Read enough about Bitcoin, and you’ll inevitably come across people who refer to the cryptocurrency as a religion. Bloomberg’s Lorcan Roche Kelly called Bitcoin “the first true religion of the 21st century.” Bitcoin promoter Hass McCook has taken to calling himself “The Friar” and wrote a series of Medium pieces comparing Bitcoin to a religion. There is a Church of Bitcoin, founded in 2017, that explicitly calls legendary Bitcoin creator Satoshi Nakamoto its “prophet.” In Austin, Texas, there are billboards with slogans like “Crypto Is Real” that weirdly mirror the ubiquitous billboards about Jesus found on Texas highways. Like many religions, Bitcoin even has dietary restrictions associated with it. Religion’s dirty secret So does Bitcoin’s having prophets, evangelists and dietary laws make it a religion or not? Get your news from people who know what they’re talking about. As a scholar of religion, I think this is the wrong question to ask. The dirty secret of religious studies is that there is no universal definition of what religion is. Traditions such as Christianity, Islam and Buddhism certainly exist and have similarities, but the idea that these are all examples of religion is relatively new. The word “religion” as it’s used today – a vague category that includes certain cultural ideas and practices related to God, the afterlife or morality – arose in Europe around the 16th century. Before this, many Europeans understood that there were only three types of people in the world: Christians, Jews and heathens. This model shifted after the Protestant Reformation when a long series of wars began between Catholics and Protestants. These became known as “wars of religion,” and religion became a way of talking about differences between Christians. At the same time, Europeans were encountering other cultures through exploration and colonialism. Some of the traditions they encountered shared certain similarities to Christianity and were also deemed religions. Non-European languages have historically not had a direct equivalent to the word “religion.” What has counted as religion has changed over the centuries, and there are always political interests at stake in determining whether or not something is a religion. As religion scholar Russell McCutcheon argues, “The interesting thing to study, then, is not what religion is or is not, but ‘the making of it’ process itself – whether that manufacturing activity takes place in a courtroom or is a claim made by a group about their own behaviors and institutions.” Critics highlight irrationality With this in mind, why would anyone claim that Bitcoin is a religion? Some commentators seem to be making this claim to steer investors away from Bitcoin. Emerging market fund manager Mark Mobius, in an attempt to tamp down enthusiasm about cryptocurrency, said that “crypto is a religion, not an investment.” His statement, however, is an example of a false dichotomy fallacy, or the assumption that if something is one thing, it cannot be another. There is no reason that a religion cannot also be an investment, a political system or nearly anything else. Mobius’ point, though, is that “religion,” like cryptocurrency, is irrational. This criticism of religion has been around since the Enlightenment, when Voltaire wrote, “Nothing can be more contrary to religion and the clergy than reason and common sense.” In this case, labeling Bitcoin a “religion” suggests that bitcoin investors are fanatics and not making rational choices. Bitcoin as good and wholesome On the other hand, some Bitcoin proponents have leaned into the religion label. McCook’s articles use the language of religion to highlight certain aspects of Bitcoin culture and to normalize them. For example, “stacking sats” – the practice of regularly buying small fractions of bitcoins – sounds weird. But McCook refers to this practice as a religious ritual, and more specifically as “tithing.” Many churches practice tithing, in which members make regular donations to support their church. So this comparison makes sat stacking seem more familiar. While for some people religion may be associated with the irrational, it is also associated with what religion scholar Doug Cowan calls “the good, moral and decent fallacy.” That is, some people often assume if something is really a religion, it must represent something good. People who “stack sats” might sound weird. But people who “tithe” could sound principled and wholesome. Hands emerging from clouds holding a bitcoin token. Associating Bitcoin with religion could add a sheen of morality. Takoyaki Tech/Getty Images Using religion as a framework For religion scholars, categorizing something as a religion can pave the way for new insights. As religion scholar J.Z. Smith writes, “‘Religion’ is not a native term; it is created by scholars for their intellectual purposes and therefore is theirs to define.” For Smith, categorizing certain traditions or cultural institutions as religions creates a comparative framework that will hopefully result in some new understanding. With this in mind, comparing Bitcoin to a tradition like Christianity may cause people to notice things that they didn’t before. For example, many religions were founded by charismatic leaders. Charismatic authority does not come from any government office or tradition but solely from the relationship between a leader and their followers. Charismatic leaders are seen by their followers as superhuman or at least extraordinary. Because this relationship is precarious, leaders often remain aloof to keep followers from seeing them as ordinary human beings. Several commentators have noted that Bitcoin inventor Satoshi Nakamoto resembles a sort of prophet. Nakamoto’s true identity – or whether Nakamoto is actually a team of people – remains a mystery. But the intrigue surrounding this figure is a source of charisma with consequences for bitcoin’s economic value. Many who invest in bitcoin do so in part because they regard Nakamoto as a genius and an economic rebel. In Budapest, artists even erected a bronze statue as a tribute to Nakamoto. Bust with gold face wearing a hooded sweatshirt. A bust of Satoshi Nakamoto in Budapest, Hungary. Fekist/Wikimedia Commons, CC BY-SA There’s also a connection between Bitcoin and millennialism, or the belief in a coming collective

  Earlier in February, Indian Finance Minister Nirmala Sitharaman announced a tax proposal that would bring the relatively unregulated digital asset space under the purview of tax authorities. The proposal includes a 30% income tax on crypto returns and a 1% tax deducted at source (TDS) by crypto exchanges on transactions above 10,000 Indian rupees ($133). The announcement came during the parliamentary budget session for 2022, and the government has already set April 1 as a deadline for crypto exchanges to comply with the new tax regulations. The introduction of the crypto tax was widely misreported as a form of legal recognition of cryptocurrencies in India — a notion that was debunked by the head of the country’s Central Board of Direct Taxes.  Sitharaman repeated a similar stance to Parliament a few days later, claiming that the government will only tax the profits from digital assets and in no way give them legal recognition. The legality of the crypto market will be decided later after appropriate legislation is introduced in Parliament. 30% crypto tax would do more harm than good The 30% crypto tax bracket is the highest in the country and nearly double the corporate tax rate of 16%. The announcement saw a mixed reaction from the crypto community in India, with exchanges calling it a welcome step toward some level of recognition of the unregulated crypto market, while many crypto traders called it regressive. Representatives of Indian crypto exchanges met senior policymakers from the Ministry of Finance to appeal to the government, asking it to reconsider the proposed tax rules. According to The Economic Times, industry leaders tried to explain that a 1% TDS could deter small traders and also lead to assets shifting to foreign exchanges. The representatives also outlined how difficult it would be to collect TDS on transactions from foreign exchanges with no data to track. The meeting’s discussions brought forward various challenges in implementing the tax without clear regulations. Despite the government insisting that taxation does not constitute the legal recognition of cryptocurrencies, Sumit Gupta, co-founder and CEO of Indian crypto exchange CoinDCX, told Cointelegraph that the proposal was a landmark move that brings greater legitimacy to digital asset markets. Regarding the high tax bracket and its inherent complexities, Gupta said: “There have been some discussions regarding the 30% taxation figures, with some suggesting that it is a huge percentage bracket that may potentially deter greater innovation in the sector and serve as a barrier to investors and digital finance users.” He added, “Besides the high tax rate, there are still gaps in clarity, especially when it comes to tax deductible at source. Specific sections regarding TDS remain ambiguous, dampening greater adoption of crypto. While progress in crypto has been encouraging, we must remember this is just the beginning of crypto’s journey, and we look forward to greater developments on the regulatory front that will serve to grow and support the future of finance.” Some have claimed that the tax proposal was announced haphazardly, with the government wanting to tax the profits while leaving the losses for the trader to bear. The high tax rate could further deter small traders and make it a market dominated by the rich. “Such a tax framework indirectly discourages anybody to enter into crypto since a 30% tax, 1% TDS, and goods and services tax of 18% is levied on every transaction (on the brokerage/service fee). This becomes heavy on the pockets as well as very difficult to comply with since, in crypto, there are thousands of transactions per user every month. Previously, before this framework was announced, many paid taxes under the income from other sources under the payable tax slab. Losses, if any, got carried forward. In crypto, a bear market can last for a couple of years, and hence, losses (if any) should be allowed to be carried forward.” Several nations around the globe have already received heavy backlash from retail traders over high taxation. South Korea had to postpone its 20% crypto tax proposal due to a lack of clarity in regulations, while Thailand had to cancel its 15% tax proposal after backlash from retail traders. The Indian government would do well to note the evolving regulations around the globe in order to introduce a balanced framework. Nischal Shetty, CEO of WazirX — India’s leading crypto exchange — called the taxes a positive approach. He told Cointelegraph: “India is finally on the path to legitimizing the crypto sector in India. So, it’s phenomenal news for everyone to learn about the GOI’s [Government of India’s] forward-looking approach toward crypto while we deliberate on the finer details as an industry. We believe that potential crypto investors sitting on the sidelines are now ready to access and participate in crypto. Therefore, pioneers in the space want to build a conducive ecosystem for crypto and are collectively deliberating on the implications of the current tax regime proposed at the grassroots level.” Crypto taxes could deter foreign investment The Indian crypto ecosystem has managed to thrive despite uncertainty over crypto regulations during the past three years. Despite the fact that the Indian government has yet to finalize a draft crypto bill, foreign venture capital firms and crypto exchanges have been eyeing the vast Indian market and its potential to become one of the behemoths in the ecosystem. Several Indian crypto exchanges have become unicorns (worth $1 billion or more) over the past couple of years, attracting investment from some of the biggest names on Wall Street. However, the recent complicated tax policies could prove to be a damper on their plans. Sogani explained: “I got a call from one of the top three crypto exchanges in the world, who are considering entering India, but after yesterday’s announcement, they seem to be holding back the idea. Just because of the complexity involved around the taxation of crypto. Clearly, a complicated tax framework will discourage international companies from investing and starting operations in our country. India is a huge potential

  Warren Buffett’s Berkshire Hathaway dumped a portion of its Visa and Mastercard holdings and increased exposure in Nubank, the largest fintech bank in Brazil that’s also popular among the country’s Bitcoin investors. In a securities filing late Feb. 14, the industrial conglomerate disclosed that it had purchased $1 billion worth of Nubank Class A stock in Q4/2021. On the other hand, it sold $1.8 billion and $1.3 billion worth of Visa and Mastercard stock, respectively, signaling a shift away from credit companies to gain exposure in their fintech rivals. Buffett, the so-called “Oracle of Omaha,” is popular for his cautious approach to investing, particularly in the market’s hottest sectors such as fintech. The veteran investor had also downplayed emerging decentralized finance solutions like Bitcoin (BTC), ridiculing it as an asset that “does not create anything.” But Berkshire’s new stake in Nubank shows that Buffett has been softening up to fintech lately. In detail, the firm had invested $500 million in the startup in July 2021. Its returns on the said investment amounted to $150 million in December 2021 after Nubank debuted on the New York Stock Exchange (NYSE). So far, Buffett has not shown any intention to sell his position in Nubank. The Buffett-Bitcoin connection Buffett’s additional investment into Nubank shows his acknowledgment of the fintech sector’s underlying theme the digitization of financial services, as well as his willingness to associate with companies that are involved in the cryptocurrency sector. In detail, Easynvest, a trading platform that Nubank acquired in September 2020 has been actively offering a Bitcoin exchange-traded fund (ETF) since June 2021. Dubbed QBTC11, the ETF is backed by QR Asset Management and is listed on the B3 stock exchange, the second-oldest bourse in Brazil. Thus, it appears that Nubank, which remains exposed to the emerging crypto sector via Easynvest, could use the additional revenue opportunities to benefit its top investor, Warren Buffett, despite his views that Bitcoin is a “rat poison squared.” That is primarily because of the growth of crypto-related investment products in 2021. Notably, their numbers doubled in the year, rising from 35 to 80, as per Bloomberg Intelligence data, while the total valuations of the assets they held reached $63 billion versus $24 billion at the start of 2021. Cash flowing into crypto funds doubled in 2021. Source: Bloomberg Intelligence Emily Portney, chief financial officer at Bank of New York Mellon Corp. — another firm in Buffett’s investment portfolio — noted that digital assets could become a “meaningful source of revenue” for investment banking firms as Bitcoin investment vehicles become more mainstream. Meanwhile, Leah Wald, chief executive of crypto-asset manager Valkyrie Investments, predicted an increase in the capital flows into crypto-related investment vehicles, saying they have become a “phenomenon that’s starting to take off,” before commenting: “If you look at inflows from a volume perspective, not only has it been steady even with the price corrections that Bitcoin is notoriously famous for, but you’re seeing a lot of institutions jump in.” Buffett’s portfolio full of crypto-loving companies While Buffett might not invest in Bitcoin directly, he is already gaining indirect exposure as companies in his portfolio foray into the crypto sector. For instance, in October 2021, just a month before Bitcoin reached its all-time high of $69,000, fifth-largest U.S. bank U.S. Bancorp launched a cryptocurrency custody service for its institutional investment managers, noting that they witnessed an increase in demand from their “fund services clients” over the last few years. Similarly, in another announcement made October 2021, Bank of America launched a cryptocurrency research initiative, citing “growing institutional interest.” Months before, BNY Mellon announced that it would hold, transfer and issue Bitcoin and similar cryptocurrencies for its asset-management clients. “The Nubank investment can be tagged as Buffett’s way of supporting the fintech/crypto world without taking back his criticisms of the past,” asserted Greg Waisman, co-founder and chief operating officer of crypto wallet service Mercuryo, adding that the Berkshire boss is now backing the “digital currency ecosystem indirectly.” “Even an indirect exposure is bound to increase the positive sentiment that may push more investors into the space.”

  It’s a controversial topic in the blockchain community that comes up from time to time — just how much impact Bitcoin (BTC) mining has on the environment. Last year, Tesla’s CEO Elon Musk brought forth a sharp correction in the cryptocurrency market by tweeting that Tesla would abandon plans to accept BTC, citing “rapidly increasing use of fossil fuels for Bitcoin mining and transactions.” However, a recent report published by CoinShares notes that despite the widespread use of coal, oil and gas for Bitcoin mining, the network accounts for less than 0.08% of the world’s CO2 production. During an exclusive interview with Cointelegraph, Kristian Csepcsar, chief marketing officer at Slush Pool, the oldest Bitcoin mining pool, gave insight on what he believes are current misconceptions regarding Bitcoin mining’s environmental impact. When asked about the drawbacks of using electricity derived from oil and gas mine Bitcoin, Csepcsar says there are more than meets the eye: “We’re literally burning the gas into the atmosphere just because it’s not economical to do anything with it [Flaring]. Instead, we can put it into a motor to produce electricity and use that to mine Bitcoin.” Flaring is the process of burning surplus natural gas during oil extraction due to a lack of pipeline infrastructure to bring it to market. Recently in the U.S. and Canada, Bitcoin miners have found clever ways to instead funnel the natural gas to generate electricity, instead of simply burning it into the atmosphere, thereby solving a critical environmental problem. But Csepcsar remains skeptical of certain renewable sources of Bitcoin mining, calling them “marketing noise,” specifically, solar energy. As he told Cointelegraph: “On our blog, we published research that we are not big promoters of solar mining; when you calculate the profitability, it’s not that good; it’s a very tough business.”  Cespcsar further elaborates that approximately 70% of all solar panels are produced in China and that there has not been a lot of research on the environmental impact during their manufacturing process: Producing them creates a lot of harmful chemicals. And nobody talks about that. Everyone just thinks that the solar panels grow on trees, and then the sun shines on them. But, no, the process of creating them is brutal. On a final note, Slush Pool does not possess metrics regarding the source of energy used by its Bitcoin miners. When asked why this is, Cespcsar gave an answer that was surprising but perhaps true to the philosophy of decentralization and privacy:  “We don’t want to look at that as a pool operator. In order to have those numbers, we would need to KYC our miners, conduct audits on their operations, or even filter transactions [for analytics]. That’s not the ethos we want to keep.”

  Bitcoin (BTC) has given back some of its recent gains, but on-chain data resource Ecoinometrics said that whales are accumulating because they believe the price is attractive from a long-term perspective. On the downside, analyst Willy Woo believes that $33,000 is a strong bottom for Bitcoin. Popular Twitter trader Credible Crypto said that the odds of Bitcoin declining below $30,000 are poor, citing data from PlanC. Crypto market data daily view. Source: Coin360 Fidelity Digital Assets head of research Chris Kuiper believes that Bitcoin’s downside risk could be minimal when compared to other digital assets, but it could rally substantially if it manages to replace gold as a store of value. Could Bitcoin and altcoins stage a recovery after the recent pullback? Let’s study the charts of the top-5 cryptocurrencies that may attract investor attention in the short term. BTC/USDT Bitcoin turned down from the overhead resistance at $45,456 but a minor positive is that the bulls have not allowed the price to break below the 20-day exponential moving average (EMA) ($41,383). If the price rebounds off the current level, the bulls will try to propel the BTC/USDT pair above $45,456. A close above this level will complete a bullish inverse head and shoulders pattern. The pair could then rally to $52,088 where the bears are likely to mount a strong challenge. If bulls thrust the price above this level, the pair could start its northward march toward the pattern target at $56,904. This positive view will be negated if the price breaks and sustains below $39,600. Such a move could open the doors for a possible drop to $36,250. The pair turned down from $45,456 and broke below the moving averages. The bulls are currently attempting to defend the minor support at $41,688.88 but are facing stiff resistance at the moving averages. If the price turns down from the current level and breaks below $41,688.88, the pair could slide to $39,600. If the price rebounds off this level, then the pair could remain range-bound between $39,600 and $45,456 for a few days. On the upside, a break and close above the moving averages will be the first indication that bulls have a slight edge. The pair could then rise to $43,920 and later to $45,456. XRP/USDT Ripple (XRP) broke and closed above the moving averages on Feb. 7, indicating that the downtrend could be coming to an end. The bears tried to pull the price back below the breakout level at $0.75 but the bulls thwarted their attempt. The price rebounded off $0.75 and the bulls are trying to push the XRP/USDT pair toward the overhead resistance at $1. A break and close above this resistance could open the doors for a possible rally to $1.41. The moving averages are on the verge of a bullish crossover and the relative strength index (RSI) is in the positive zone, indicating that buyers have the upper hand. This positive view will invalidate on a break and close below $0.75. Such a move will indicate that bears continue to sell on rallies. The 4-hour chart shows that the bulls and the bears are battling it out near the $0.82 mark. The bulls pushed the price above this level but the bears stalled the rally at $0.85 and have pulled the pair back below $0.82. A minor positive is that bulls are buying the dips to the 50-SMA. If the price rebounds off this support, the bulls will try to drive the pair above $0.85 and challenge the resistance at $0.91. Conversely, a break and close below the 50-SMA could pull the pair to $0.75. A break and close below this support could indicate the start of a deeper correction. CRO/USDT Crypto.com’s native coin (CRO) broke above the 50-day SMA ($0.47) on Feb. 7, suggesting that the corrective phase could be over. The price rallied to $0.54 on Feb. 10 where the bears are mounting a strong defense. The moving averages are on the verge of a bullish crossover and the RSI is in the positive territory, indicating that the buyers have a slight edge. If the current rebound off the moving averages sustains, it will suggest that bulls are buying on dips. The bulls will then attempt to push the price above $0.54 and resume the uptrend. If they can pull it off, the CRO/USDT pair could rise to $0.60 and then to $0.68. Contrary to this assumption, if the price turns down and breaks below the 20-day EMA, the pair could drop to $0.39. The 4-hour chart shows the pair is rising inside an ascending channel pattern. The bulls tried to push the price above the channel but the bears had other plans. They pulled the price back into the channel, trapping the aggressive bulls. The buyers are attempting to defend the 50-SMA. If the price sustains above the 20-EMA, the bulls will again try to push the pair above the resistance line of the channel. This positive view will invalidate if the price turns down and plummets below the support line of the channel. Related: Can XRP price reach $1 after 25% gains in one week? Watch this key support level FTT/USDT FTX Token (FTT) has been volatile inside a broadening formation. The failure of the buyers to propel the price above the resistance line indicates that bears are selling the rallies to this level. However, a minor positive is that bulls are buying the dips in the zone between the 20-day EMA ($43.85) and the 50-day SMA ($41.50). If the price rebounds off the current level, the buyers will make one more attempt to clear the overhead hurdle. If they manage to do that, the FTT/USDT pair could start a new uptrend. The pair could then rally to $53.50 where the bears may again pose a strong challenge but if this resistance is crossed, the rally could extend to $65. This bullish view will invalidate if the price turns down and plummets below the 50-day SMA. That

  The Ontario provincial government in Canada has been granted an order from the Superior Court of Justice to freeze millions of dollars in donations on the GiveSendGo platform from reaching the Freedom Convoy protesters. This is the second time the truckers have been denied access to funds since GoFundMe froze $10 million in donations last week and later refunded donors following a backlash. The latest attempt to defund the protest pertains to donations made to the “Freedom Convoy 2022” and “Adopt-a-Trucker” pages on the GiveSendGo fundraising platform. As of Thursday, “Freedom Convoy 2022” had raised $8.4 million and “Adopt-a-Trucker” had received $686,000. The Post Millennial writer Ian Miles Cheong tweeted on Friday: “Bitcoin fixes this… They’d have to make cryptocurrency illegal in Canada.” Benjamin Dichter, one of the organizers of the fundraiser, agreed with Cheong. He tweeted on Friday, “This is good for Bitcoin.” A group of supporters earlier formed the HonkHonk Hodl organization specifically to help the convoy raise funds in Bitcoin. As of the time of writing, the group had raised 21 BTC ($902,000). Bitcoin payment processor OpenNode wrote last year that the BTC payment solution is a viable alternative for people who have been censored by traditional payment methods: “One of the benefits of Bitcoin is its censorship resistance. Without any central authority to dictate who can and can’t use Bitcoin, it has proven to be the currency of choice for many individuals and organizations who have been left out of traditional payment methods.” OpenNode wrote that accepting BTC donations spreads awareness of Bitcoin among donors and receivers and encourages adoption. However, there is debate over whether the Ontario government is able to freeze the funds. GiveSendGo tweeted on Friday that no Canadian government has any control over how funds are managed on its United States-based platform. The company assured protestors that “all funds for EVERY campaign on GiveSendGo flow directly to the recipients of those campaigns.” However, Toronto Sun political columnist Brian Lilley pointed out that even though GiveSendGo is based in Boston, the Canadian court order prevents any Canadians from accessing the funds. He said, “Withdrawing it in the US and sending it here would be a violation.”

  Hope for the possibility of another significant rally in the cryptocurrency market has returned, even though Bitcoin (BTC) rejected at $45,500. Currently, bulls are looking to shore up their defense at the $43,000 support level.  Data from Cointelegraph Markets Pro and TradingView shows that after making a run to a weekly high at $45,500 early on Feb. 8, bears managed to drop the price of BTC to $42,900 during afternoon trading as investors realized profits and prepare to place bids around $38,000. Here’s a look at what analysts are saying sparked the rally in BTC price over the past week and what levels to keep an eye on moving forward. Legitimate breakout or a short squeeze? The sudden move higher caught many traders off guard as headlines across the crypto space were predicting the onset of an extended bear market, but such dire warnings may have been premature based on data from a recent report from Glassnode. The blockchain analysis firm stated that “prices have bounced off a number of fundamental levels that have historically signaled undervaluation or a “fair value” price.” Through analyzing the data of liquidations on futures exchanges, Glassnode surmised that while the Long Liquidation Dominance charts “show that shorts have been on the back-foot this week, with a minor skew towards short side liquidations,” the lackluster magnitude of this metric indicates “that it is unlikely that price upside is being primarily driven by a short squeeze.” Glassnode noted that during previous instances of major price declines, the futures open interest (OI) saw significant drawdowns or “de-leveraging events” as shown by the large downward red spikes on the graph above, a feature which is noticeably absent from this latest price decline. Glassnode said, “This may indicate the probability of a short squeeze is lower than first estimated, or that such an event remains possible should the market continue higher, reaching clusters of short seller stop-loss/liquidation levels.” “We’re still in a traders’ market” The forces in the wider financial markets that are impacting Bitcoin price were addressed by David Lifchitz, managing partner and chief investment officer at ExoAlpha, who highlighted the recent correlation between BTC and tech-stocks, and questioned what it will take for “Bitcoin to get its destiny back in its own hands.” According to Lifchitz, “stocks are still in “la-la-land” whereas bonds are more in reality,” helping to provide a clearer picture as to the strength of the global financial markets based on the fact that “bonds tend to lead the way for stocks, and bonds are already struggling.” When it comes to what comes next for BTC, Lifchitz offered reassuring words for bulls worried about the large head and shoulders pattern on the BTC chart, stating that the pattern was “invalidated by the recent bounce in BTC price.” Moving forward, Lifchitz identified the near-term targets for Bitcoin at $48,000, $51,000 and $53,000 but warned that there is a possibility for a “pullback to the mid/high $30,000s” before hitting $53,000. Lifchitz said, “In the meantime, we’re still in a traders’ market with opportunities to grab a few points here and there between the soft targets: Profits should be quickly taken off the table on each small pullback, then rinse, repeat. Without any macro catalyst, it’s hard to see Bitcoin trend much higher in a straight line.” Bitcoin is “the Amazon of our time” A final bit of insight into the price action for Bitcoin as it compares to the growth of Amazon stock price was offered by analysts at Macro Hive, a financial market research outlet that considers Bitcoin to be “the Amazon of our time.” Macro Hive highlighted that “even Amazon suffered large drawdowns that took years to recover from” and they suggested that “your exposure to Bitcoin needs to be appropriately sized so that you can survive 50% to 80% drawdowns.” “But major drawdowns also provide good entry levels for exposure. Our metrics suggest that we are getting closer to that point, so we would consider accumulating exposure. However, we would not go max long in an environment of rising central bank rates and falling global growth momentum.” The overall cryptocurrency market cap now stands at $1.949 trillion and Bitcoin’s dominance rate is 41.7%. The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph.com. Every investment and trading move involves risk, you should conduct your own research when making a decision.

  The first blockchain school in the Middle East will open in Riyadh, Saudi Arabia, according to an announcement by the BSV Blockchain Association. The new institution will reportedly provide training and development tools for government organizations and enterprises interested in adopting or experimenting with blockchain technology. Per the announcement, the Saudi Blockchain Academy (SDA) will work with the Swiss-based Bitcoin SV (BSV) blockchain industry association to educate experts about new technologies, assisting in implementing Saudi Vision 2030. The Ministry of Communications and Information Technology (MCIT) of the Kingdom of Saudi Arabia established the SDA as a major national project to develop both human capital and digital skills for the future and prepare its youth for employment in tcommunications and information technology sector. The BSV association and SDA will collaborate through Riyadh’s new blockchain academy to provide learning and development resources for various audiences, including developers, students, startup entrepreneurs, business executives and government agency officials. Blockchain technology has seen a wide range of potential applications in many areas such as financial services, healthcare and telecommunications, among others. Many big tech companies, including Google and IBM, are actively participating in developing blockchain-based applications. Per the announcement, the school will focus on the BSV blockchain and is part of a growing number of sector-specific educational programs launched by the SDA. Eng. Faris AlSaqabi, deputy minister for future Jobs & capabilities at MCIT said: “Since the initial academies announced at our launch event in October 2021, we continually look to add new fields of learning. Given the high interest in blockchain technology, we are proud to work with BSV’s team to bring world-class blockchain training to Saudi Arabia in this landmark initiative for the Middle East.” Several nations have embraced blockchain technology and digital assets in the Middle East with a more progressive perspective. Several regulators have pushed for a slew of crypto-friendly laws in various countries in the region. In September 2021, the United Arab Emirate’s local authorities unveiled a new regulatory framework that encourages cryptocurrency trading and related activities in Dubai’s economic free zone, potentially laying the groundwork for wider adoption and innovation throughout the country. As reported by Cointelegraph, the Emirates Postal Group, or EPG for short, announced that it was the first postal organization in the Middle East and North Africa to issue digital-collectible stamps.

  Bitcoin’s Lightning Network is a layer-2 solution providing scalability to the Bitcoin network itself. It offers faster and cheaper transactions while providing users with a way to buy simple products and services such as coffee with their digital assets.  The Lightning Network is growing at a rapid pace, one group that is contributing to the expansion of Bitcoin’s Lightning Network is LQwD FinTech Corp (TSXV: LQWD, OTC: LQWDF). Building the Lightning Network LQwD FinTech Corp, a Lightning Network-centric technology company, has recently launched its Lightning Network platform after revealing its plans to provide an enterprise-grade infrastructure and toolset for Lightning Network development. The platform offers easy access to Lightning, ensuring investors and other interested parties can experience the future of Bitcoin (BTC). This launch marks one of the ecosystem’s first scalable Lightning platforms capable of Visa-level transaction volumes. With it, users can easily launch and manage Lightning Network nodes, create efficient Lightning Network channels, transact securely, and manage liquidity in a more structured manner.   LQwD’s footprint in the lightning network is accelerating quickly, and with plans to open several more nodes, this break-neck pace should continue. LQwD hopes its platform will accelerate the mainstream adoption of the Lightning Network and Bitcoin as a whole. Alongside LQwD’s platform launch are two partnerships with Breez and Netcoins.ca.  MORE INSIGHTS ON LQWD HERE Breez is a leading Lightning Network service provider that will add LQwD as a liquidity partner within its services. At the same time, LQwD will offer liquidity services to Breez’ clients and run at least one of its routing nodes. Netcoins.ca is a top Canadian crypto trading platform and a subsidiary of BIGG Digital Assets. This agreement will see Netcoins establishing and running a node within LQwD’s Lighting platform and serve as a liquidity provider for Coincurve.com, a digital assets platform run by LQwD. Finally, BIGG will offer top-tier, government-approved compliance software to LQwD and its digital assets platform. As of this launch, LQwD is the only publicly-listed Lightning Network company on the market. Such a development comes at a time when the Lightning Network is experiencing extreme growth, and the team holds 150 Bitcoin within its treasury to assist in operating channels and nodes within the Lightning Network. LQwD’s future plans include securing additional market share and acquiring more Bitcoin for its platform and holding purposes. It also plans to expand into the Lightning Network ecosystem and decentralized finance (DeFi) as a whole to grow its market share even more.