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U.S. Uranium Mines Could Produce 25 Million Pounds in 10 Years

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On September 26th, Strathmore Minerals President David Miller presented at the Platts Nuclear Fuel Strategies conference, announcing a large percentage jump in U.S. uranium production over the next decade. Presently, domestic production hovers around 3 million pounds of uranium oxide. Miller forecasts U3O8 production could increase to 25 million pounds by 2016 and maintain this pace through the second decade.

We talked with Miller about his projections and how he arrived at those numbers. He told us the big surprise would be the return of conventional uranium mining – both underground and open pit deposits. While the in situ recovery (ISR) method might quadruple from the current level of production, conventional mining would overtake ISR over the next seven to nine years. Miller believes by 2015, conventional uranium mining production in the United States might come close to 15 million pounds per year.

He also talked about which U.S. states would become the top producers. Miller explained the strong interest in Wyoming and the states’ favorable climate toward uranium mining would keep Wyoming in the Number One spot through 2020. Miller foresees New Mexico becoming the country’s second largest uranium producer, closely followed by Utah. Neither state is currently mining uranium, but both have a long history of high uranium production. Despite a strong increase in production, Texas would fall to fourth place. Colorado and Nebraska would round out the key uranium producing states.

We believe his production estimates – if the current group of junior uranium developers and others meet the 2013 target – might come just in time. The Russian HEU-LEU deal, also known as ‘swords for plowshares,’ expires in 2013. U.S. utilities have been complacent in ensuring an abundant inventory is accumulated in advance of this expiration. If U.S. uranium production meets or surpasses Miller’s projections, this could become a welcome event for U.S. utilities and electricity consumers.

Q& A with David Miller

President of Strathmore Minerals

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StockInterview: Who do you think will become the U.S. uranium producers by 2010?

David Miller: Strathmore is moving forward with two projects, which we are permitting in New Mexico. In Wyoming we could be in production with one or two of our projects by 2010. Permits are the limiting factor. If we had our mining permits tomorrow, we could start construction the next day. By 2010, other uranium producers would include Cameco Corp’s Power Resources with two existing and possibly two additional projects, Mestena and Uranium Resources in Texas, Denison (IUC), Cotter in Colorado, and others who have announced they plan to be in production, such as Energy Metals, UR-Energy and

Uranerz Energy. And a few others may also come into production around that time or later in the decade.

StockInterview: And what will the U.S. production climate be like by 2020?

David Miller: Naming the uranium-producing companies who will be around in 2020 may be difficult, but knowing which properties will likely be in production is easier. Strathmore’s Roca Honda should be in production by then with a proposed new mill in New Mexico. This mill might produce between three and six million pounds of U3O8 per year, fed by the Roca Honda and other uranium mines in New Mexico. The big operation in Wyoming will be the Sweetwater Mill, now owned by RTZ unit Kennecott. Sweetwater would be fed uranium from the Gas Hills and Green Mountain Projects in Wyoming. Blanding (Utah) should be the third largest milling operation in the U.S. The other two mills, Canon City (Colorado) and Ticaboo (Utah) should also be operating at somewhat lesser production rates.

StockInterview: What will happen with ISR operations in the U.S. with the rise of conventional mining?

David Miller: By 2020 I can see eight ISR’s in Wyoming, two in New Mexico and maybe four in Texas. Total production from conventional and ISR could be over 20 million and maybe as much as 30 million pounds per year. The split will be about 60 percent for conventional mining and 40 percent for ISR.

StockInterview: Why do you see Wyoming leading the country and annually producing more than 10 million pounds before 2020?

David Miller: The largest conventional mill is presently in Wyoming. Two operating ISR plants and three additionally permitted operations could start in the near future. A number of companies have already announced their permitting plans. The regulatory and political climate in Wyoming is more comfortable with uranium mining because of the fifty-plus years of continuous uranium production. Uranium mining is recognized in Wyoming as clean and safe. It is also appreciated for the jobs the industry creates and the taxes the uranium production spins off.

StockInterview: Speaking of taxes and jobs, how will this projected increase in uranium production impact Wyoming?

David Miller: Producing 10 million pounds per year would yield close to $25 million in severance and ad valorem taxes. There may be an additional few million in royalty payments on state lands. This additional stream of tax income would be enough to educate nearly 3,000 children per year in Wyoming. For every one million pounds of uranium oxide produced at least 200 direct jobs would be created. If uranium production increases by 10 million pounds per year, I would expect more than 2,000 direct new jobs created. These are mining jobs, which are at the top of the pay scale and with full benefits. Each direct job will spin off a number of support jobs – suppliers, contractors, builders, merchants, educators and the like. About seven jobs are indirectly created for every new mining job. That would have a strong impact in many areas of Wyoming, and especially in New Mexico, where uranium mining should also significantly grow.

StockInterview: But, New Mexico is presently producing zero uranium. Why do you envision this state surpassing Texas and Nebraska in uranium production by 2020?

David Miller: New Mexico has a great uranium history. New Mexico uranium deposits have some of the highest grades in the country. You find elephants in elephant country, and New Mexico has elephant uranium deposits. You do not produce 350 million pounds historically by having poor uranium deposits. The political climate in Grants, New Mexico is also one of the most encouraging environments for uranium mining in the United States.

StockInterview: Of course there are likely to be some disappointments along this production timetable.

David Miller: There will be many disappointments with many of the new companies and deposits they try to mine. There will be permitting delays. Those companies which say they will be in production in two years may be disappointed. ISR is not an easy way to mine. It takes some very skilled people to do it properly. I know of no consulting group in which you can go hire out this expertise. There may be less than twenty people in the U.S. who are capable of running ISR operations at an optimum level. Those companies which have those experts will have fewer disappointments than those who don’t. Many geologic environments which have been promoted as having potential ISR operations may show difficult characteristics, disappointing the owners and shareholders. There will be some winners, but there could probably be more losers in this game.

StockInterview: What will be the key to a successful U.S. ISR operation?

David Miller: The key to ISR will be permeability, grade, thickness, and depth – pretty much in that order. With low or no permeability the deposit will need to be conventionally mined. A high permeability, low or medium grade deposit at less than 1000 feet will be a very attractive operation. After you have a certain volume of uranium to justify the capital costs of an operation, I would rather have good permeability and low grade than low permeability and high grade, if I am going to use ISR as my recovery technique. Of course with conventional mining I will take the highest grades we can get.

StockInterview: How large would a uranium deposit have to be to justify the conventional mining method?

David Miller: Near-surface, open-pittable deposits could be as small as a few hundred thousand pounds to be economic if a mill is nearby. To justify a new mill, for example in New Mexico, a critical mass of about 50 million pounds of uranium is needed. Grades can vary greatly. If the deposit is shallow and mined by open pit, with a mill nearby, then grades could be as low as 0.05 percent U3O8. With a 1500 to 2000-foot underground mine, grades above 0.20 percent may be required.

StockInterview: How many U.S. uranium deposits do you suspect can be economically mined using conventional methods for less than $65/pound?

David Miller: There are probably more than one dozen deposits in the U.S. with uranium resources recoverable at less than $65/pound. The resources would likely exceed more than 200 million pounds.

StockInterview: Why do you believe companies will proceed with conventional mining instead of ISR mining? They are more expensive to set up and more labor-intensive.

David Miller: Conventional mines will access much larger deposits. The individual projects which justify a mine and mill will have to be deposits of 30-million to 50-million pound and larger. Also, with higher grades a deposit has less permeability. You cannot properly address the mineralization with ISR in the higher grade deposits. Percent-recovery of the total uranium resource should generally be higher with the conventional mining. Conventional mining can recover all the good ore, even in low permeability areas.

StockInterview: It appears Strathmore Minerals and SXR Uranium One plan to move forward with conventional mining. What obstacles do you expect as you come closer to mining your deposits?

David Miller:

The Number One problem will be finding experienced miners. It has been over twenty years since we did conventional mining. I was involved in the very last underground uranium mine in Wyoming. The miners I worked with are all in their fifties now or older. While some would make great mentors we will need a new generation of young, tough miners that are not afraid of getting dirty. We may have to recruit some from the hard rock mines of Canada to teach the new generation of miners in Wyoming and New Mexico.

StockInterview: When do you think conventional uranium mining will overtake the ISR method in the United States?

David Miller:

The key is the four existing mills in the United States. They could all be up and running by 2012. Conventional mining and milling could pass ISR before 2012 with Blanding getting up to full speed. I won’t make a forecast as to when Strathmore’s proposed mill near our Roca Honda property would become operational until we have evaluated all the alternatives and issued a formal statement. Once we have a permit, production would likely follow within two years.

StockInterview: How many new jobs will the current uranium bull market create for the world’s mining industry?

David Miller: When annual uranium production reaches 20 million pounds U308 in the United States, the industry would create about 4,000 direct jobs in the mining industry and nearly 30,000 in support services. Because Canada and Australia have higher grades, there would be about 150 new mining jobs created for every one million pounds of newly recovered uranium. However, in Canada where is a tremendous amount of new exploration pushing the limits of geophysics and drilling contractors. I would guess this would create at least 2,000 new full-time exploration-related jobs.

StockInterview: In dollar terms, how large of an operating revenue stream would this bull market bring to the U.S. mining industry?

David Miller: In U.S. the new uranium mining production will be sold at prices in excess of $50 per pound. So the industry will be generating $500 million in cash flow per 10 million pounds produced. Over next 20 years it should spin off $20 billion in cash flow to US uranium producers.

StockInterview: Is it realistic to expect operating income of about $20/pound between ‘all in’ costs and revenue from the uranium sold to U.S. utilities?

David Miller: That sounds about right for the new production coming online. Operating costs automatically go up because companies try to extend the life of the orebodies being mined. I think the spread will be between 1.5 to 2 times cost when prices settle a little. At a mining cost of $30 per pound, a reasonable sales price of $45 to $60/pound will make a nice profit for an operating company.

COPYRIGHT © 2007 by StockInterview, Inc. ALL RIGHTS RESERVED.

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TA: Bitcoin Sets New Monthly Low, What Could Trigger A Comeback

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Bitcoin

Bitcoin price extended its decline below the $40,000 level against the US Dollar. BTC is now recovering and it could climb higher if it clears the $42,500 resistance.

  • Bitcoin settled below the $44,000 and $43,000 support levels.
  • The price is still trading below $43,000 and the 100 hourly simple moving average.
  • There is a key bearish trend line forming with resistance near $42,500 on the hourly chart of the BTC/USD pair (data feed from Kraken).
  • The pair could start a decent increase if it settles above $42,500 and $43,000.

Bitcoin Price Attempts Fresh Recovery

Bitcoin price failed to recover above the $43,500 and $43,650 resistance levels. As a result, there was a fresh decline in BTC below the $42,000 support zone.

The price extended its decline below the $40,200 and $40,000 support levels. A was formed near $39,579 before the price started an upside correction. It is back above the $40,000 and $41,000 levels. However, the price is still trading below $43,000 and the 100 hourly simple moving average.

Bitcoin surpassed the 50% Fib retracement level of the recent decline from the $43,624 swing high to $39,579 low. It is now consolidating below the $42,500 resistance.

There is also a key bearish trend line forming with resistance near $42,500 on the hourly chart of the BTC/USD pair. The trend line is close to the 76.4% Fib retracement level of the recent decline from the $43,624 swing high to $39,579 low.

Source: BTCUSD on TradingView.com

To start a strong recovery, the price must clear the $42,500 resistance. The next major resistance is near the $43,000 zone, above which the price could rise towards the $45,000 resistance.

More Losses In BTC?

If bitcoin fails to clear the $43,000 resistance zone, it could start a fresh decline. An immediate support on the downside is near the $41,600 level.

The next major support is near the $41,000 zone. A downside break below the $41,000 zone could trigger a fresh decline towards the $40,000 level or even $39,500. Any more losses may possibly lead the price towards the $38,500 level in the near term.

Technical indicators:

Hourly MACD – The MACD is slowly gaining pace in the bullish zone.

Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is just below the 50 level.

Major Support Levels – $41,000, followed by $40,000.

Major Resistance Levels – $42,500, $43,000 and $45,000.

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After SEC Pressure, Coinbase Decides To Drop Interest Product

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After SEC Pressure, Coinbase Decides To Drop Interest Product

It was just a couple weeks ago that Coinbase posted a blog post, paired with a hefty Twitter thread from CEO Brian Armstrong highlighting recent challenges with the SEC.

Armstrong described the agency’s behavior as “sketchy” after the SEC seemingly threatened the exchange that a lawsuit would be impending should Coinbase launch their expected interest-yielding product, Lend. If Armstrong’s tweet thread didn’t give it away, the company’s blog post, spearheaded by Chief Legal Officer Paul Grewal, was undoubtedly lined with some of the firm’s frustrations.

Now, less than a month later, reports have emerged that Coinbase has elected to halt it’s plans to launch Coinbase Lend.

A Threat To DeFi?

The news comes less than a week after SEC Chairman Gary Gensler told CNBC that his commission is under-staffed. Gensler echoed those sentiments in a Senate testimony last week, stating that the SEC “needs a lot more people.” He added in the testimony that he believed previous judiciary decisions established that many cryptocurrency tokens “do come under the securities law.” Gensler took the role with the SEC earlier this year, and came in with high expectations from retail investors.

Elsewhere in the market, some state regulators seem to be working to try to fill the SEC’s role with interest-yielding products already on the market. A handful of state regulators in recent months started legal action against BlockFi for it’s lending products. In the past week, some state regulators have shifted focus to pursue action against Celsius as well. New Jersey, Texas and Alabama are three states that are pursuing both BlockFi and Celsius with claims that the firms are offering residents unregistered securities.

Regardless of the eventual outcome, the growing popularity of yield-generating tokens and stablecoins are becoming of increased importance to regulators, and are likely bound to be responsible for federal oversight at a higher level than currently seen. The timetable and degree of oversight remains to be seen.

Coinbase is the first crypto exchange to be publicly traded on a major U.S. stock exchange, but has posted modest results in it's short time on the market. | Source: COIN - NASDAQ on TradingView.com

Related Reading | Mid-Cap Altcoins Hold Onto Highs Better Than Bitcoin And Ethereum

Elsewhere In The Coinbase Rumblings

The powerhouse exchange continues to build on their flagship products to deliver business growth. Last week, the exchange issued a high-demand junk bond with orders amounting to $7B. In recent months, the company announced it’s intent to launch a “crypto app store” and added payment support for Apple Pay.

Safe to say it’s been a busy quarter for the bustling exchange. However, it remains to be seen what the end result is for competitors like BlockFi and Celsius. In the meantime, it seems that Coinbase may be working to try to propose regulatory framework that can help the SEC and other regulatory figures embrace the market without overstepping boundaries for crypto consumers.

Related Reading | Despite Dips, Bitcoin Exchange Reserves Reach Lowest Values Since 2018

Featured image from Pexels, Charts from TradingView.com
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Cardano Founder Charles Hoskinson Says The Term Smart Contracts Needs To Be Changed

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Picture of a Cardano coin above the clouds

Smart contracts have been in the crypto space for quite a while now, most recently debuting on Cardano. With the rise of decentralized finance (DeFi), smart contracts have become even more important to the entire industry. This is because they are required to build the protocols on which these decentralized applications (DApps) run on. As they have grown in popularity, smart contracts platforms like Ethereum and Solana have recorded great success with them.

Cardano has been working on bringing smart contracts to its network for a while and on September 12th, that dream became a reality with the final launch of the Alonzo Hard Fork Combinator (HFC). The arrival of smart contracts capability on the network was widely celebrated in the industry. But now, Founder Charles Hoskinson does not believe the term does justice to what Cardano actually does.

Related Reading | Why The Hydra Layer 2 Solution Is Important To The Cardano Network

The disagreement with the term smart contracts comes after a user pointed out that what Cardano does is actually very different from smart contracts. The user, @_KtorZ_, pointed out that the network deviates from what established smart contracts platforms do, referring to the network as “atypical.”

Cardano Does Not Have Smart Contracts

Hoskinson posted a tweet wherein he agreed with the user pointing out that the term smart contracts do not do justice to what the platform does. Instead agreeing that a new term is needed instead of smart contracts to describe the network’s capabilities. This new term which the founder had agreed with is programmable validators. Agreeing with the user who pointed it out, this term better describes Cardano’s programmability.

Related Reading | Cardano Founder Charles Hoskinson Says He Wants To Eliminate The Need For CEOs And Presidents

ADA price falls to $2.1 range | Source: ADUSD on TradingView.com

Explaining further, the user pointed out that unlike existing platforms like Ethereum and Solana, one could not just deploy a smart contract on Cardano. “Instead, validators are implicitly referred to by hashes prior to their use, and they are disclosed upon activation,” the user said. Meaning that the validators do not produce anything on the network. All they actually do is “just validate.”

In closing, KtorZ explained that the term “smart contracts” felt like an imprecise term. “I’d prefer more specific terms such as ‘on-chain validators’ and ‘off-chain code.’ If anything, ‘smart-validators’ sounds already much better to me,” they added.

Featured image from Coingape, chart from TradingView.com

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Soccer Craze NFT Platform Sorare Bags $680M

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Soccer Craze NFT Platform Sorare Bags $680M
  • Sorare NFT platform raises about $680 million in Series B alone 
  • The firm’s valuation now stands about $4.3 billion
  • Plans integrating more sports like baseball, American soccer into its NFT platform

Amidst the peaking up non-fungible token (NFT) market, the Sorare platform has its very own role to play. The blockchain based collectible digital assets firm, solely based on NFTs, the Sorare platform has a separate value share upon the overall NFT market. Such is its current valuation though. 

In spite of such profuse rise in its market, the Sorare platform bags about $680 million in the series B fundings alone. Also, the news has been announced officially on September 21. 

Moreover, the platform’s foremost financiers and investors upon this series B were, LionTree, SoftBank Vision Fund, IVP, HillHouse, Atomico and Bessemer Ventures. In addition, after the series B fundings, now the current value of the Sorare platform is to a whopping $4.3 billion. This accounts to the highest upon the NFT market. 

History of Sorare’s Surge

Besides, taking into account from the start of this year, the overall sales of digitized collectibles by the platform accounts to $150 million. Also, the total number of users on the platform is over 600,000 roughly.

Furthermore, the overall sales for the company has multiplied to about 54 times , comparing the March of 2020 and to the March of 2021. In addition, it’s evident that the profuse fundings catapulted the platform’s growth in a prolific way. 

The Official’s Views

The CEO of Sorare, Nicholas Julia states that they are indulging themselves in using the same strategy to other sports too. And so, in near future, the Sorare platform will contain collectibles of baseball, American football, and much more, he adds. 

On the other hand, the head of operations of Sorare, Thibaut Predhomme, utters that their firm plays a major role in establishing a connection between real sports and the collectibles NFTs and so they are extremely proud of it. 

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Mid-Cap Altcoins Hold Onto Highs Better Than Bitcoin (BTC)

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Picture of a standing bitcoin with two bitcoins lying on either side of it, with a black background

Bitcoin kicked off this week on the red, and the rest of the crypto market followed. In the top 10 cryptocurrencies by market cap, BTC and Ethereum are amongst the most resilient for the weekly chart.

In that time, the market has been hit by a succession of “buy the rumor, sell the news” events, and one major macro factor with the potential default of Chinese real state giant, Evergrande. Thus, the levels of uncertainty have been on the rise.

Related Reading | Did Bitcoin Really Experience A Flash Crash Down To $5,400?

In the middle of this storm impacting Bitcoin and other major cryptocurrencies, there is a select group that has managed to stay in the green. According to a recent report by Arcane Research, the assets that comprised their middle-cap altcoins index recorded some profits as the bearish trend unfolded.

For the 30 days chart, the Mid Cap Index comprised of cryptocurrencies such as Tezos, Algorand, and Avalanche showed small profits. These tokens have seen a massive rally during Q3, 2021, and were amongst the biggest losers during this week’s bearish trend, but they are still up 5% in the monthly chart, as seen below.

Source: Arcane Research

In opposition, Bitcoin records a 9% loss in the 30-day chart with similar losses for Ethereum, Cardano, Solana, Binance Coin, and other major cryptocurrencies. Smaller assets experienced the highest losses for this period with a 14% loss by September 21. Arcane Research noted:

As often happens during market turmoil, the Bitcoin dominance increases, as altcoins often act as high beta play on the crypto sector. The last week, bitcoin’s market share increased by 1.14% grabbing market share from the other big coins like ETH, ADA, and SOL.

Bitcoin Reacts To Macro Factors, What’s Next?

In a separate report, investment firm QCP Capital analyzed the bigger picture for Bitcoin and the crypto market. Although mid-caps preserved part of their gains in higher timeframes, they will most likely follow BTC’s price trajectory in the short term despite their fundamentals.

Related Reading | Bitcoin Holders Take Profits As Price Falls, Indicators Remain Bullish?

The first cryptocurrency by market cap faces September, a month that has historically been bearish for the asset, and potential complications from regulators in the U.S. and the performance on the Asia markets due to Evergrande.

As QCP Capital noted, tomorrow September 22, will be crucial to determine the trend in the short term. Bitcoin must hold the $40,200 support in case of more downside pressure when the market re-open after a long weekend.

Related Reading | New To Bitcoin? Learn To Trade Crypto With The NewsBTC Trading Course

The firm expect some government intervention to rescue the real estate company. This could result in the best-case scenario for Bitcoin and the crypto market, but there is a lot of fear and uncertainty about China’s approach. QCP Capital said:

(…) the lack of guidance so far from Chinese regulators is scaring the market. The fear here is that President Xi could allow. Evergrande to fail as an example to the other real estate players ahead of the 100th anniversary of Chinese Communist Party (CCP) in 2022. He has already taken draconian steps with Big Tech and Education. At this point, the market has already priced in Evergrande’s equity as worthless (…).

At the time of writing, Bitcoin trades at $42,814 with a 2.6% loss in the daily chart.

Bitcoin BTC BTCUSD
BTC with small losses in the daily chart. Source: BTCUSD Tradingview
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Turkey President Says ‘No’ to Crypto!

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Turkey President Says ‘No’ to Crypto!
  • Turkey President Erdogan terms the nation is against cryptocurrency
  • Former Prime minister states crypto leads to grievances 
  • Turkey plans to restrict crypto and initiate new regulations upon it

Turkey being a country full of promises, however is not so fair when it comes to its crypto industry. Besides being a well developed nation of the Ottomans, Turkey seems to avoid cryptocurrencies since long back. 

Furthermore, the interview took place in Mersin port city of Southern Turkey, which was actually a program for the youth, ‘Meeting with Youth’. This program saw students from various universities across the country in a meeting with the President and other higher officials of the nation. 

Besides the president being bombarded with numerous questions, one student asked the President regarding  the future of cryptocurrency in Turkey. This question is in contradiction as true to the fact that the Central Bank of Turkey  launched the Lira platform, for cryptocurrency of its own. In spite of this, the President and the officials gave their views evidently to surprise. 

The President’s Statements

Accordingly, the President of Turkey, Reccep Tayyip Erdogan expresses that the whole nation is against crypto and in a profuse war with it for a long time. 

Also, he adds the nation is in a complete struggle with the crypto industry. Moreover, such an abrupt answer gave all the students a thrill as they expected quite a different answer from the President.

Furthermore, the President took upon the former prime minister and deputy chairman of the Justice and Development party, Binali Yildirim to comment his opinions on cryptocurrency.

In spite of this, Binali Yildirim states that the crypto industry is nothing but full of grievances and bad remarks. Also, he adds that the crypto industry of the nation has to be controlled adversely. 

In addition, he points out various instances when various fraud and scams upon the crypto exchanges took place. This contradicts the scams of crypto exchanges of Turkey such as the Thodex and Vebitcoin, and both these exchanges are shut down now.

Also, he pointed out the Dogecoin (DOGE) investment scam, which led to the loss of assets of  nearly 1500 investors.

Moreover, he states the government has to take certain actions and decisions upon the crypto industry. Accordingly, it’s already known that the Turkish government is in preparation and development of its rules and regulations for the crypto industry.  

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Binance Smart Chain (BSC) Based Crypto-Alitas (ALT) Upsurges 120% in a Week

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Binance Smart Chain (BSC) Based Crypto-Alitas (ALT) Upsurges 120% in a Week
  • Binance Smart Chain is a blockchain technology that Binance has created.
  • Consider BSC as a supplementary network to BC.

Volatility spiked in the last 24 hours, causing popular cryptocurrencies to plummet. The majority of altcoins collapsed owing to market weakness. Still, BSC Alitas has risen 120% in the last seven days.

Binance Smart Chain (BSC) is a blockchain technology that Binance has created. BSC, intended to enable decentralized trading, Dapp development, blockchain interoperability, smart contracts, and other DeFi products.

BSC is a dual-chain system that enables several DeFi features. Thus include asset exchanges across blockchains and complete smart contract support. Consider BSC as a supplementary network to BC.

Its complete programmability and interoperability with the Ethereum Virtual Machine —EVM— makes BSC an appealing option for developers. This enables developers to convert ETH to BSC. BSC can use Ethereum’s tools and Dapps, like MetaMask, by implementing the EVM.

TPS Can Reach 30,000+ Per Second

Alitas committed to providing trustworthy network protocols to customers worldwide with an efficient, simple, secure, and dependable development and deployment environment. In the design, no conventional chain structure was involved.

The “Tolerance Algorithm” and “Star Drop” effects, technically pioneered. The “Star Drop effect” significantly enhances the random characteristic of the node’s legal reference and achieves the high security of transaction privacy.

Tolerance replaces consensus to solve data consistency. Moreover, the original Alitas framework allows for complete decentralization. Furthermore, like the star drop, randomness adds nodes to verify the transaction providing high transaction privacy security.

The blocks are organized using the Alitas structure. Moreover, with its Alitas architecture, TPS can reach 30,000+ per second while achieving complete decentralization. Thus, breaking the consensus mechanism performance bottleneck. According to CoinMarketCap, Alitas price today is $7.87 USD with a 24-hour trading volume of $3,483,429 USD.

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Astro Crypto: Summer Bitcoin Slump Could Bring Bountiful Fall Harvest

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bitcoin harvest full moon astro crypto

The stars are older than all of us, and older than history itself. Yet bring up astrology with the Bitcoin crowd, and for the most part the response is skepticism or even mockery. Both the study and the cryptocurrency itself share several similarities, such as a mathematical foundation, cyclical behaviors, and unusual financial applications.

If you are the type to believe, or are just curious, a notable full moon is passing, leading into the autumnal equinox tomorrow. How might this seasonal shift impact the cryptocurrency market trend, and how does math apply to what many believe to be pure myth?

September Harvest Moon Could Bring Bounty For Hard Summer Work

Planets all revolve around the sun. Their position at the time each person is born and there forth is believed to instill certain influences at distinct moments. Depending on the rotation and layout of the planets, it can have all kinds of seasonal impacts. The Farmer’s Almanac uses such cycles to predict how much snow each winter holds, for example.

Certain conjunctions are said to bring about famine, drought, or worse. For example, historians believe that a a triple conjunction of Saturn, Jupiter and Mars caused the Black Death plague.

Related Reading | Interview: Crypto Damus On Successfully Combining Bitcoin TA With Financial Astrology

The late WD Gann used planetary influences along with math to predict tops and bottoms with “legendary” precision. He taught no one his tricks, but left all kinds of bizarre mathematical tools behind that few know how to take advantage of.

So how does this all impact Bitcoin?

The Harvest full moon hasn't appeared on the chart yet its so fresh | Source: BTCUSD on TradingView.com

The new moon and full moon chart alone shows significant correlation with Bitcoin price action. Just last night as BTC plunged near $40,000, the full Harvest moon and last full moon of the summer was passing. The moon was named for the fact that farmers used the moon’s light to work late into the night on annual harvests ahead of colder months.

It has been a long, arduous summer for crypto holders, but this moon could be a sign that its time to reap the fruit of one’s labors as the autumn equinox hits.

Could The Fall And Golden Ratio Be The Key To The Next Bitcoin Peak?

The equinox signals change is coming. Change in the season; change in the way humans behave based on those seasons. Seasonality in finance is real, hence the phrase “sell in May, and go away.” The opposite idea is called the Halloween Effect, where investors buy up assets big time to sell around the holidays when enthusiasm is highest.

Seasonality and equinoxes don’t always work with the first ever cryptocurrency, but when combined with the power of the Harvest full moon and other favorable mathematical positioning, there is a recipe for something special.

BTCUSD_2021-09-21_11-17-42

After holding above the golden ratio, the final leg up comes in the autumn | Source: BTCUSD on TradingView.com

Each final leg up in each Bitcoin bull run has begun at the autumnal equinox, driving to new all-time highs until the winter equinox arrives. Since fall arrives each year, but the same effect doesn’t occur, the necessary ingredient for liftoff is a pullback to the golden ratio.

Related Reading | Mercury in Retrograde: Why Bitcoin Traders Fear The Astrological Event

Bitcoin price has always retraced back to the golden ratio, before blasting off to the end of the cycle. Below it has never been filled no matter the cycle. If the same scenario plays out, anyone that has survived the summer’s bearish heat, will have a very happy holiday season.

To be fully clear, everything written here is pure conjecture based on correlation and past cycles and performance. These aren’t a guarantee of future results. But when the math adds up and Fibonacci is everywhere in nature, why wouldn’t the sum of the full moon, autumnal equinox, and Bitcoin be something very interesting.

In closing, we’ll leave you with the JP Morgan quote:

Millionaires don’t use Astrology, billionaires do.

Follow @TonySpilotroBTC on Twitter or via the TonyTradesBTC Telegram. Content is educational and should not be considered investment advice.

Featured image from iStockPhoto, Charts from TradingView.com

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Bitcoin

XRP Prices Heads Into a Down Trend, Users Decline 8.15% in 11 Days

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XRP Prices Heads Into a Down Trend, Users Decline 8.15% in 11 Days
  • The US indices had their worst day since October.
  • The current RSI level is far from the oversold zone.

The XRP price is falling along with the crypto market this morning as a global risk-off hits markets. Ripple (XRP) is down 12% in early Asian trade.

For now, the 200-day moving average of $0.8804 is preventing a more severe decline. In the last 48 hours, cryptocurrencies have collapsed alongside Chinese equities as Evergrande, the country’s second-largest property collapses. The US indices had their worst day since October.

Bitcoin (BTC/USD) recently fell below the 200-day moving average at $41,823, further souring sentiment. The price of Ripple then briefly reached the 200 DMA at $0.8841. However, BTC has recovered $2,500 from the $40,255 low, assisting XRP in doing the same. Although still, this could impact the Ripple price.

Greedy Investors Drove XRP

However, if Bitcoin buyers emerge, the Ripple price should rise. If XRP closes above the 200-day moving average, a reversal may be underway. Until XRP clears the 100 DMA at $98.24 and trend resistance at $1.2000, it is cautious. XRP must rise above $1.2000 to be considered bullish.

Greedy investors drove XRP to a swing high of $1.41, far above the $1.35 swing high of August 15. The RSI formed a lower low during the August 15 and September 6 peaks, resulting in a bearish divergence. This barrier has been in use since early April. If this level is broken, any short-term buying pressure will be unable to reclaim it.

Also, the current RSI level is far from the oversold zone, indicating that the remittance coin has not yet bottomed. By the end of the first week of September, there were 31,316 daily active addresses. As XRP falls, so does the number of investors using the Ripple blockchain.

This metric hit a low of 28,761 on September 17, falling 8.15 percent in 11 days. As a result of the market participants’ lack of interest in the future of XRP, the price is likely to slip, leading to a downtrend. According to CoinMarketCap, XRP price today is $0.940204 USD with a 24-hour trading volume of $4,667,042,291 USD.

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Bitcoin

Despite Dips, Bitcoin Exchange Reserves Reach Lowest Values Since 2018

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Bitcoin

On-chain data shows Bitcoin exchange reserves continue to decline despite the recent dips, as values reach lowest since 2018.

Bitcoin Exchange Reserves Continue To Go Down

As pointed out by a CryptoQuant post, the BTC all exchanges reserve is moving down despite the recent downtrend in the price of the cryptocurrency.

The Bitcoin all exchanges reserve is an indicator that shows the total amount of coins held on all centralized exchange wallets. A dip in the value of the metric suggests investors are transferring their BTC to personal wallets, either for holding or for selling through OTC deals.

On the contrary, an increase in the indicator implies investors are sending their coins to exchanges for withdrawing to fiat and stablecoins, or for purchasing altcoins.

Here is a chart showing how the Bitcoin exchange reserve has changed over the years:

The exchange reserve continues to decline

As you can see from the above graph, the BTC all exchanges reserve has hit lows not seen since 2018. Usually, during periods of big price swings, the indicator’s value shows a spike as investors look to shift their positions in the market.

Related Reading | Bitcoin Holders Take Profits As Price Falls, Indicators Remain Bullish? 

However, despite the recent dips, the metric has only been trending downward. What’s the reason behind this? Well, one possible scenario could be that there are now more long-term holders in the market that are waiting for the price to appreciate further before they make any moves.

A downtrend in the exchange reserve is often a bullish indicator as it shows buyers are accumulating Bitcoin, while an uptrend could lead to crashes in the crypto.

Below is another chart that shows the BTC netflow indicator over the last couple of days.

Bitcoin Netflow

Looks like the Bitcoin netflow showed a huge negative spike yesterday

The netflow indicator measures the net number of coins exiting or entering exchanges. As is apparent from the above graph, the metric had a big negative spike yesterday, which implies a large amount of BTC was pulled off exchanges.

Related Reading | Did Turkey’s President Say “We Are In A War Against Bitcoin”? An Investigation

BTC Price

Yesterday, Bitcoin’s price crashed down to $40k after peaking just below $49k a few days back. But the price has since jumped back a bit as it floats around $43k at the time of writing. The crypto is down 7% in the last 7 days, while over the past 30 days, the value is 11% less.

Here is a chart showing the trend in the price of the coin over the last five days:

Bitcoin Price Chart

BTC's price crashes down to $40k, but quickly recovers back up a little | Source: BTCUSD on TradingView
Featured image from Unsplash.com, charts from TradingView.com, CryptoQuant
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