club in that possession of an NFT grants access to an elite members club. For many NFT launches, exclusivity to events and ecosystems is becoming a significant attraction. While the gallery has yet to be launched on the main site, it is presently available on Lootex. Slither over to the mutant versions ready to overrun the metaverse if you’re a fan of the series.

Binance Smart Chain Launches Richass Murlocs Social Club
Binance Smart Chain Launches Richass Murlocs Social Club

“RMSC, as the first avatar NFT project empowered social Metaverse on [BSC], is a unique collectible NFT of 10,000 Murlocs,” explains the RMCS page on Lootex. “Each Murloc NFT works as a membership card and grants you access to the Club, where benefits and offerings will increase over time.”

Following the devastation of their homeworld, the Murlocs were forced to Earth, according to RMSC legend. Murloc owners have access to instant chat, games, and interactive experiences, as well as the ability to alter the Murloc metaverse over time.

The most costly Murlocs retail for over 50 BNB (about $23,000! ), with demand in the hundreds of dollars. The cheapest tickets cost between.2-.3 BNB, or slightly around $100 USD.

Only BNB may be used to sell NFTs. After a transaction, however, sellers can get their money in WETH, WBNB, or WMATIC.

Malaysian police have charged illicit crypto miners and seized mining machines

Countries all across the world are cracking down on Bitcoin mining for a variety of reasons, ranging from political concerns to financial concerns. However, in order to preserve power, one Southeast Asian government has banned crypto mining.

Malaysia is well-known for its fierce stewardship of its electrical resources. Authorities in the state of Sarawak recently detained two caretakers of an illegal crypto mining operation, according to a local news outlet.

While authorities searched for the owner, they claimed that since February, the location had mined roughly MYR 184,000 in cryptocurrency, or $44,252 at the time of writing.

Malaysian police have charged illicit crypto miners and seized mining machines
Malaysian police have charged illicit crypto miners and seized mining machines

The article did not indicate whether the currencies involved were Bitcoin or a combination of them.

The authorities also seized 90 mining equipment, among other items. The inquiry allegations were connected to the Sarawak Electrical Ordinance, it’s worth mentioning.

Sarawak also witnessed another incidence of “power theft” that resulted in the confiscation of 1,200 mining equipment, according to the news outlet.

Bitcoin is not regarded legal money in Malaysia, according to the Central Bank of Malaysia, but it is unregulated. While Bitcoin mining is allowed, Malaysia cracks down on individuals who steal electricity or tamper with power lines.

In March of this year, 1 kWh of electricity cost around $0.053 for families in Malaysia, compared to $0.150 in the United States. However, because Bitcoin mining requires a lot of power, illicit miners frequently steal electricity from public lines, resulting in blackouts or even fires.

Regulatory disparities, however, are unaccountable. Malaysian officials confiscated 1,069 illicit Bitcoin mining rigs in July of this year, totaling more over $1 million in gear. With that in mind, the decrease in hashrate share is understandable.

Elon Musk has raised the value of the Shiba Inu by more than 20%

Elon Musk, the world’s current richest man, just needed two brackets, two underscores, three slashes, and a rocket emoji to boost Shiba Inu’s worth by 21%.

Shiba Inu, which was trading at $0.000026 only hours before Elon Musk’s tweet, climbed to $0.00002875 just 10 minutes later, causing the floki-themed coin to re-enter the green zone and giving people hope for additional increases in Q4 for both Shiba Inu, Floki, and Dogecoin.

SHIB hit its highest point in May, when it hit $0.00004934, before plummeting to below $0.000026. Following a succession of green runs, SHIB began to see red losses dip below the $0.00027 barrier three days ago and lasted until the early hours of today, when Elon’s tweet came to the rescue. Elon was quick to respond, rather sarcastically, now that he realises how powerful his influence over the crypto space remains. He tweeted: 

“I’ve thought about and… I’m not sorry for party rocking.”

Elon Musk has raised the value of the Shiba Inu by more than 20%
Elon Musk has raised the value of the Shiba Inu by more than 20%

In 2021, the Shiba Inu has done very well, thanks in large part to Elon Musk, who appears to have a penchant for canine-themed coinage.

SHIB has delivered early investors great profits since its appearance on the top 20 crypto table, as it continues a long but optimistic trek towards the $0.50 level.

With Bitcoin, Elon began to test his power in the crypto world. Back in May, his announcement that Tesla will accept Bitcoin as one of its payment methods boosted prices, helping BTC reach its all-time high of $65k before pulling the rug out from under the deal, causing a 12 percent value drop.

Elon Musk’s influence on BTC appears to be little in comparison to the other canine-themed cryptocurrencies for which he has become a master of brand PR.

The First Bitcoin Futures ETF in the United States Will Launch on Tuesday

ProShares’ first Bitcoin ETF is slated to debut on the New York Stock Exchange (NYSE) on Tuesday. After years of speculation and denials, the Bitcoin Strategy ETF, which follows the price of Bitcoin Futures, would be the first of its type to be approved by the US Securities and Exchange Commission (SEC). $BITO is the ticker symbol for the ProShares Bitcoin ETF. ProShares was the first company to receive approval from the SEC, marking a watershed moment in the industry.

“2021 will be remembered for this milestone, as $BITO would offer “convenient access to Bitcoin in a wrapper that has market integrity,” said Michael Sapir, the C.E.O. of ProShares

The First Bitcoin Futures ETF in the United States Will Launch on Tuesday
The First Bitcoin Futures ETF in the United States Will Launch on Tuesday

Not only have retail and institutional investors joined the Bitcoin bandwagon in 2021, but some countries, like El Salvador and Paraguay, have also authorised the usage of Bitcoin in their own countries. The first Bitcoin ETF has been approved in the United States, allowing compliance-focused investors to invest in digital assets safely. Although crypto ETFs have already been allowed in Europe and North America, many think that approval in the United States will transform the future of digital assets because the ETF market is at least 7 times larger.

While many people are celebrating the approval of the first-ever Bitcoin ETF, other Bitcoin supporters feel the SEC authorised a Futures ETF rather than a spot ETF because it provides them more ability to manipulate the market.

ArtWallet is planning to finish IDO on NFTb by utilising the platform’s DeFi

ArtWallet, the amazing NFT app for creators and traders, will complete an IDO on NFTb Launch, according to NFTb.

The IDO will take place on NFTb on October 26th at 12PM UTC, as the team has exclusively disclosed to BSC News. Soon after, listings on PancakeSwap and Gate.io will appear.

Users who have been looking for a reliable alternative that allows them to store, purchase, and trade NFTs obtained from all around will be immediately enticed by ArtWallet’s cross-chain capabilities.

ArtWallet is planning to finish IDO on NFTb by utilising the platform's DeFi
ArtWallet is planning to finish IDO on NFTb by utilising the platform’s DeFi

ArtWallet has built a solid reputation as a result of the substantial experience and skill on their team, which includes people who have played key roles in the development of companies such as Ethereum and Hacken.

DeFi as a service from NFTb guarantees that projects may take use of their DeFi and NFT capabilities. Projects will have access to NFTb’s marketplace, which has a diverse clientele from all around the world.

NFTb Earn enables partnered projects to have access to customised staking and farming services without having to build their own smart contract, which will benefit a large number of people.

ArtWallet bills itself as a “one-stop shop” for the worldwide NFT industry, which has grown to be worth billions of dollars. Existing market players are still dealing with a slew of unsolved issues. According to ArtWallet, it focuses on Data Persistence, Authenticity Verification, Audio/Visual Content Streaming, and many other things.

Speqto Technologies and SOLDEX form a long-term partnership

Soldex is pleased to announce that it has entered into a formal partnership with Speqto Technologies to expedite the development of its decentralised exchange (DEX) solution, as well as to construct and programme the A.I.-powered bots that are part of Soldex’s public services.

Due to their significant experience in creating Decentralized Exchanges (DEX) and A.I. trading bots, Speqto Technologies was chosen as the vendor.

Speqto Technologies and SOLDEX form a long-term partnership
Speqto Technologies and SOLDEX form a long-term partnership

The collaboration has already been established, according to Soldex, and the two businesses are well into the development process for the following features:

  • Token Smart Contract
  • Wallet APIs and Integrations
  • DEX Development
  • Staking Smart Contracts and Integrations
  • Web Applications
  • AI Bots implementation

Speqto Technologies Pvt Ltd. is a world-class software technology and innovation service provider. With more than 6 years of experience developing world-class Web, Mobile, CMS, CRM, ERP, Blockchain, AI & ML, IVR, VAS, and Fintech domain platforms.

Soldex is a native, scalable, and decentralised exchange based on Solana and managed by the community. Soldex, on the other hand, is a first-of-its-kind non-custodial base decentralised exchange (DEX), which means that, unlike centralised exchanges, Soldex.ai does not need to own your tokens in order for you to trade them.

Soldex.ai, on the other hand, enables users to trade in a secure and safe manner by leveraging peer-to-peer connections with liquidity provided by other users.

Read Yesterday’s news here.

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Prabhat Tiwari
I am someone who loves swimming in the ocean of DeFi and believes the disruptive technology, i.e., Bitcoin will change a lot of things and not just our financial system.

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