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Oct 13 (Reuters) - Bitcoin company NYDIG laid off about a third of its workforce last month to cut costs, the Wall Street Journal reported on Thursday, citing people familiar with the matter.

NYDIG, a unit of Stone Ridge Holdings, operates a full-stack bitcoin platform which delivers the cryptocurrency across industries including financial technology, insurance and banking.

The company laid off around 110 people on Sept. 22, weeks before replacing its top two executives, the WSJ reported.

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NYDIG did not immediately respond to a Reuters request for comment.

Earlier this month, NYDIG appointed Tejas Shah as its chief executive officer and Nate Conrad as president. The company said its bitcoin balances almost doubled from a year earlier to hit all-time highs in the third quarter.

Last year, NYDIG raised $1 billion in a funding round led by venture firm WestCap with participation from existing investor Bessemer Venture Partners, valuing the bitcoin company at more than $7 billion. read more

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Reporting by Rittik Biswas in Bengaluru; Editing by Subhranshu Sahu

Our Standards: The Thomson Reuters Trust Principles.

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Bitcoin firm NYDIG lays off about a third of employees - WSJ - Reuters

The widely followed Bitcoin (BTC) analyst who predicted the king cryptos current fall from all-time highs says today is not the day for a bearish outlook.

Pseudonymous trader Capotellstheir 550,600 followers that they are bullish on Bitcoin in the near future.

Im still bullish short-term. This is not the time to be bearish in my opinion.

Caposeessimilarities between the largest crypto by market caps current price behavior and that of 2018, the last major BTC bear market.

BTC in 2018 vs. BTC now.

With Bitcoin currently dumping 4% in the last 24 hours, Capo now foresees an imminent short squeeze, which occurs when a sudden price spike causes BTC short sellers to buy more to avoid greater losses.

Short squeeze is gonna be glorious.

Updating his followersthis morning, Capo is sticking to his guns, calling a possible shot to $21,000.

I didnt expect this move to go this low. In fact I expected the bounce to come earlier.

With this being said, SPX [Standard & Poors 500 Index] is pumping and DXY [US Dollar Index] dumping. BTC still at support. This could be a massive bear trap.

Bounce to $21,000 is still in play. Invalidation on chart.

Finally, Capodraws his bull line in the sand.

A reclaim of $19,000 would be very bullish.

Bitcoin is trading for $19,018 at time of writing.

Featured Image: Shutterstock/happyframe/Sol Invictus

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Bitcoin (BTC) Trader Who Called 2022 Market Crash Says Now Is Not the Time To Be Bearish - The Daily Hodl

The last four months have been marked by a boring price action from the leading coin, Bitcoin [BTC], data from on-chain intelligence platform Santiment revealed. In the past few weeks, BTCs price oscillated strangely between the $19,000 price region and the psychological $20,000 price region.

Noticeably, the king coin has been increasingly less volatile in the past few weeks. Glassnode, in a recently published report, compared BTCs performance with that of the broader financial markets. It found that,

Recent weeks have seen an uncharacteristically low degree of volatility in Bitcoin prices, in stark contrast to equity, credit, and forex markets, where central bank rate hikes, inflation, and a strong US dollar continue to wreak havoc.

According to Santiment, this decline in volatility could be attributed to the lack of whale presence in the BTC market. The count of BTC whale transactions that exceed $100,000 and $1 million also declined nearly to a two-year low, data from Santiment revealed.

A persistent fall in BTCs volatility has been partly induced by the lack of whale presence in the BTC market. This aimed to signify attempts by investors to establish a bear market floor. A look at the assets supply on exchanges supported this position.

According to data from Santiment, BTCs supply on exchanges dropped by 13% in the past four months. The percentage of the coins total supply on exchanges fell from 10.10% to 8.72% between June and October.

The decline in BTCs supply on exchanges was an indication that buying pressure for the asset rallied in the period under consideration.

While this ordinarily should aid a price uptick, the downtrodden nature of the broader financial markets made it impossible for the price of BTC to rise significantly.

While the fall in BTCs supply on exchanges might have indicated a rally in buying pressure in the past four months, a look at the assets Mean Dollar Invested Age (MDIA) revealed that the BTC network was plagued by an increasing repository of dormant coins.

Data from Santiment also showed that BTCs MDIA has been on a long stretch upward in the past four months showing stagnancy on the network.

However, for the king coin to see any significant price action, a fall in MDIA is required. This will mean that previously dormant coins have started to change hands.

According to Bloomberg, October, historically, has been a good month for BTC.

The virtual currency tends to rise roughly 25% in October and has, since 2015, advanced more than 85% of the time during it.

Investors hoping for a respite may thus have something to rejoice about.

Read more from the original source:
Bitcoin: Before you make your next trade in October, read this - AMBCrypto News

Do you know how public and private keys are generated? Would you be able to verify a digital signature? If your answer to either of those questions is no, theres no need to feel embarrassed as you are not alone! For all the articles and opinion pieces on the internet about Bitcoin, there is still a distinct lack of understanding around how the technology actually works.

Indeed, a YouGov survey from 2021 found that 98% of respondents didnt understand basic crypto concepts.

On this weeks CoinGeek Conversations, Charles Miller has re-enlisted the help of Brendan Lee, Training and Development Manager of the BSV Blockchain Association, to help him get to the bottom of a few key concepts.

When the two last spoke back in February 2021, Brendan covered what really happens when a transaction is made on the Bitcoin network and how exactly coins move from one wallet to another. This time Charles wants to find out what a digital signature is and how it can be used to verify ownership of a Bitcoin address.

First, they discuss public and private keys, with Brendan explaining that the two keys exist as a pair, with the private key generated first and the public key produced cryptographically from the private key.

The conversation then moves on to Bitcoin wallets, where an individuals private keys are stored. Brendan says that Electrum, a wallet software that has some additional features, is a good way to allow users to demonstrate their ownership of keys by using those keys to sign messages and create digital signatures.

Brendan explains that a user needs to first pick an address and type in a custom message to generate a signature. Once this signature has been created, any other user can decode and verify the signed message provided they have the custom message, signature, and public key.

While the technology might seem complicated, Brendan says that the mathematics used to generate signatures and verify keys were not anything new when Satoshi utilised them in Bitcoin software.

He wasnt doing anything significantly new; he was just taking something that existed already, was well-tested, very proven, highly trusted as a technique and then applying it as a digital cash system, he says.

Charles and Brendan also do a practical demonstration on Electrum, showing how it can be used to prove control over a specific set of private keys. This is particularly interesting given the fact that this was how Dr. Craig Wright demonstrated his control of the Satoshi keys to Gavin Andresen in 2016.

For more about Bitcoin technology, see this previous CoinGeek Conversation: Brendan Lee: What really happens when you make a Bitcoin payment

Hear the whole of Brendan Lees interview in this weeks CoinGeek Conversations podcast or catch up with other recent episodes:

You can also watch the podcast video on YouTube.

Please subscribe to CoinGeek Conversations this is part of the podcasts ninth season. If youre new to it, there are plenty of previous episodes to catch up with.

Heres how to find them:

Search for CoinGeek Conversations wherever you get your podcasts

Subscribe oniTunes

Listen onSpotify

Visit theCoinGeek Conversations website

Watch on theCoinGeek Conversations YouTube playlist

New to Bitcoin? Check out CoinGeeksBitcoin for Beginnerssection, the ultimate resource guide to learn more about Bitcoinas originally envisioned by Satoshi Nakamotoand blockchain.

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Brendan Lee: How to prove ownership of a Bitcoin address - CoinGeek

Hedging against downside has always been a challenge for Bitcoin BTC miners, and the current bear market is a perfect example of how energy prices and crypto market volatility can negatively impact miners profit margins and their ability to stay solvent.

Oftentimes, institutional and retail traders use BTC-, stablecoin- and U.S. dollar-settled derivatives (options and futures contracts) to create hedging strategies that mitigate downside in Bitcoin price, and now an instrument specific to Bitcoin mining is available to miners.

The Oct. 10 launch of Luxor Hashprice NDF, a non-deliverable forward contract, will allow miners to hedge their exposure to Bitcoin price and the energy costs associated with mining.

According to Luxor Technologies, hashprice is the revenue BTC miners earn per unit of hash rate, which is the total computational power deployed by miners processing transactions on a proof-of-work network.

The over-the-counter derivatives contracts are settled using Luxors Bitcoin Hashprice Index, and investors can choose to settle in dollar-pegged stablecoins, dollars or BTC. A primary benefit of the instrument is that contract sellers can lock in Bitcoin mining revenue, while contract buyers can tap into the upside potential of Bitcoin mining without the need for physical exposure.

Related: Will the Bitcoin mining industry collapse? Analysts explain why crisis is really opportunity

According to Luxor co-founder and CEO Nick Hansen:

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.

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New hashprice-based derivatives instrument gives Bitcoin miners another way to hedge - Cointelegraph