And in other news today... why are crypto ATMs suddenly shutting down in Singapore?
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Bitcoin is at a crossroads — with an "increasingly significant" volume of BTC's supply now in an unrealised loss, Glassnode has warned. In its latest weekly report, the analytics firm revealed that 5.7 million BTC — about 30% of the circulating supply — is now underwater. A metric known as the Percent of Supply in Profit is now at a "historically significant level" — and Glassnode believes price activity in the coming weeks "will likely provide insight into the medium-term direction of the Bitcoin market."
Emboldened by a valuation of $13.3 billion — with trading volumes smashing records — OpenSea is on an acquisition spree. The world's biggest NFT marketplace is buying Dharma Labs, a platform that allows users to connect their bank accounts in order to buy and swap tokens. The news means Dharma will close in 30 days, and users can no longer swap or purchase tokens. They're now being urged to transfer or sell the tokens in their wallets, with the company promising to pay any network fees.
The U.K. has unveiled plans to clamp down on misleading cryptocurrency adverts. Under the proposals, digital assets will be subject to the same rules as stocks, shares and insurance products. While the government says it wants to encourage innovation, it also wants ads to be "fair, clear and not misleading." Top priorities include beefing up the risk warnings that appear on ads, as well as banning incentives to invest. This means "refer-a-friend" bonuses could soon become a thing of the past.
Microsoft has announced that it is buying one of the world's biggest game developers for a whopping $68.7 billion — in a move that's set to "provide building blocks for the metaverse." The tech giant is acquiring Activision Blizzard, the company that owns renowned brands including Call Of Duty, Overwatch, World of Warcraft and Candy Crush. This will be Microsoft's biggest acquisition — streets ahead of the $26.2 billion it paid for LinkedIn back in 2016 — but the deal is likely to be closely scrutinized.
Crypto ATMs are becoming hard to find in Singapore after regulators issued new guidelines designed to "discourage" trading by consumers. In a development that took businesses by surprise, the Monetary Authority of Singapore said the "provision of physical ATMs" is prohibited. The regulator's assistant managing director, Loo Siew Lee, didn't mince her words in Monday's announcement, warning: "The trading of cryptocurrencies is highly risky and not suitable for the general public."
Intel is set to release an "ultra-low voltage, energy-efficient Bitcoin mining ASIC," according to a report. Tom's Hardware says the "Bonanza Mine" processor could see the chipmaker go toe to toe with the likes of Bitmain for market share. Those who have been trying to buy ASICs through Bitmain have been left exasperated by high prices and long waiting times — and according to Tom's Hardware, Intel could end up having an all-important advantage because it boasts "incredible production capacity."
A fintech company has announced it is launching crypto mortgages in the U.S. Milo says customers will be able to pledge their Bitcoin to snap up property — unlocking low interest mortgages that last for 30 years. The company says crypto can be used for 100% of the collateral, with no dollar deposits required. Milo also claims that the process could also be far faster than going through fiat-focused banks and financial institutions.