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Bitcoin Prices May Surge But High Fees a Challenge

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Bitcoin up 9.5 percentHigh transaction fees will lead to financial exclusionIn Jeff Garzik’s deduction, high Bitcoin fees, despite Lightning Network development, will, in the long run, slow down adoption. Meanwhile, Bitcoin is up 9.5 percent from last week’s close trading above $8,000.Bitcoin Price AnalysisFundamentalsJeff Garzik is one of Satoshi’s early collaborators. Together with Garvin, they are relentless in their advocacy for a trustless network. He diverged from Bitcoin and was an ardent supporter of Segwit2X, a scaling solution that failed to take off.  Jeff now says the inability of Bitcoin to scale will in the long run slow down adoption.While talking to CCN, the tech leader said even with layer-2 solutions as Lightning Network, “transaction fees go up to the point where [most people] just can’t afford to use Bitcoin.” He said:“The pace of innovation of the core of Bitcoin is slow, and it’s a real challenge. If you onboard a bunch of people on Lightning, stuff like that, the transaction fees goes up to the point where [most people] can’t afford to use Bitcoin.”Adding that high transaction fees will then lead to financial exclusion, especially for people outside the US and the EU:“If you have to pay $10 for a Lightning transaction, that leaves Bitcoin to [people in] the US and EU, and that’s it. We just excluded the rest of the world due to transaction fees.”Candlestick ArrangementsFrom Bitcoin daily chart, price is stable and up 9.5 percent from last week’s close. At some point this week, sellers temporarily took charge. However, the reaction in the past 72 hours has been stellar. With the emergence of buyers, the uptrend is solid.As a result, every low is technically a buying opportunity as long as the price is trending above $7,500 or May 19th low. The level also coincides with the 50 percent Fibonacci retracement of May trading range. Besides the increase in participation, the failure of sellers to press lower, wiping May 19th gains is bullish. That is, if we analyze price action from an effort versus result point of view.All the same, conservative traders, as laid out in previous BTC/USD trade plans, ought to stay out until better signals print. Once there is sufficient momentum that will drive prices above May 19th high and $8,500, these patient traders can load up on dips with targets at $10,000 and $12,000.Technical IndicatorTherefore, because of this, May 19th bull bar anchors this trade plan. In an uptrend, any surge above $8,500 must be with high trading volumes exceeding 25k of May 19th and ideally, 47k of May 14th.Chart courtesy of Trading View. Image Courtesy of Shutterstock

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NYSE files a trademark application for trading NFTs

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The world’s largest stock exchange may be planning to bring business into the Metaverse.

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Traders say $4,000 Ethereum back on the cards ‘if’ this bullish chart pattern plays out

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Global tensions that could trigger a correction in markets abound, but traders say ETH’s current setup could result in a swift return to the $4,000 level.

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CryptoPunks community reacts to the ongoing copyright battle between V1 and V2

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Although the collection is no longer deemed authentic by Larva Labs, its creators alleged sold 210 ETH worth of CryptoPunks V1 when the wrapped versions first gained traction.

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Binance.US is under investigation from SEC over trading affiliates: Report

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Binance CEO Changpeng Zhao allegedly has connections to two market makers buying and selling crypto on Binance.US.

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Boost Insurance unveils product covering against crypto theft from qualified custodians

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Boost Insurance, an insurance infrastructure-as-a-service platform, alongside go-to-market partner, Breach Insurance, a company that provides insurance technology and regulated insurance products for the cryptocurrency market, today announced the launch of Crypto Shield, an insurance product for cryptocurrency available to retail wallet holders.

Crypto Shield covers the theft of cryptocurrency while in the custody of a qualified custodian.

The Crypto Shield product allows individuals to purchase protection for their crypto wallets held by select custodians. In the case that the custodian is breached or suffers a social engineering attack resulting in lost assets, individuals insured under Crypto Shield can be reimbursed for the value of their policy.

Boost + Breach

While there is some commercial insurance available to cryptocurrency institutions, Breach envisioned Crypto Shield as a solution to the protection gap that currently exists for individuals holding crypto, securing a partnership with Boost to assist in bringing the Crypto Shield product to life.

Boost’s insurance infrastructure-as-a-service packages the necessary operational, technological, compliance, and capital requirements for new insurance programs into a white-label solution, enabling insurtechs like Breach to swiftly launch new lines of business.

“Boost’s deep expertise and insurance infrastructure-as-a-service platform, and Relm’s industry-leading crypto reinsurance capabilities, have positioned Breach to bring a highly complex insurance product to the market in a beautifully delivered customer experience.”
– Eyhab Aejaz, Co-Founder & CEO at Breach

To deliver that product in a seamless experience, Boost and Breach’s platforms connect via API, allowing Boost’s policy administration system to deliver back-end management for the Crypto Shield product. Breach’s customers are then able to purchase and manage every part of their policy and claims process, all from within Breach’s proprietary crypto insurance platform.

“With Boost’s infrastructure-as-a-service platform, companies like Breach can launch and deliver innovative new insurance offerings, at a fraction of the time and cost required to build a full-stack insurance program from scratch.”
– Alex Maffeo, CEO & Founder of Boost

In addition to powering the new product, Boost and Breach partnered to source and secure the necessary reinsurance backing from industry expert Relm Insurance Ltd. (Relm), underwritten by Trisura Specialty Insurance Company. Operating out of Bermuda, Relm is a capacity provider to the crypto sector with a track record of insuring companies across the ecosystem. Relm has recently been awarded an ‘A Exceptional’ Financial Stability Rating (FSR) by Demotech.

“Relm’s partnership with Boost and Breach to reinsure the US’s first cryptocurrency insurance product for retail wallet holders is a milestone in supporting the development of crypto and blockchain technologies.”
– Joe Ziolkowski, CEO at Relm

The post Boost Insurance unveils product covering against crypto theft from qualified custodians appeared first on CryptoNinjas.

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