Analysis
Gold vs BTC correlation signals Bitcoin becoming safe haven: BofA
Despite the ongoing cryptocurrency bear market, investors have been increasingly looking at Bitcoin (BTC) as a safe haven, a new study suggests. The rise in the correlation between Bitcoin and gold (XAU) is one of the major indicators demonstrating investors’ confidence in BTC amid the ongoing economic downturn, according to digital strategists at the Bank of America. Bitcoin’s correlation with gold — which is commonly viewed as an inflation hedge — has been on the rise this year, hitting its highest yearly levels in early October. The growing correlation trend started on Sept. 5 after remaining close to zero from June 2021 and turning negative in March 2022, BofA strategists Alkesh Shah and Andrew Moss said in the report. “Bitcoin is a fixed-supply asset that may eventually become an infl...
Celsius users concerned over personal info revealed in bankruptcy case
Crypto lending platform Celsius filed for Chapter 11 bankruptcy on July 13, 2022. Although the Celsius case involves digital assets, it remains subject to United States Bankruptcy Code under the Bankruptcy Court for the Southern District of New York. While this may be, a series of unusual events have ensued since Celsius filed for bankruptcy. For instance, Chief United States Bankruptcy Judge Martin Glenn — the judge overseeing the Celsius case — stated on Oct. 17 that the court will look abroad for guidance. Glenn specifically mentioned that “Legal principles that are applicable in the United Kingdom are not binding on courts in the United States,” yet he noted that these “may be persuasive in addressing legal issues that may arise in this case.” While the treatment of the Celsius c...
Web3 projects focus on education to bring Latin American women to the sector
Interest in Web3 continues to grow despite the crypto bear market. A recent article from McKinsey noted that venture capital investments in Web3 exceeded $18 billion during the first half of 2022. Findings from Cointelegraph Research also show that Web3 attracted the most interest from venture capitalists in comparison to other blockchain sectors during Q2 of this year. While notable, a lack of diversity has become apparent within the Web3 sector. For instance, it was found that only 16% of nonfungible token (NFT) creators are women. Although this number is low, women are taking an interest in owning digital assets. Given this, industry experts believe that a lack of education around Web3 is creating a barrier to entry for women, especially for those who are from underrepresented reg...
How Much Are Loretta Lynn’s Royalties Worth?
Loretta Lynn, who died Tuesday at 90, has long been one of country music’s queens, with 16 No. 1s and 51 top 10s on Billboard‘s Hot Country Songs chart throughout her six-decade long career. All told, the singer and songwriter’s catalog — best known now for “Coal Miner’s Daughter,” “You Ain’t Woman Enough (To Take My Man)” and “Don’t Come Home a Drinkin’ (With Lovin’ on Your Mind)” — generates about $1.62 million annually, according to a Billboard estimate. Lynn’s recordings — which are largely owned by Universal Music Group through deals she struck with Decca and MCA, before leaving to work with a variety of labels in the 1990s and onward — generated about $1.18 million in revenue last year, based on Billboard’s estimates. Those recordings bring in about $440,000 in publishing revenue. Am...
Streaming Is Growing — Just Not Like It Used To: 5 Takeaways From the RIAA Mid-Year Report
The music subscription market, the driving force behind the U.S. recorded music industry’s six-year growth streak, posted another gain in the first half of 2022, according to RIAA midyear figures released Wednesday (Sept. 21). But revenue from paid services such as Spotify, Apple Music and YouTube Music have slowed from earlier break-neck paces. After rising at double-digit growth rates in recent years, subscription revenue grew by only 9.4% in the first half of 2022, down from 11.3% at the mid-point of 2021 and 13.7% at the mid-point of 2020. The $387.6 million increase, to $4.5 billion, was less than half of the $823.5 million reported a year earlier, a period in which streaming services surged during the early pandemic’s lock-down periods and strict restrictions. Still, subscription rev...
Ethereum miners dump 30K ETH, stonewalling ‘ultra sound money’ deflation narrative
Ethereum’s switch to proof-of-stake (PoS) on Sept. 15 failed to extend Ether’s (ETH) upside momentum as ETH miners added sell pressure to the market. On the daily chart, ETH price declined from around $1,650 on Sept. 15 to around $1,350 on Sept. 20, an almost 16% drop. The ETH/USD pair dropped in sync with other top cryptocurrencies, including Bitcoin (BTC), amid worries about higher Federal Reserve rate hikes. ETH/USD daily price chart. Source: TradingView Ethereum remains inflationary The Ether price drop on Sept. 15 also coincided with an increase in ETH supply, albeit not immediately post-Merge. $ETH is now Ultra Sound Money pic.twitter.com/fKz6VmoWdR — DavidHoffman.eth (@TrustlessState) September 15, 2022 Roughly 24 hours later, the supply change flipped positi...
Can YouTube Catch Spotify to Become Music’s Top Royalty Stream?
Spotify is the king of music streaming — but its lead is dwindling. YouTube generated over $6 billion to the music industry in the 12 months ended June 2022, the company announced Tuesday (Sept. 13). That was a 50% increase from the last figure YouTube reported, $4 billion over a 12-month period, in June 2020. Reaching the $6 billion milestone raises the question of when — if at all — YouTube might surpass Spotify in terms of value to rights holders and creators. “We want our twin engine of ads and subscriptions to be the #1 contributor of revenue to the industry by 2025,” wrote Lyor Cohen, YouTube’s global head of music, in a blog post on Tuesday. That won’t be easy, but it isn’t impossible. Consider how fast YouTube has grown since Cohen joined the company from Warner Music Group (where ...
Bitcoin analyst who called 2018 bottom warns ‘bad winter’ may see $10K BTC
Bitcoin (BTC) could dive another 50% from current levels if the upcoming winter proves a major test for Europe. That was the conclusion of a veteran crypto market analyst this week, with BTC/USD failing to reclaim $20,000 support. In an interview with Cointelegraph, Filbfilb, creator of trading suite Decentrader, forecast a potential BTC price bottom coming in at as low $10,000 in 2022. As the European energy crisis intensifies, risk assets face a major test, he believes, and the extent to which crypto suffers depends considerably on how diplomacy can win out to avert a major emergency into 2023. The figures are not just pie in the sky; at the height of the last halving cycle’s bear market in 2018, Filbfilb perfectly timed the market bottom as BTC/USD put in a floor of $3,100. Cointe...
Publishers, Streamers Reach Deal for Highest Streaming Royalty Rate Ever: Here’s How It Works
Songwriter and publisher U.S. mechanical streaming royalty rates are going up — slowly — to a headline rate of 15.35% of total revenue from 2023-2027. That’s the big news out of Wednesday’s (Aug. 31) joint announcement on the “Phonorecords IV” settlement from the National Music Publishers’ Association (NMPA), the Nashville Songwriters Associations International and the Digital Media Association (DiMA). But how long will it take to get there and at what pace? What are the other conditions? Billboard now has more more key details about the deal. Under the new settlement agreement — which the NMPA touts will set the “highest royalty rate in the history of streaming anywhere” — the headline rate will escalate from 15.1% of revenue in 2023 to 15.2% in 2024 and then a half a percentage point inc...
Ethereum advances with standards for smart contract security audits
The Ethereum ecosystem continues to witness a flurry of activity that has individuals and organizations deploying token contracts, adding liquidity to pools and deploying smart contracts to support a wide range of business models. While notable, this growth has also been riddled with security exploits, leaving decentralized finance (DeFi) protocols vulnerable to hacks and scams. For instance, recent findings from crypto intelligence firm Chainalysis show that crypto-related hacks have increased by 58.3% from the beginning of the year through July 2022. The report further notes that $1.9 billion has been lost to hacks during this timeframe — a figure that doesn’t include the $190 million Nomad bridge hack that occurred on August 1, 2022. Although open source code may be beneficial for...
Bitcoin price dives pre-FOMC amid warning $17.6K low was not the bottom
Bitcoin (BTC) dropped to weekly lows at the Aug. 17 Wall Street open as upcoming Federal Reserve comments unsettled risk assets. BTC/USD 1-hour candle chart (Bitstamp). Source: TradingView Dollar climbs as Fed minutes due Data from Cointelegraph Markets Pro and TradingView tracked a more than 2% daily decline in BTC/USD, which hit $23,325 on Bitstamp. Already showing signs of weakness, the pair slid further as United States equities began trading, hours before the Federal Open Markets Committee (FOMC) was due to release minutes from its latest meeting. While not involving a decision on interest rates, the meeting was cued to give an insight into the Fed’s thinking in terms of the next rate tweak due in September. “The important event tonight with the FOMC minutes, through which information...
Bitcoin hits $25K as bearish voices call BTC price ‘double top’
Bitcoin (BTC) spiked through $25,000 for the first time in months on Aug. 14, but traders refused to take any chances on a bull run. BTC/USD 1-hour candle chart (Bitstamp). Source: TradingView Weekend produces brief $25,000 tap for BTC Data from Cointelegraph Markets Pro and TradingView tracked a sudden run-up on BTC/USD, which hit $25,050 on Bitstamp in a $350 hourly candle. The move took the pair to a new personal best since June 13, erasing more of the losses seen that day in what remains a significant BTC price correction. Analyzing the market setup, however, familiar bearish tones remained. For popular Twitter account Il Capo of Crypto, the latest highs appeared to provide the last piece of the puzzle before a new downtrend set in. Il Capo had previously called for a peak o...
