Author: Sophia Hernandez

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Sophia Hernandez

Sophia Hernandez is an experienced crypto writer who has been writing about crypto and blockchain technology for 3 years. She has a deep understanding of the complexities of the crypto market and is skilled at breaking down these concepts into easy-to-understand language for readers.

Articles by Sophia Hernandez

Iceland’s Prime Minister to reduce crypto mining due to its high energy use

3 days ago 1 min read

Iceland’s Prime Minister, Katrín Jakobsdóttir, has announced plans to reduce crypto mining due to its high energy use, surpassing that of Icelandic homes. This aligns with a Bloomberg report highlighting the rise in demand for old Bitcoin mining equipment in places with cheaper electricity, particularly from the US. Iceland is known for its abundant hydro and geothermal energy, making it a prime spot for Bitcoin mining and the top energy producer per capita globally. However, Jakobsdóttir aims to shift this energy towards boosting food production and supplying power to homes and industries. The future of Iceland’s crypto mining sector appears

Ethereum whales moves $64M worth of ETH from major exchanges

4 weeks ago 1 min read

Recently, three Ethereum (ETH) whales have transferred around $64 million worth of ETH from centralized exchanges (CEX) Binance and Kraken. This indicate a mix of security measures and investment strategies. The transaction that caught the attention of the crypto community involved an investor pulling 14,632 ETH, valued at around $45.5 million, from Binance exchange within a week, and staking the entire sum, indicating a strong belief in Ethereum’s future growth. On the other hand, Kraken exchange saw withdrawals totaling 6,000 ETH, worth $18.7 million, by two newly identified investors over two days. It is worth noting that another investor methodically

The UK proposes legal status for crypto, aiming for clearer protections

1 month ago 1 min read

The UK’s Law Commission has proposed a new legal framework that would treat crypto as property. This new framework aims to clarify and safeguard digital assets under the law. The move is reportedly set to strengthen the enforcement of property rights in cases involving crypto, offering better protection for individuals and businesses involved in the crypto market. In addition, the proposed legal recognizes the distinctive characteristics of digital assets like crypto and introduces a third category of property within the common law of England and Wales. More so, the Law Commission recommends courts seek guidance from an industry panel and

FTX exchange plans to sell $1B worth Anthropic shares

1 month ago 1 min read

FTX, the defunct crypto exchange, has been approved by the Delaware bankruptcy court to sell 7.84% stake in AI startup Anthropic, which is worth around $1.4 billion. According to reports, the sale is expected to add around $1 billion to FTX’s existing $6.4 billion cash. Note that FTX’s former CEO, Sam Bankman-Fried, invested $500 million in Anthropic in April 2022. In addition, the sale is part of a larger scheme of customer fund reimbursement. Since the fall of FTX exchange in November 2022, the exchange owes over $3 billion to around one million customers. The exchange has sought several strategies,

VeChain (VET) price jumps by over 65% over the past week

1 month ago 1 min read

The altcoin (other coins than Bitcoin) market has seen a lot of activity during Bitcoin’s recent surge to over $52,000, which was followed by profit-taking. VeChain (VET) is a standout performer in this regard. VET has increased by over 65% in the last 7 days, outperforming many digital assets in the crypto market. VeChain is illustrating a larger trend of gains in the market as it is trading at $0.04809 at the time of writing, which is higher than levels last seen in April 2022. This indicates a noteworthy daily increase of over 35%, along with an increase in trading

Bitcoin (BTC) surges past $50,000 for the first time since December 2021

1 month ago 1 min read

The price of Bitcoin (BTC), the largest crypto by market cap, has surpassed $50,000 for the first time since December 2021. According to Coinbase data, Bitcoin (BTC) crossed the $50,000 threshold at 11 a.m. Eastern Time (5 p.m. Central European Time) on Monday. BTC has increased in value over the last seven days by more than 15% from its price of less than $22,000 at this time last year. It is now 16% higher than it was a month ago. After several eagerly anticipated exchange-traded funds (ETFs) were approved in January, it appeared as though Bitcoin would have a slow

Open Exchange (OPNX), formerly known as Coinflex, is ending operations this February

2 months ago 1 min read

Open Exchange (OPNX), formerly known as Coinflex, is bidding farewell this February, signaling the end of its era as a hub for crypto derivatives and claims trading. In a message, the OPNX team expressed gratitude to its community while laying out the necessary steps for users as part of the closure process. As part of the shutdown protocol, OPNX urged its users to settle all active positions by 8 a.m. UTC on February 7. Note that after this deadline, the platform will take charge, managing any remaining open positions automatically. To facilitate a smooth transition, OPNX said it has provided

The US SEC sues Sam Lee and Brenda Chunga for $1.7 billion HyperFund crypto scam

2 months ago 1 min read

The US Securities and Exchange Commission (SEC) has filed a lawsuit against Sam Lee and Brenda Chunga, also known as Bitcoin Beautee, for alleged involvement in the HyperFund crypto scam worth over $1.7 billion. The SEC accuses them of violating federal laws by promoting deceptive “membership” plans that promised large returns to investors. Note that the duo is accused of misleading investors with false assurances of lucrative profits from HyperFund’s crypto mining activities and their purported affiliation with a Fortune 500 company. In a statement, the SEC emphasized that “the only thing they were mining was their investors’ pocket.” Furthermore,

Bitcoin to surge to over $170,000 after the upcoming halving, SkyBridge Capital founder

2 months ago 1 min read

Anthony Scaramucci, founder of SkyBridge Capital, is optimistic about Bitcoin’s future, predicting a surge to $170,000 per coin after the upcoming halving event. The halving, occurring around every four years, halves the rate at which new Bitcoin is produced. Scaramucci, known for endorsing Bitcoin as a superior store of value compared to gold, draws parallels between Bitcoin’s halving cycles and its subsequent remarkable price increases. Reflecting on past patterns, he emphasizes the uncanny consistency in Bitcoin reaching new highs about 18 months after each halving event. The last halving in May 2020 saw Bitcoin closing at $9,670 and hitting its

Will Solana (SOL) surge above $100 or dip?

2 months ago 1 min read

Solana, the high-performance blockchain that drew attention throughout 2023, experienced a day of volatility as it sought the elusive $100 mark. After a rally brought the native token (SOL) within reach, it experienced a slight decline but managed to retain the majority of its recent gains, primarily hovering above $97. Analysts note that $100 has become a critical battleground, with significant selling pressure expected at the century mark. The year 2023 proved to be exceptional for Solana, demonstrating a remarkable turnaround from its previous rollercoaster. SOL reached a record high near $125 in December, driven by factors such as network

ETF provider Bitwise publishes its Bitcoin addresses for Spot ETF

2 months ago 1 min read

Bitwise, an asset management company, has released the Bitcoin addresses associated with its spot Bitcoin exchange-traded fund (ETF). This announcement comes about two weeks after shares of the Bitwise Bitcoin ETF (BITB) became available for trading. Bitwise announced the news via Twitter on January 24, inviting the public to verify the holdings of its Bitwise Bitcoin ETF on the New York Stock Exchange Arca. The provided Bitcoin address revealed a holding of 11,858.63 BTC, or approximately $465 million. On January 10, the US SEC accepted eleven applications from various asset management companies, including Bitwise’s spot Bitcoin ETF. The move to

US Senator defends crypto, urges strong rules against bad actors, and clashes with Warren on laundering

2 months ago 1 min read

In a recent Senate Committee hearing, US Senator Cynthia Lummis defended the crypto industry, claiming that the primary concern is with bad actors, not the assets themselves. Lummis, a vocal crypto supporter, advocates for a strong regulatory framework to prevent bad actors from abusing the system and to ensure that crypto businesses follow clear rules. Senator Lummis has been actively working to develop a comprehensive regulatory framework for the crypto industry. This year, she introduced the Lummis-Gillibrand bill, which seeks to improve oversight and regulation in the crypto space. The proposed legislation is intended to make it difficult for bad