Bitcoin News and Finance: What You Need to Know

Opennode, a bitcoin payment infrastructure firm, recently said it will run trials of its bitcoin processing and payout solution through the Central Bank of Bahrain’s regulatory sandbox. According to Dalal Buhejji, an executive director with the Bahrain Economic Development Board, the central bank’s sandbox helps to ensure that fintechs will continue to innovate and adhere to best regulatory practices. Helping Grow Bahrain’s Economy A bitcoin payment infrastructure company, Opennode, has said it intends to “test a bitcoin payment processing and payouts solution via the Central Bank of Bahrain (CBB) regulatory sandbox.” In a statement, the company said the infrastructure which it plans to provide will help Bahrain “grow its economy and will showcase why Bitcoin is synonymous with better business.” Through the CBB’s regulatory sandbox, Opennode is authorized to carry out tests of its crypto payment solution within Bahrain’s territory. Commenting on the central bank’s decision to autho...

Since the transition from proof-of-work (PoW) to proof-of-stake (PoS), ethereum cannot be mined and miners are now dedicating hashrate to different PoW chains. Since ethereum can no longer be mined, the most profitable PoW consensus algorithms are Kadena, Scrypt, and Cuckatoo32. Five days ago, before The Merge, the consensus algorithm Ethash was the most profitable, as the top miner raked in $79.53 per day in profits. Today’s top mining rig, with Ethereum out of the picture, accrues roughly $69.41 per day mining kadena. Today’s Top 7 Mineable PoW Algorithms Include Kadena, Scrypt, Cuckatoo32, Blake2B-Sia, X11, Equihash, and SHA256 According to the latest data from asicminervalue.com, the PoW consensus algorithm is no longer the most profitable consensus scheme to mine since the Paris upgrade triggered Ethereum’s Merge. Since September 15, Kadena has become the most profitable consensus algorithm this year. Bitmain’s application-specific integrated circuit (ASIC) mining rig, the Ant...

Terra classic rose by as much as 20% in today’s session, which comes following a recent bearish streak. Today’s rally follows Thursday’s drop to a key support point, with bulls using this as an ideal area to reenter. Xrp was also higher, as it moved closer to a long-term resistance level. Terra Classic (LUNC) Terra classic (LUNC) was one of the most notable gainers on Saturday, as the token rose by nearly 20% to start the weekend. Following a low of $0.0002671 on Friday, LUNC/USD rose to an intraday peak of $0.000328 earlier today. The move came as the token hit a floor of $0.000248 on Thursday, with bulls using this as an ideal point to reenter the market. As of writing, it appears that these bulls are now targeting a resistance level of $0.000380 as a potential exit zone. If this were to happen, first the 14-day relative strength index (RSI) would need to climb past a ceiling of its own at the 55.00 mark. Currently the index is tracking at 53.41, which is its highest point si...

Ethereum continued to fall on Saturday, as the token’s post-Merge sell-off intensified to start the weekend. Prices of the world’s second largest cryptocurrency fell to their lowest level since July, as bearish sentiment in the market remained high. Bitcoin was also lower today, once again trading below $20,000. Bitcoin Bitcoin ( BTC ) was once again trading below $20,000, as bearish sentiment in the token remained to start the weekend. BTC /USD slipped to an intraday low of $19,400.08 earlier in the day, which is a level that has historically been a price floor. Following the collision with this support point, bulls reentered the market, attempting, and being briefly successful, in taking prices to a high of $20,021.74. As a result of the high level of volatility, prices have since moved away from those highs, with BTC currently trading at $19,854.17 as of writing. Looking at the chart, the 14-day relative strength index (RSI) continues to track near a floor of 41.10. Some do...

According to a recently leaked recording stemming from the bankrupt crypto lender Celsius, the business is attempting to revive the company after falling into a financial burden. Following the leak, a Southern District of New York bankruptcy judge appointed a third-party examiner to review the company’s finances. Celsius is also attempting to sell a stash of stablecoins worth $23 million, according to a court filing submitted on Thursday. Celsius Looks to Revival Plan, Examiner Appointed to Scan Financials, Firm Wants Access to Stablecoin Liquidity The ongoing Celsius bankruptcy continues and a recently leaked all-hands meeting recording indicates that the firm wants to attempt a revival plan. However, it seems the Committee of Unsecured Creditors (UCC) tied to the Celsius bankruptcy doesn’t seem to support the idea. In the leaked audio it is said that Celsius wants to craft a new business plan and pay off its debts via the company’s newly revised vertical efforts and products. In...

The White House has now released what it called its “first-ever” comprehensive framework for the responsible development of digital assets just over six months after U.S. President Joe Biden signed an executive order on the same matter. However, one crypto industry leader has lamented the lack of clarity and understanding of the technology in the White House’s fact sheet. Reinforcing United States Leadership in the Global Financial System Just over six months after U.S President Joe Biden signed an Executive Order (EO) outlining the government’s multi-pronged approach toward digital assets, the White House, on September 16, unveiled what it termed the “first-ever comprehensive framework for digital asset development.” Explaining the Biden administration’s decision to release the framework, the White House said while digital currencies may have the potential to “reinforce the U.S. leadership in the global financial system,” they still pose risks to investors and consumers as eviden...

The Thai Securities and Exchange Commission (SEC) has proposed banning businesses from engaging in crypto staking and lending activities. The regulator is seeking public comments on the proposal, noting that the purpose of this prohibition is “to provide greater protection to investors and reduce associated risks.” Thailand Seeks Public Comments on 2 Crypto Regulatory Proposals The Thai Securities and Exchange Commission (SEC) announced Thursday that it is seeking public comments on two proposals relating to the regulation of crypto assets. The comment period for both proposals ends on Oct. 17. The first is a proposal to prohibit businesses from crypto staking and lending activities. The securities watchdog said the purpose of this prohibition is “to provide greater protection to investors and reduce associated risks.” The regulator detailed that under this proposal, businesses cannot accept “deposits of digital assets from the customers and lend, invest, stake or employ such digi...