Sawasdee ka/krap, crypto enthusiasts, from sunny Thailand! While my vacation winds down, another MNO tradition gears up – it’s Weekly CryptoNews Digest time! Launched back in 2007, MNO has been navigating the twists and turns of the HYIP industry and beyond, and today, on this fine Monday, we delve into the past week’s most impactful crypto happenings. Buckle up, and let’s explore!

Calling all crypto explorers, from seasoned veterans to curious newcomers! Your weekly update of crypto news is here, packed with the hottest updates, insightful analysis, and hidden gems to keep you ahead of the curve.

Whether you’re a market master or just dipping your toe in, this digest is your one-stop shop for navigating the ever-evolving crypto landscape. Remember, knowledge is power in this dynamic world, so grab your favorite brew, settle in, and get ready to unlock the latest crypto secrets!

Before getting into the specifics of what the crypto industry brought us to talk about last week I should remind you that I’m still available to answer all your questions. The best way of contacting me is live chat via Telegram @mnoblog. You may also submit your query using this contact form or just email me directly at abramsonp@gmail.com I always look forward to hearing from you and still encourage you to share your vote on the MNO TalkBack page in the last poll, so we could draw the final results in a few weeks time.

Remember that later this year I plan to replace HYIPs with other money-making opportunities that my readers can utilize to actually make a passive income from with no risk whatsoever. So, if you don’t want to miss some great paying websites that will actually make you some profits then the only way you ensure you will hear of them first is to follow MNO on Telegram, Facebook, or X/Twitter.

By doing so you will be updated when anything worthwhile happens in the industry that will help you earn a discretionary income. And if you wish to receive the blog articles directly to your email address you can submit and confirm it on this page and join the thousands of subscribers I have already.

And now it’s time to rewind and recap the crypto headlines that grabbed us from February 5th to 11th, 2024! Dive into this week’s MNO Weekly CryptoNews Digest and get the lowdown on all the market movers, industry rumblings, and must-know updates. Let’s get started!

BITCOIN GAINS OVER THE CHINESE LUNAR NEW YEAR

Bitcoin gained 10% over the past week, fueled by the momentum surrounding the Lunar New Year, which began on February 10th. This price increase aligns with a historical trend of Bitcoin experiencing positive gains during this festive period. Here’s a breakdown of the news:

Key Points:
– Price Increase: Bitcoin climbed 10% over the week, surpassing the $47,000 mark.
– Historical Trend: Over the past 9 years, Bitcoin has seen an average 11% surge during the Lunar New Year period, starting 3 days before and lasting 10 days after the New Year.
– Possible Reasons: Increased trading activity in Asia during the holidays, cultural associations with prosperity and wealth, and the “Year of the Dragon” symbolism, which is considered auspicious in Chinese culture, are all possible contributing factors.
– Future Predictions: Some analysts, like Markus Thielen of 10X Research, predict a further rise to $48,000 in the short term based on historical trends and technical analysis.

While past performance is not necessarily indicative of future results, the historical trend and current momentum suggest Bitcoin could see continued price increases in the coming days. However, it’s crucial to remember that the cryptocurrency market is volatile and susceptible to sudden changes.

SOLANA SUFFERS SEVERE OUTAGE LAST WEEK

Solana hiccuped last week, experiencing a 5-hour outage caused by a known bug. While short compared to past issues, it reignited concerns about network stability. Despite the dip, Solana recovered quickly, showcasing progress and community support. Here are some more details about the event:

Details of the Outage:
– Date: February 6th, 2024
– Duration: Approximately 5 hours
– Cause: Performance degradation due to a previously identified bug

Impact:
– Network: Block production halted, transactions couldn’t be processed.
– Price: SOL token price dipped around 4% but recovered quickly.
– Sentiment: Renewed concerns about Solana’s network reliability.

Key Points to Consider:
– This was Solana’s first major outage in nearly a year, marking significant progress in their stability compared to 2022.
– The outage was relatively short compared to previous incidents, minimizing disruption.
– While the bug was identified beforehand, it highlights the ongoing challenges in ensuring blockchain network stability.
– Despite the outage, Solana’s resilience and community support helped the network recover quickly.

MONERO TO BE DELISTED FROM BINANCE

Monero‘s upcoming delisting from Binance on February 20th, 2024, is a significant event for the privacy coin and the cryptocurrency market in general. Here’s a quick update:

Key Points:
– Delisting Date: February 20th, 2024
– Reason: Binance cited a lack of adherence to their evolving standards, potentially related to regulatory pressure and Monero’s anonymous transactions.

Impact:
– Price: Monero’s price initially dropped by around 30%, but has since recovered somewhat.
– Availability: Users can still withdraw their Monero from Binance until May 20th, but trading will cease.
– Privacy concerns: This move raises concerns about the future of privacy coins and potential regulatory pressure.

Additional details:
– This follows a similar delisting by OKX in January 2024.
– Other exchanges like Kraken and KuCoin still offer Monero trading.
– The long-term impact on Monero’s adoption and value remains to be seen.

ALLEGED BITCOIN INVENTOR DENIES ACCUSATIONS

The ongoing legal battle surrounding Craig Wright‘s claim to be Satoshi Nakamoto, the pseudonymous creator of Bitcoin, took a fascinating turn in a London court recently. Here are the key details:

Accusation:
– The Crypto Open Patent Alliance (COPA), a non-profit group with cryptocurrency firms, accuses Wright of forging documents to support his claim of being Satoshi Nakamoto.
– They allege he fabricated emails, source code, and other materials to back up his story.

Wright’s Denial:
– Under oath, Wright denied forging any documents.
– He claims that others, like deceased former associate Dave Kleiman, fabricated evidence to frame him.
– He couldn’t definitively validate the authenticity of some disputed documents, including an email.

Key Points:
– This trial is just one part of a complex legal landscape surrounding the identity of Satoshi Nakamoto.
– Wright has made similar claims before, facing skepticism from the cryptocurrency community.
– Experts have questioned the authenticity of some documents he presented as evidence.
– The ongoing court proceedings aim to determine the ownership of billions of dollars worth of Bitcoin.

Additional details:
– The trial involves complex questions about digital forensics, cryptocurrency history, and legal jurisdiction.
– Wright’s defense hinges on establishing the authenticity of disputed documents.
– The outcome could have significant implications for the cryptocurrency industry and Bitcoin’s ownership.

BRITISH COLUMBIA UPHOLDS CRYPTO MINING BAN

A Canadian court has upheld a provincial ban on new crypto-mining operations accessing the power grid, citing concerns about their energy demands and environmental impact, dealing a blow to the industry in British Columbia.

Here are the key details about the British Columbia Supreme Court’s decision on the moratorium on crypto-mining:

Date: February 5, 2024
Court: British Columbia Supreme Court
Ruling: The court upheld the provincial government’s 18-month moratorium on new crypto-mining operations accessing the power grid.

Background:
– In December 2022, the British Columbia government implemented the moratorium due to concerns about the increasing energy demands of crypto-mining operations and their impact on the province’s electricity grid and affordability.
– Conifex Timber, a forestry company that had partnered with a First Nation community to plan a crypto-mining project, challenged the moratorium in court.

Key Points:
– The court ruled that the moratorium is reasonable and not discriminatory.
– It acknowledged the unique energy demands of crypto-mining and the need to balance economic development with environmental and social concerns.
– The court also recognized that the government acted within its legal authority by issuing an Order in Council directing the provincial power utility to implement the moratorium.

Implications:
– This ruling is a significant setback for the crypto-mining industry in British Columbia.
– It sends a message to other provinces and countries that are considering similar regulations.
– The moratorium is expected to remain in place until June 28, 2024.

CHINESE CRYPTO MINERS FOUNDED A NEW HUB IN ETHIOPIA

Displaced by China’s crackdown, Chinese Bitcoin miners establish a new hub in Ethiopia, drawn by affordable hydropower and friendly relations, sparking concerns about energy sustainability and regulatory uncertainties.

The Situation:
– Chinese Bitcoin miners, displaced by their government’s crackdown, are finding a new home in Ethiopia.
– Ethiopia’s cheap electricity, generated by the Grand Ethiopian Renaissance Dam, and friendly relations with China make it an attractive destination.
– Cargo containers housing mining rigs have been spotted near the dam, signaling a significant influx.

Motivations:
– China banned Bitcoin mining in 2021, forcing miners to relocate.
– Ethiopia offers competitive electricity costs, some of the world’s lowest.
– The Ethiopian government is receptive to Bitcoin mining, unlike other countries implementing restrictions.
– China has invested heavily in infrastructure projects in Ethiopia, strengthening their relationship.

Concerns:
– Energy consumption: Bitcoin mining is energy-intensive, raising concerns about putting further strain on Ethiopia’s already limited grid.
– Sustainability: Critics question the environmental impact of increased mining activity.
– Regulation: Long-term stability could be jeopardized if Ethiopia changes its stance on mining.

Uncertainties:
– The full extent of the mining migration and its long-term impact on Ethiopia remain unclear.
– Regulatory changes or energy shortages could disrupt the operations.
– Whether this trend benefits Ethiopia’s development and local communities needs to be monitored.

With that, we wrap up another edition of the MNO Weekly CryptoNews Digest! A huge thank you to everyone who subscribed, commented, and participated in discussions. Your active involvement is the lifeblood of this blog, and I deeply appreciate your support. See you next week for another dive into the exciting world of cryptocurrency!

While my Thai adventure winds down and I prepare for my flight back to London in a few days, don’t fret, crypto enthusiasts! I’ll be back next Monday with another insightful blog post on MNO, keeping you up-to-date on the ever-evolving world of cryptocurrency. Stay tuned! MNO – For Money Lovers!