Casey

Kyrgyzstan to cut cryptocurrency mining tax by 50% in 2024

Casey3 months ago2 months ago04 mins

Kyrgyzstan is considered a hotbed for cryptocurrency miners because it has yet to use renewable energy sources. While cryptocurrency values have increased in 2024, crypto mining taxes have been reduced for Kyrgyzstan’s economy. Cryptocurrency mining taxes contributed more than 46.6 million Kyrgyzstani soms ($535,000) to the country’s economy this year, according to a budget document released by Kyrgyzstan’s Ministry of Economy and Finance on December 25. According to local media reports, this represents a reduction of more than 50% from the cryptocurrency mining tax introduced in 2023, which was 93.7 million soms, or more than $1 million. The cryptocurrency mining tax rate in Kyrgyzstan is 10% of the cost of electricity used by cryptocurrency miners in the country, including VAT and sales tax. The country is considered ideal for cryptocurrency mining due to its vast renewable energy resources, many of which are underutilized. According to a report by the International Energy Agency, more than 30% of Kyrgyzstan’s total electricity generation comes from hydroelectricity, but the country’s hydroelectricity capacity is only 10%. Cointelegraph has reached out to the Ministry of Economy and Finance of Kyrgyzstan for comment. Bitcoin mining could help secure future renewable energy grids Bitcoin mining could help secure future energy grids, as renewable energy sources often produce electricity intermittently and cannot be stored. Deutsche Telekom will use the remaining energy from renewable energy sources to power its Bitcoin mining operations. The company announced on November 11 that Bitcoin mining equipment will be installed at the Riva factory and the glass-blocking factory in Backnang, Germany, which will be operated by Metis Solutions. Deutsche Telekom’s pilot project is based on the increasing number of renewable energy sources that are not being wasted. Oliver Nyderle, head of digital trust and Web3 infrastructure at Deutsche Telekom MMS, said that the country’s increasing energy supply will come from intermittent sources such as wind turbines and that more infrastructure will be needed to monitor the power grid. Needle wrote in his post that Bitcoin mining could be used to manage power fluctuations in the national electricity grid: “We took this opportunity with Bankhaus Metzler and RIVA Engineering GmbH to test the impact of Bitcoin miner regulation on electricity production. The remaining energy is converted into digital value by miners. We call it digital currency photosynthesis.” The use cases for Bitcoin mining go beyond the financial benefits for miners. In Finland, a Bitcoin mine uses the heat generated by mining equipment to heat a city of over 11,000 inhabitants.

How to Get Into Crypto Mining Without Expensive Equipment

Casey3 months ago2 months ago012 mins

Do you have a budget for crypto mining? Here’s how to get started without spending a lot of money or getting burned. Key points: Cloud mining is a way to mine crypto without expensive equipment, but it comes with an upfront cost and potential hidden fees. Low-cost hardware options, such as a cheap GPU or gaming PC, can help you get started mining without spending a fortune. When choosing a cryptocurrency to mine on your budget, choose coins that use low-power algorithms like PoS to reduce hardware requirements. For those looking to mine cryptocurrency on a budget, USB miners and browser-based mining are entry-level solutions. Cryptocurrency mining sounds like a high-tech dream that requires thousands of dollars in equipment and huge electricity bills, but that’s not all. What if it was an affordable way to join the party and raise money?While there are many methods that won’t make you rich overnight, they can help you learn the ropes and earn a small profit in the process. Let’s take a look at how much it costs to mine cryptocurrency and how to reduce it. How much does it cost to mine cryptocurrency? With high electricity bills and the cost of top-of-the-line equipment, mining Bitcoin in your basement isn’t as viable as it used to be. Yes, you might find some digital gold, but the chances of making a profit depend on your setup and where you live. Spoiler: it’s not cheap. First, you’ll probably need some pretty expensive hardware, like a graphics processing unit (GPU) and an application-specific integrated circuit (ASIC). Entry-level drill rigs start around $1,500, while professional-level models can cost more than $10,000. Now, let’s talk about power. The mining industry is a very energy poor industry. According to the global average, it takes about 266,000 kilowatt-hours (kWh) to mine 1 Bitcoin. However, some cryptocurrency miners have turned to new energy sources, such as hydro and solar power, to reduce costs and impact on the environment. Low-Cost Crypto Mining Options Cloud Mining If you’re looking to mine cryptocurrencies without having to do any work, cloud mining can be a low-cost option. You don’t need to buy expensive hardware, you can rent computing power from a mining farm via an online platform. It’s like taking on the heavy lifting while you stand by and watch your cryptocurrency grow. Another advantage? No noisy machines, no electricity bills, and no technical headaches. But it’s not always easy to get by, as cloud mining contracts require upfront payments, and sometimes there are no fees. Additionally, not all providers are the same, so it’s important to verify the provider before committing.Electricity costs vary to mine 1 BTC, with home electricity costs ranging from $13,300 to $133,000, depending on your location. Some locations may not be profitable, while others (if you’re lucky) may allow you to recoup your investment. To estimate your potential profits, you can use an online mining calculator that takes into account your hardware and electricity costs. While most popular GPUs and ASICs are pre-configured, custom computing power can also be imported. Bitcoin USB Miner Think Bitcoin mining is only good for large companies with deep pockets and industrial sites? The USB Bitcoin Miner is a compact plug-and-play device that brings the mining experience to the masses. It performs a fraction of the performance of high-end ASIC devices, but it provides a cost-effective and efficient way to access the Bitcoin network. By connecting to a mining pool, you can participate in the world’s efforts to verify transactions with low fees and risks. The GekkoScience Compac F is a USB Bitcoin miner with a hash rate of 200 gigahashes per second (GH/s) and costs between $120 and $150, depending on the retailer. However, saying that USB miners are plug-and-play is not the whole story. They still require careful setup, including proper cooling, power management, and reliable software, to run smoothly and avoid overheating or crashing. Gaming PCsIf you have a good gaming PC, you’re halfway to success. You can start with current hardware and upgrade as needed. For GPUs, low-end options ranging from $500 to $1,500 include the Nvidia GeForce GTX 1660 Super, AMD Radeon RX 570, or AMD Radeon RX 560, which can get you a good performance without a huge price tag. For the CPU, a low-end chip like the Intel Pentium G4560 or AMD Ryzen 3 1200 is sufficient. With the right setup, you can start mining cryptocurrency without spending a lot of money. Pool mining When it comes to other low-cost cryptocurrency mining options, pool mining may be your cheap ticket to the game. Instead of investing in an expensive mining rig, you can join a mining pool like CGMiner, BFGMiner, or EasyMiner. Pool mining allows you to join other miners and share profits based on the amount of work completed, meaning you don’t need expensive hardware to start earning cryptocurrency. However, mining pools typically have pool fees, which reduce the amount of money you earn, and sometimes reduce the reward based on the percentage of work completed. Browser-based mining Browser-based mining is an entry-level move that allows you to mine small amounts of cryptocurrency while you are online, using only your browser. While it won’t make you a millionaire overnight, it doesn’t require fancy hardware or expensive ASICs. Simply use a mining site like CryptoTab and let your computer’s processing power do the work. Another option is a built-in mining script, which runs on a website and uses the visitor’s computer power to mine cryptocurrencies in the background. The downside is that browser-based mining is slow, consumes system resources, slows down browsing, and offers little return compared to traditional mining setups. Which cryptocurrency is cheaper for me?Mining requirements vary for different cryptocurrencies because each cryptocurrency uses different algorithms, block fees, and network complexity, all of which affect the computing power and energy consumption required for mining. If you want to get into crypto mining on a budget, it’s important to focus on coins that use less resource-intensive…

Is the Bitcoin DCA platform dead? Here’s what traders think

Casey3 months ago3 months ago04 mins

Some cryptocurrency traders are saying that altcoins are a better option than Bitcoin right now,” though not everyone agrees. As prices tumbled in the final days of 2024, Bitcoin’s dominance has returned to nearly 60%, and traders are clearly realizing that it’s time to shift their accumulation strategies to altcoins. “Currently, altcoins offer a much better R/R [risk-on-reward] than Bitcoin,” anonymous cryptocurrency trader Dyme said in a note on December 27, adding: “Bitcoin’s DCA period has now exceeded 1.5 years.” A survey published by Kraken on October 10 found that nearly 83.5% of crypto investors use a dollar-cost averaging (DCA) strategy, and 59% still use it as their primary method of buy crypto currency. 7. A DCA strategy involves investing a certain amount of money in an asset at set and consistent times to capture the highs and lows to reach an average selling price. Dyme said that the $64,400 mark could be a higher risk/reward ratio for the meme currency. However, Dyme said that Bitcoin’s price is currently down to $96,438 and investors should “stay the course and continue to move higher.” Soap Capital CEO Tyler Durdan echoed similar sentiments in a statement on Dec. 12. 26 X posted that “the next stage is going to be very clear.” Durdan added: “I think this is probably the last stage because the change is still the issue.” Adam Cochran, partner at Cinnaeamhain Ventures, seemed to agree, saying that the US Bitcoin Strategic Reserve is “not likely at this Conference,” making it difficult for Bitcoin to outperform the rest of the market in the short term. “Other assets benefiting from regulatory clarity, new product launches, the new era of ICOs, etc., will suck a lot of money out of the BTC space,” Cochran said in his December 26 post. A shift in America’s “top-down” attitude toward Bitcoin However, some observers, including Blockchain Association CEO Kristen Smith, say Bitcoin’s momentum is far from over, with new investor momentum still growing even at this stage of the cycle. In December. Smith told CNBC on February 26 that Bitcoin could hit $200,000 before falling to $50,000. That’s a 108% increase from Bitcoin’s current price, according to CoinMarketCap. Bitcoin is currently trading at $95,720, with CryptoQuant contributor Darkfost recently calling $95,000 a “useful point to implement a DCA strategy.” Smith also said that the incoming Trump administration, along with changing “on-the-ground” attitudes in the United States and the addition of more financial advisors, could lead to a new wave of capital inflows into Bitcoin. “As more financial advisors advise their clients to do this, I think more people will jump into Bitcoin,” Smith said. “People are still looking for more Bitcoin, not less,” he added.

Bitcoin price drops 4% as TradingView ‘error’ leaves power to zero

Casey3 months ago3 months ago04 mins

Bitcoin on December 26th seemed to be a market reaction to the fake TradingView chart data. The apparent market error killed Bitcoin’s rise Bitcoin BTC prices quickly fell to $95,569, down 4%, ending the Christmas trading environment, according to data from Cointelegraph Markets Pro. Bitcoin fell to $95,000 as social media users reported the negative trend on TradingView’s Bitcoin chart. This shows that Bitcoin’s share of the cryptocurrency market cap has dropped to 0%. The error was later corrected, and is believed to have been the result of a knee-jerk reaction to the trading, sending BTC/USD lower. – So, there was a TradingView error around BTC’s power, causing people to panic buy? Is everyone dumping TradingView now? wrote trader Satoshi Flipper on X. Data from tracking source CoinGlass shows that $33 million in BTC longs have been liquidated in the past four hours at the time of writing. Bitcoin’s market cap has been the subject of increasing concern among traders in recent weeks as altcoins have struggled to maintain new highs. The dominance reached 61.5% in mid-November before the reversal and the expectation of a “different year”. – BTC’s dominance reached the point of destruction in 2021 and was rejected, – concluded the trading account Aqua in its latest analysis for X. “I think BTC’s dominance has reached the point where ALTs will start to outperform BTC in the coming months. Finally, we will see the real ALT moment.” Trader, analyst and investor Michaël van de Poppe compares the strength of altcoins to the dot-com bubble of the early 2000s. – Altcoin prices are still low. The total market cap is just $1.5T. “Dot.com is in a $10-15T bubble,” he said in a Christmas Day post. “This is a sound assessment for the highs over the next few years, and it wouldn’t be surprising to see a 20-50x increase by 2025.” Bitcoin Expects ‘Big Break’ in Q1 2025 Despite the volatility, market players remain bullish on the short-term outlook. Bitcoin and cryptocurrency investor Eljaboom is one of them, predicting that Bitcoin prices will continue to rise after the new year. “$BTC is poised for its next bull run,” he told X-Fans as he added a two-week chart. – The chart has just formed a candlestick pattern on increasing volume, right next to the lower end of the bullish pattern. This behavior indicates an imminent breakout – marked as part of the X-bar. ” If so, the gauge could move the speaker to $110,000 to $130,000 by the end of January, with $120,000 looking like a realistic target. The consolidation here is solid”

Hong Kong stablecoin bill submitted to Legislative Council

Casey3 months ago3 months ago04 mins

The bill includes licensing requirements for stablecoin issuers, supply and marketing restrictions, and broad consumer protections. Hong Kong’s proposed stablecoin bill has been submitted to the Legislative Council, bringing the region closer to creating a comprehensive stablecoin regulatory system. On December 6, the Hong Kong government published the bill in the SAR Official Gazette, bringing it closer to enactment. On the 11th In 2018, the bill was submitted to the Hong Kong Legislative Council for its first reading. The bill must go through three readings, which include a series of debates, considerations, and possible amendments, before it can become law. If the bill passes the third reading, it will be sent to the territory’s head of government, who will sign the bill into law. Key Components of the Stablecoin Bill According to law firm King & Wood Mallesons, the Stablecoin Bill has three key components. These include licensing and requirements for stablecoin issuers, specific stablecoin offerings, and marketing restrictions with extensive consumer protections. Once the bill comes into effect, stablecoin issuers in Hong Kong will be required to obtain a license from the territory’s central bank, the Hong Kong Monetary Authority (HKMA). Issuers will have to meet comprehensive requirements to obtain a license. The regulator will assess issuers and their managers, resources, stablecoins, reserve assets, and mechanisms for stabilizing their value. Only regulated companies and platforms will be allowed to offer or publicly sell stablecoins in Hong Kong. The bill provides consumer protections that will affect a range of market participants, including issuers and traders. MiCA-compliant stablecoins take Europe by storm If the bill passes, Hong Kong could see a similar shift in stablecoin usage as Europe saw when the MiCA regulation came into effect. On December 18, research firm Kaiko and Dutch cryptocurrency exchange Bitvavo reported that the launch of MiCA has significantly changed the stablecoin landscape in the region. Compliant issuers have flourished while issuers like Tether have stopped issuing euro-backed stablecoins. By November, MiCA-compliant stablecoins made up the majority of the market, with Circle, Societe Generale and Banking Circle stablecoins poised to account for 91% market share by the end of 2024.

Yat Siu X’s account hacked as part of a series of recent hacks: ZachXBT

Casey3 months ago3 months ago03 mins

The X account of Yat Siu Brands, co-founder of Animoca Brands, was hacked for promoting fake currency, the latest in a series of similar hacks that have occurred over the past month. Blockchain gaming group Animoca Brands has confirmed that its founder and chairman Yat Siu was hacked on X to promote fake coins, in the latest in a series of attacks targeting crypto X accounts. “Unfortunately, [Siu’s] social media accounts have been compromised,” Animoca posted on X on December 26. “The post states that the token launch on Solana was initiated by hackers.” ¤ In the now-deleted post, Siu’s account shared a link to a token launched on Solana memecoin starter Pump.fun called Animoca Brands (MOCA), whose name is a cross between the company and its Mocaverse collection of tokens of the same name (NFT). ). Blockchain researcher ZachXBT wrote in a Token post that the operation generated $500,000 last month. ZachXBT said the fake MOCA tokens were “distributed in the same address” as the fake tokens distributed to other recently hacked CryptoX accounts. According to Birdeye, the fake MOCA tokens peaked at $36,700 shortly after being distributed to Siu’s wallet, but lost almost all of their value within seconds, with the market cap dropping to $7,700. The token’s current value is $6,200, and what little trading volume has been reduced. ZachXBT previously explained that the hackers were able to control more than 15 X accounts using social media — a signal to the X group to issue a copyright infringement notice. This notification appears to be a scam and tricks victims into visiting a phishing website, where they enter their Account X password and two-factor authentication (2FA) login messages, including messages sent to the attacker’s account. The first known incident occurred on November 26, involving Bitcoin infrastructure service provider RuneMine’s Account X, while the most recent (before the alleged Siu attack) occurred on December 26 with a cryptocurrency trading account for video streaming site Kick.

Cryptocurrency investments should support emerging markets

Casey3 months ago2 months ago06 mins

Cryptocurrency investments should more closely follow market adoption patterns.Many say that Web3 is just a place for imagination because of its ability to make millions overnight, because memes are more important than useful. Old manufacturers and dreamers will soon lose faith in the future of the industry. In addition to media reports, there are other bright spots. Blockchain and cryptocurrencies are very beneficial to people, especially in emerging markets. Society is experiencing a fundamental shift in the way Web3 technology empowers the poor and underbanked and overcomes the shortcomings of new and legacy financial institutions. Investment must continue. Developing countries lead the adoption curve By 2024, the World Bank estimates that 1.4 billion people worldwide will lack access to finance. The partnership aims to address the problem of unequal distribution of wealth. The industry must support other innovators who are committed to driving change. Africa is one of the leading regions for cryptocurrency adoption, due to low access to banking services. Even in 2021, nearly 300 million adults in sub-Saharan Africa still lack access to basic financial services. Lack of access significantly limits people’s ability to manage their daily lives, save and invest money – let alone run a business. Crypto is changing that narrative. According to Chainalysis’ 2024 Global Cryptocurrency Adoption Index, developing countries are leading the pack, with countries like India, Indonesia, and Nigeria leading the way. Sub-Saharan Africa has the highest Bitcoin adoption rate in the world at $98,330 in 2023, with Nigeria leading the global cryptocurrency adoption index. By mid-2023, Sub-Saharan Africa will account for 2.3% of the global cryptocurrency market cap, with a market value of $117.1 billion. In this space, cryptocurrencies have practical uses beyond their intended use. Things are improving In emerging markets, we are seeing practical uses for cryptocurrencies beyond their use as a hedge. Local entrepreneurs who understand the local issues are driving meaningful change, and new technological innovations are being developed to meet the desired goals. Projects like CARE’s pilot projects in Kenya and Ecuador, which are distributing cryptocurrency-based loans to vulnerable groups, are demonstrating how cryptocurrency can provide access to basic goods and services and boost economic recovery from the COVID-19 pandemic. Non-fungible tokens have become a cross-border fundraising tool. Major regulatory issues could hinder adoption growth. The Indian city of Raipur set a record for blockchain-based assets through an innovative crypto startup called Airchains. This blockchain solution is designed to prevent fraud and reduce processing times from one month to three days. In developing countries, many studies are being conducted to consider this issue. However, Raipur has a bidding process and is willing to deal with this challenging issue. Use the wallets, not the shiny new ones Although the flow of capital to cryptocurrency projects in emerging markets is increasing in importance, it is still light compared to the funds available to projects in developed countries. In 2023, developed countries, especially the United States, will invest approximately $1.975 billion in the third quarter alone, with US companies accounting for 34.5% of all cryptocurrency capital projects. In contrast, developing countries are finding it difficult to access matching funds, with total investment in Africa reaching $1 billion this year, highlighting the challenges in investment plans in these region. Recently, there has been a growing awareness of the potential of emerging markets. Cryptocurrency investments should now focus on where mass adoption is taking place. In emerging markets, cryptocurrencies are more of a tool than a speculative asset.

Coinbase Abandons Failed Strategy—Millions in Crypto Now Flowing to Policy Game Changer

Casey3 months ago3 months ago04 mins

Coinbase CEO Unveils Bold Plan to End Decade of Failed Policies, Reinvest Tech Funds into New Initiatives, and Invest Millions to Reshape Washington’s Future. Coinbase Ends Decade of Failed Policies — Armstrong Unveils Bold New Plan Cryptocurrency exchange Coinbase (NASDAQ: COIN ) CEO Brian Armstrong has emerged as a key leader in reshaping the tech industry’s path to Washington, D.C. “While we continue to support candidates who are strong on technology and business, regardless of their party affiliation, tech will continue to have a strong influence in Washington,” Armstrong said in a post on the social media platform X on Monday. The Coinbase CEO added: “It’s a complete failure (in hindsight),” he said. His comments were in response to a post on X by Newlimit co-founder Blake Byers, who wrote: “Silicon Valley has taken over Wall Street and is taking over Washington, D.C.” Interestingly, this is the case for elected Republicans even as the Democratic Party continues to hold the majority of tech jobs. We’re a few years behind the cultural influence of technology disrupting Hollywood, but it’s happening faster than I thought. Armstrong’s position reflects Silicon Valley’s growing opposition to traditional lobbying practices that focus on distracting lawmakers from driving long-term growth. . His opposition reflects a broader shift in the tech industry, where companies have previously distributed political donations to groups to ease regulatory pressure. As scrutiny of cryptocurrencies, artificial intelligence and new technologies continues to increase, Armstrong advocates supporting candidates who support innovation and economic growth, rather than working to politicians are skeptical of these institutions. This approach came about through Coinbase’s “Pro-Crypto” campaign, a grassroots campaign aimed at gathering voter support for crypto-friendly legislation. The movement has attracted millions of supporters who want to see policies that develop blockchain technology and digital assets instead of restricting them with restrictive laws. Ahead of the 2024 election, the cryptocurrency industry has been supporting Donald Trump’s campaign due to his pro-crypto stance. Digital Assets also made a special donation to his inauguration. Ripple pledged $5 million in XRP to the Trump-Vance inauguration committee, while Coinbase and Kraken each donated $1 million.

Analysts “won’t be surprised” if Ethereum surpasses Bitcoin in January

Casey3 months ago2 months ago03 mins

According to analysts, Ethereum’s relative strength against Bitcoin could rise in January, which could trigger an “altcoin run” for Ethereum. One cryptocurrency analyst says Ether is showing signs of a breakout against Bitcoin in January 2025. According to Trading View, Ether’s ETH ticker has fallen $3,499.43, while Bitcoin’s relative strength against the BTC ticker has fallen $98,189, with the ETH/BTC ratio now at 0.0356. MN Capital founder Michael van de Poppe said in a December 24 X post that he “won’t be surprised if ETH/BTC falls below 0.04 in January.” ETH’s strength could trigger an “altcoin run” for Ethereum. The last time the ETH/BTC ratio hit the 0.04 level was on December 8, when ETH was trading at $4,018, just above the psychological $4,000 level. Van de Poppe predicts that in January 2025, there will be an outflow into Bitcoin while Ether will increase in inflows, which could stabilize the price. He expects this to trigger a “distribution of altcoins in the Ethereum ecosystem.” Shiba Inu SHIB (ticker $0.00002314) and Mantle MNT (ticker $1.25), the second and third largest tokens in the Ethereum ecosystem outside of stablecoins, have risen 7.10% and 3.32%, respectively, in the past 24 hours. Bitcoin continues to trade below $100,000 at $98,805, according to data from CoinMarketCap. It hit the six-figure price milestone for the first time on December 5. Analysts See Ether ETFs Outperforming Some analysts have noted that Ether spot exchange-traded funds (ETFs) could outperform Bitcoin ETFs in 2025. ETF Store President Nate Geraci said in a December 20 X post that “Net inflows into ETH ETFs are currently at the same level as gold ETFs, but we expect inflows to accelerate from here.” Related: Why Ethereum Maxis Says ETH Will Be the “Comeback Kid” of 2025 Pseudonymous crypto trader Brent expressed a similar opinion, This came shortly after a crypto analyst said Ether’s underperformance against Bitcoin may soon be coming to an end. Into The Cryptoverse founder Benjamin Cowen wrote to X in December. 4. He believes that the ETH/BTC crash is over (or almost over) and that the uptrend should continue over the next 6-12 months.

BRICS Welcomes Nine Countries as Partners – Russia Hints Four More Will Join Soon

Casey3 months ago3 months ago03 mins

BRICS is set to expand to include nine new partner countries in 2025, signaling growing global rapprochement with BRICS as more countries seek to secure ties. BRICS to expand to include new partner countries in 2025 Several countries will gain BRICS partner status from January 1, 2025, after Russia receives the relevant confirmations, Kremlin adviser Yuri Ushakov told reporters on Tuesday. Ushakov, referring to the BRICS summit in Kazan, said, “One of the main outcomes of the summit was the creation of the category of BRICS partner countries and an agreement on the list of 13 invited countries,” TASS reported. Russian officials added that they have been sent to these states. So far, willingness to become BRICS partner countries has been confirmed by Belarus, Bolivia, Indonesia, Kazakhstan, Cuba, Malaysia, Thailand, Uganda and Uzbekistan. “From January 1, 2025, they will officially acquire the status of BRICS partner countries. However, we expect replies from the other four countries to which we sent invitations soon,” he added. Ushakov noted that Eritrea has shown interest in cooperation with BRICS countries, reflecting the growing number of countries seeking cooperation with it. Representatives of partner countries will be invited to important meetings such as BRICS summits and foreign ministers’ meetings. The official added, “We believe that it is right to include partners in high-level security meetings, parliamentary forums and other events.” Regarding Russia’s chairmanship position in BRICS, Ushakov noted that Moscow is making efforts to incorporate new members into the organizational framework. He stressed that Russia needs to support the work of BRICS in an expanded manner “so that the new members of the group can harmoniously adapt to the usual arrangements and modes of interaction.” Ushakov assessed the process as successful and stressed the importance of Russia’s role in leading the bloc through the transition period.

DeFi hacks to drop 40% in 2024, CeFi breaches to hit $694 million – Hacken

Casey3 months ago3 months ago04 mins

DeFi losses fell 40% in 2024 as security measures tighten, while CeFi breaches hit $694 million. Dollar losses due to security breaches in decentralized finance (DeFi) are expected to drop 40% from 2023 to 2024, thanks to improved protocols, stronger bridges, and additional measures. The rise in DeFi security measures comes on the heels of a bleak year for centralized fiat currencies (CeFi), according to blockchain security firm Hacken’s annual “Web3 Security Report.” CeFi has suffered more than two breaches, with losses rising to $694 million as centralized exchanges are the focus of access control vulnerabilities and other security issues. The report’s findings highlight significant differences between DeFi’s progress and CeFi’s struggles, providing a valuable perspective to examine both sectors and highlighting the weakness of integration. DeFi Security Pump The 2024 Hacken report predicts that DeFi losses will drop significantly in 2024, from $787 million in 2023 to $474 million this year. The report said that bridge-related vulnerabilities were the largest breach in DeFi history, with losses falling from $338 million in 2023 to $114 million in 2024. Despite some advances in DeFi, such as multi-party operations and non-knowledge tokens, challenges remain, with access control vulnerabilities accounting for nearly half of all DeFi losses, such as the $55 million Radiant Capital hack. CeFi breaches are on the rise CeFi’s performance in 2024 contrasts with the rise of DeFi, with financial losses exceeding $694 million in 2023, according to a Hacken report. The increase in breaches was primarily due to governance vulnerabilities and major incidents such as the DMM exchange hack in Q2 and the WazirX hack in Q3. The hack, which involved leaking private keys and exploiting a multi-signature vulnerability, cost $305 million and $230 million, respectively. Dyma Budorin, founder and CEO of Hacken, told Cointelegraph that the report’s findings reveal “significant gaps” in the security of CeFi operations, due to “poor private key management, weak multi-signature setup, and poor governance.” Lessons to be learned The significant difference in financial losses in the DeFi and CeFi sectors highlights ways to improve both industries. Budolin said that attackers exploit vulnerabilities in security areas, making it important to implement key management procedures and automated monitoring systems to mitigate these risks. The problems identified by Director Hacken are evident in North American hackers who have stolen more than $1.3 billion in crypto assets in 47 incidents this year, according to a December 19 report by Chainalysis.

What’s next for DeFi in 2025?

Casey3 months ago3 months ago06 mins

Industry leaders say Bitcoin staking, tokenized ATMs, and artificial intelligence will reshape the cryptocurrency ecosystem. Decentralized finance (DeFi) will reach an inflection point in 2025 as Bitcoin staking, real-world asset (RWA) tokenization, and artificial intelligence (AI) fees fall below $0.5614, multiple industry executives told Cointelegraph. In 2024, the price of a single Bitcoin topped $100,000 for the first time as investors poured more than $100 billion into BTC exchange-traded funds (ETFs). “The drop in Bitcoin’s BTC price to a high of $96,103 will rekindle the interest of businesses and regulators in cryptocurrencies and reshape the entire cryptocurrency industry by 2025,” Dean Tribble, CEO of Layer 1 Network Agoric Systems, told Cointelegraph. It reached $130 billion in December and is expected to reach $175 billion by 2021, according to DefiLlama. Industry executives expect this upward trend to continue next year. “DeFi infrastructures and blue chip protocols like Aave, Maple, Maker, etc. will operate at scale for more than four years by 2025,” Jacob Phillips, co-founder and chief strategist at Bitcoin staking protocol Lombard, told Cointelegraph. Bitcoin BettingBitcoin’s layer 2 (L2) network ecosystem and emerging DeFi protocols will create unprecedented opportunities for investors to earn Bitcoin. – Bitcoin DeFi currently accounts for 0.1% of its total value. Alexei Zamyatin, founder and CEO of Build on Bitcoin, told Cointelegraph that there is a 300x chance of developing DeFi on Bitcoin, adding: “We’ve spoken to a lot of users and large DeFi Bitcoin wallets looking to leverage their Bitcoin wallets to monetize.” “This platform will be a trusted place for businesses and new users to use Bitcoin,” Phillips said. L2 Bitcoins like Babylon and CoreChain reward stakeholders for securing their networks by locking up BTC as collateral. Liquidity-settled tokens (LSTs), which represent claims on BTC, are growing. According to statakerewards.com, the total value locked (TVL) in Bitcoin ESG reached $2.5 billion on December 19. Bitcoin ETFs could also be in the works by 2025, Matt Hougan, head of research at asset manager Bitwise, told Cointelegraph. – There is a huge demand for Bitcoin-based income. “I’m not sure if this is the ETF structure in the US, but it’s definitely in Europe,” Hougan said. RWA tokens Colin Butler, head of global capital at Polygon, told Cointelegraph that the global asset asset (RWA) market cap — digital tokens that represent claims on everything from US Treasuries to artworks — was worth $30 trillion as of August. According to RWA.xyz, they have a TVL of around $14 billion. US-based cryptocurrencies are popular, with TVLs of over $3 billion. Raj Brahmbhatt, CEO of Web3 settlement platform Zeebu, told Cointelegraph, “The tokenization of global assets like real estate and carbon credits will unlock unprecedented levels of revenue, as advances in payment technology make it easier to cross borders.” While the US Treasury Department has touted the potential of cryptocurrencies to increase liquidity and reduce “decision-making and decision-making.” “In the United States, with the victory of [President-elect Donald] Trump, I really hope that America will become the global leader in this area by the end of this year,” Bramhart said. AI Traders According to CoinGecko, tokens tied to artificial intelligence (machines that perform complex tasks) will drive the market cap to nearly $10 billion by 2024. Analysts predict that the integration of artificial intelligence and blockchain technology will revolutionize Web3, creating a future where autonomous intelligence will build decentralized applications and manage transactions with human users. JD Seraphine, CEO of AI protocol Rainmaker, told Cointelegraph that AI agents have proven to be at the heart of the future of the industry. Seraphine said that by 2025, “intelligent agents are expected to play a significant role in decentralized societies.” Hogan said that the potential of AI agents is almost limitless, adding: “It doesn’t matter if you don’t know exactly what’s going to happen, as long as you know that what’s going to happen is important and you want to know about it.”