Author: CryptoCurrencyNews

CALABASAS, Calif., Sept. 12, 2024 /PRNewswire/ — After months in early access release, Swan Bitcoin has made its advanced self-custody product, Swan Vault, available to the general public. Swan Vault empowers clients to control their own Bitcoin without relying on exchanges, banks, or other institutions.

With Swan Vault, clients maintain complete control over their Bitcoin and don’t have to go it alone. This autonomy is fundamental to Bitcoin‘s promise: ensuring that a person’s funds remain theirs without restrictions. Swan Vault requires two of three keys to unlock. The client holds two keys and manages the third key, called the Cloud Key, using the Swan Vault platform. This way, if a client loses a key, they can recover their funds. Multifaceted risk and security management systems powered by machine intelligence and a layer of human verification ensure the highest level of security for cosigning when using a Cloud Key.

Swan Vault was built to be the smoothest onboarding experience for advanced Bitcoin self-custody in the industry. “We carefully designed Swan Vault to remove the technical barriers and complexity that often deter people from embracing self-custody,” said Yan Pritzker, Co-founder and CTO of Swan. “Swan Vault empowers anyone to confidently take custody with a streamlined experience and white glove service from our team.”

Swan Vault seamlessly combines easy-to-use software with hardware that delivers the best combination of security and accessibility. Vault was built to work hand-in-glove with the Blockstream Jade signing device, also known as a “hardware wallet,” used to approve Bitcoin transactions. This tight integration enables the smoothest onboarding process for a collaborative self-custody service.

“Blockstream Jade signing devices are designed to be both intuitive and secure, making them the ideal complement to Swan Vault’s client-focused approach,” said Adam Back, CEO of Blockstream. “This simplicity doesn’t compromise security; rather, it seamlessly combines ease of use with robust protection, ensuring clients can confidently safeguard their assets without dealing with unnecessary technical complexity.”

By combining independent control with a robust safety net and expert guidance if needed, Swan Vault delivers peace of mind to Bitcoiners at all levels. Swan Vault is now available to the general public at swan.com/vault.

As a collaborative self-custody solution, Swan Vault can be integrated into your estate planning process today. Looking ahead, the Vault team is already working on Inheritance services to cover unique and varied client needs when passing Bitcoin on to future generations. 

About Swan

Swan is a leading Bitcoin financial services company with more than 130,000 clients. Established in 2019, Swan helps individuals and institutions to understand and invest in Bitcoin. The Swan app simplifies Bitcoin purchases with instant and recurring buys. Swan IRA provides a tax-advantaged solution for saving Bitcoin in retirement accounts. For HNWIs and businesses, Swan Private provides white-glove service for large purchases, treasury solutions, and inheritance planning. With Swan Vault, clients can easily custody their own Bitcoin with peace of mind. Swan Managed Mining provides clients with fully segregated and dedicated mining operations, catering to their unique requirements, opportunities, and strategic advantages. Swan prides itself on exceptional client service, making Bitcoin approachable to all. For more information, please visit swan.com.

About Blockstream

Blockstream is the global leader in Bitcoin and blockchain infrastructure. Blockstream’s sidechain technology (Liquid Network) enables trustless Bitcoin swap settlements and secure, dependable smart contracts while empowering financial institutions to tokenize assets. Blockstream Mining provides colocation services to miners, across multiple enterprise-class mining facilities.  Blockstream’s Core Lightning implementation of the open Lightning Network protocol is the go-to code for enterprise Lightning Network deployments on Bitcoin. Blockstream Jade is an easy-to-use, open-source hardware wallet that offers advanced security for Bitcoin and Liquid assets. Blockstream Green is the world’s most advanced consumer Bitcoin wallet. Blockstream was founded in 2014, with offices and team members distributed around the world.

View original content:https://www.prnewswire.com/news-releases/swan-bitcoin-launches-swan-vault-to-make-advanced-bitcoin-self-custody-seamless-and-simple-for-all-302246996.html

SOURCE Swan Bitcoin

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SINGAPORE, Sept. 12, 2024 /PRNewswire/ — HTX Ventures, the global investment division of HTX, today released its latest research analysing Bitcoin’s potential and challenges in the field of Bitcoin decentralized finance (BTCFI). The report, titled Exploring the BTCFI Rabbit Hole from the Perspective of Bitcoin’s Programmability, aims to help readers understand the BTCFI sector better, by exploring the evolutionary path of Bitcoin programming, delving into how Bitcoin programming can support various BTCFI applications, showcasing the current real-world BTCFI implementation scenarios, and explaining the underlying logic of BTCFI’s future growth and adoption.

HTX Ventures has been contributing to BTCFI for a long time. As stated in its 2024 Half-Year Investment Report, BTCFI is highlighted as one of HTX Ventures’ six key investment directions in 2024. Some of HTX Ventures’ portfolio companies in the BTCFI sector include Babylon, BounceBit, COREx, and more.

The new report once again shows HTX Ventures’ interest in BTCFI. It begins with the foundations of the Bitcoin contracts, which were laid fourteen years ago by Satoshi. Understanding the basics of Bitcoin programming involves several concepts, including Transaction Outputs (TXO), Unspent Transaction Output (UTXO), scriptSig, and Opcodes. “Bitcoin script programming is about programming money and enabling a specific amount of money to respond to particular input data. By designing the scriptPubKey, opcodes, and the interaction process between users, we can offer cryptographic guarantees for the key state transitions of Bitcoin contracts, ensuring the contracts’ proper execution,” the report points out.

There are some mechanisms to be used to enable the implementation of different types of transactions, including MultiSig, Timelocks, Hashlocks, Flow Control, and SIGHASH. The report explains, “the basic model of Bitcoin programming is where UTXO locking scripts specify verification conditions, unlocking scripts provide data, and opcodes in locking scripts indicate the verification program. The funds can be spent once the verification program is passed.”

There are some core limitations, however, such as only a few verification programs being available, Bitcoin scripts having no computational power, and UTXO unlocking conditions being completely independent.

Unlike the computation-based Ethereum contracts, Bitcoin contracts are verification-based, which has brought many challenges in developing BTCFI products. Despite the difficulties,  “over the ten years of developing Bitcoin contracts, the ingenious use of cryptographic algorithms and signatures has significantly enhanced privacy, efficiency, and decentralization, making BTCFI products possible,” the report states, and starts introducing Bitcoin programming milestones. Innovative tools, such as the Discreet Log Contract (DLC), Partially Signed Bitcoin Transactions (PSBT), and MuSig2 bring new solutions to the problems in Bitcoin programming, driving the development of BTCFI.

The Taproot upgrade activated in November 2021 was revolutionary for the Bitcoin ecosystem, allowing Bitcoin to hold in custody large-scale smart contracts with tens of thousands of signatories while concealing all participants and maintaining the size of a single-signature transaction. This makes more complex on-chain BTCFI operations possible and significantly improves privacy and transaction efficiency.

Such technological innovations pave the way for BTCFI’s further development. Then in January 2023, Ordinals were proposed, which aimed to assign each sat a unique identifier and attribute, so as to transform it into a unique NFT. The creation and trading of Bitcoin NFTs were realized, not only expanding the uses of Bitcoin but also allowing users to directly create and trade digital assets on the Bitcoin blockchain. This led to the introduction of BRC-20, a token system for on-chain recording and off-chain processing that uses JSON data’s ordinal inscriptions to deploy token contracts, mint tokens, and transfer them.

The naissance of Ordinals and BRC-20 created trading demand and blue-chip assets for BTCFI. More importantly, they offered many BTCFI projects new ideas based on indexer programming that enhanced Bitcoin’s contract capabilities.

Bitcoin’s programmability has come a long way and made great progress, forming a thriving BTCFI ecosystem with more and more application scenarios of BTCFI arising. The report lastly lists some notable BTCFI implementations, including BTC staking provider Babylon, asset issuance platforms Unisat and Magic Eden, lending protocol Liquidium, BTCFI scaling solution Fractal Bitcoin, and more.

The emergence of BTCFI applications indicates that its market potential is becoming evident. With Bitcoin becoming more and more mainstream, the market demand for BTCFI use cases will also increase, fostering a new financial ecosystem centered around Bitcoin. “The formation of this ecosystem will propel Bitcoin further beyond the ‘digital gold’ narrative, establishing it as an indispensable decentralized financial infrastructure in the global economic system,” the report concludes.

To read the full report, please visit: https://square.htx.com/htx-ventures-exploring-the-btcfi-rabbit-hole-from-the-perspective-of-bitcoins-programmability/

About HTX Ventures

HTX Ventures, the global investment division of HTX, integrates investment, incubation, and research to identify the best and brightest teams worldwide. With more than a decade-long history as an industry pioneer, HTX Ventures excels at identifying cutting-edge technologies and emerging business models within the sector. To foster growth within the blockchain ecosystem, we provide comprehensive support to projects, including financing, resources, and strategic advice.

HTX Ventures currently backs over 300 projects spanning multiple blockchain sectors, with select high-quality initiatives already trading on the HTX exchange. Furthermore, as one of the most active FOF (Fund of Funds) funds, HTX Ventures invests in 30 top global funds and collaborates with leading blockchain funds such as Polychain, Dragonfly, Bankless, Gitcoin, Figment, Nomad, Animoca, and Hack VC to jointly build a blockchain ecosystem. Visit us here.

Feel free to contact us for investment and collaboration at VC@htx-inc.com

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View original content:https://www.prnewswire.co.uk/news-releases/htx-ventures-bitcoin-scripting-advances-unlock-potential-for-secure-and-scalable-btcfi-302246924.html

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Bitcoin experienced a significant drop, falling to $56,000 amid a broader sell-off in the stock market led by Nvidia. The decline in Bitcoin’s value came as Nvidia (NASDAQ:NVDA) saw its shares plummet due to concerns over its future growth prospects and supply chain issues.

The sell-off in Nvidia stocks created a ripple effect across the market, impacting various sectors and leading to a decline in investor confidence. As a result, many investors turned to liquidating their cryptocurrency holdings, including Bitcoin, to cover losses or shift their portfolios to less volatile assets.

Nvidia’s recent quarterly earnings report highlighted several challenges, including supply chain disruptions and increased competition. These factors contributed to the company’s inability to meet market expectations, causing its stock price to drop significantly. Investors, already jittery from inflation concerns and potential interest rate hikes, reacted swiftly, leading to a broader market sell-off.

Bitcoin, often seen as a hedge against traditional market fluctuations, was not immune to the effects of the stock sell-off. The cryptocurrency’s value dropped as investors sought liquidity and stability. Despite this downturn, some market analysts believe that Bitcoin’s long-term prospects remain positive, citing its growing acceptance and integration into mainstream financial systems.

The drop in Bitcoin’s value also reignited debates about the cryptocurrency’s volatility and its role in a diversified investment portfolio. While some investors view Bitcoin as a digital gold, offering protection against economic instability, others are wary of its unpredictable price swings.

Moreover, the correlation between Bitcoin and stock market movements has been a topic of interest among financial experts. The recent sell-off suggests that Bitcoin’s price may be more closely tied to traditional financial markets than previously thought, challenging the notion of its independence as an asset class.

In the wake of the sell-off, several cryptocurrency exchanges reported increased trading volumes as investors scrambled to adjust their positions. This heightened activity underscores the growing influence of cryptocurrencies in the broader financial landscape and the need for robust trading platforms to handle market volatility.

Looking ahead, the market will be closely watching Nvidia’s next moves and any potential recovery in its stock price. Additionally, investors will be monitoring the broader economic indicators, such as inflation rates and central bank policies, which could further impact both traditional and cryptocurrency markets.

In conclusion, the recent drop in Bitcoin to $56,000 amid the Nvidia-driven stock sell-off highlights the interconnectedness of financial markets and the ongoing challenges faced by both traditional and digital assets. While volatility remains a key concern, the evolving dynamics of cryptocurrencies continue to attract attention and interest from a diverse range of investors.

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Bitcoin ATM scams have become a significant concern for both regulators and investors, with losses skyrocketing by 10 times in just three years. This alarming trend underscores the increasing sophistication of scammers and the vulnerabilities within the cryptocurrency ecosystem.

A recent report from the Federal Trade Commission (FTC) revealed that Bitcoin ATM scam losses surged from $3 million in 2019 to over $30 million in 2022¹. This dramatic increase in losses is attributed to the growing popularity of Bitcoin ATMs and the lack of robust security measures in place to protect users.

Bitcoin ATMs, which allow users to buy and sell Bitcoin using cash or debit cards, have proliferated across the United States and other countries. However, their convenience comes with significant risks. Scammers have exploited these machines to defraud unsuspecting users, often by posing as legitimate businesses or government agencies.

One common scam involves fraudsters instructing victims to withdraw cash from their bank accounts and deposit it into a Bitcoin ATM. The scammers then provide a QR code for the victim to scan, which transfers the Bitcoin to the scammer’s wallet. Once the transaction is complete, it is nearly impossible to recover the funds.

The FTC has identified several red flags that can help users avoid falling victim to Bitcoin ATM scams. These include unsolicited calls or messages from individuals claiming to be from a government agency or a well-known company, requests for payment in Bitcoin or other cryptocurrencies, and high-pressure tactics to make immediate payments.

To combat the rise in Bitcoin ATM scams, regulators and industry stakeholders are calling for stricter security measures and better consumer education. This includes implementing Know Your Customer (KYC) protocols, which require users to verify their identity before using a Bitcoin ATM, and enhancing the monitoring and reporting of suspicious transactions.

Moreover, partnerships between law enforcement agencies and cryptocurrency companies are crucial in tracking down and prosecuting scammers. The collaboration between these entities can help in the swift identification and dismantling of fraudulent operations.

Despite the risks, the popularity of Bitcoin ATMs continues to grow. According to Coin ATM Radar, there are over 30,000 Bitcoin ATMs worldwide, with the majority located in the United States. The convenience and accessibility of these machines make them an attractive option for both novice and experienced cryptocurrency users.

However, as the number of Bitcoin ATMs increases, so do the opportunities for scammers. It is essential for users to stay informed about the latest scam tactics and take necessary precautions to protect their investments. This includes being skeptical of unsolicited requests for payment, verifying the identity of individuals or entities before making transactions, and using secure and reputable Bitcoin ATMs.

In conclusion, the surge in Bitcoin ATM scam losses highlights the need for greater vigilance and security in the cryptocurrency market. By implementing stronger safeguards and raising awareness about potential scams, regulators and industry stakeholders can help protect users and maintain the integrity of the Bitcoin ecosystem.

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As the financial world braces for the next U.S. jobs report and the Federal Reserve’s interest rate decision, Bitcoin (BTC) traders are keenly watching several critical price levels. These events are expected to significantly influence Bitcoin’s trajectory, potentially leading to heightened volatility in the cryptocurrency market.

The jobs report, scheduled for release shortly, will provide insight into the health of the U.S. labor market. A strong report could bolster the U.S. dollar, putting downward pressure on Bitcoin prices. Conversely, a weaker-than-expected report might weaken the dollar, potentially pushing Bitcoin higher.

Meanwhile, the Federal Reserve’s upcoming decision on interest rates is another pivotal factor. If the Fed signals a more hawkish stance, it could strengthen the dollar and weigh on Bitcoin. Conversely, a dovish tone could support Bitcoin by weakening the dollar and boosting risk assets.

Bitcoin’s current technical setup suggests that traders are eyeing several key levels. On the downside, the $20,000 mark remains a crucial support level. If Bitcoin falls below this level, it could trigger a wave of selling pressure, pushing prices lower. On the upside, the $25,000 level is seen as a significant resistance point. A break above this level could signal a new bullish phase for Bitcoin.

Market sentiment also plays a crucial role. Recent data indicates that institutional investors are increasingly showing interest in Bitcoin. This growing institutional involvement is seen as a positive signal, potentially providing a floor for Bitcoin prices during periods of market turbulence.

Additionally, the broader macroeconomic environment continues to influence Bitcoin. Inflationary pressures, geopolitical tensions, and regulatory developments are all factors that could impact Bitcoin’s price trajectory. Investors are closely monitoring these dynamics as they navigate the uncertain landscape.

In conclusion, the upcoming jobs report and the Federal Reserve’s interest rate decision are poised to be key drivers for Bitcoin in the near term. Traders should keep a close eye on the critical support and resistance levels, as well as broader market sentiment and macroeconomic factors, to make informed decisions in this volatile market.

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