The Salvadoran government has moved to prevent users of its Chivo digital wallet from gaming the app’s price freeze feature to glean risk-free profits through arbitrage. On Tuesday, Chivo’s Twitter account announced that wallet users will be unable to see the reference price provided for trades executed using the price freeze feature — which allows traders to retain the Bitcoin (BTC) price quoted by the app for up to one minute. Chivo tweeted that opportunistic traders have been using the price freeze feature to scalp for arbitrage across other cryptocurrency trading platforms globally during periods of significant price volatility for …

On-chain analytics provider Glassnode reported that long-term Bitcoin (BTC) holders are refusing to sell despite the BTC markets rallying to a five-month price high. In its Monday “Week On-chain” report, Glassnode noted that “long-term holders” — BTC wallets that have not seen outflows for more than 155 days — are currently sitting on nearly 13.3 million BTC or 70% of Bitcoin’s supply. The report notes that long-term holders have increased their collective stash by more than 2.37 million BTC (roughly $134 billion at current prices) over the past seven months. With only 186,000 BTC being newly minted by miners during …

Decentralized finance (DeFi) wallet and browser extension MetaMask has partnered with three crypto-focused custodians as part of a broader effort to attract more institutional capital to the digital asset market. On Tuesday, the company announced new partnerships with BitGo, Qredo and Cactus Custody centered around MetaMask Institutional — a new product offering that gives institutional investors access to the large sums of collateral in the DeFi market. ConsenSys, the Ethereum developer behind MetaMask, introduced MetaMask Institutional in May. When asked about how MetaMask Institutional works alongside existing product functionalities, a spokesperson told Cointelegraph: “MetaMask Institutional provides the same functionality and …

Salvadoran President Nayib Bukele claims that 2.1 million of his fellow citizens are using the government-backed Chivo cryptocurrency wallet, offering a glimpse into the apparent success of the country’s Bitcoin (BTC) gambit. The controversial president updated his 2.9 million Twitter followers Saturday afternoon, claiming that Chivo “now has more users than any bank in El Salvador” after just three weeks in operation. Bukele indicated that it’s only a matter of time before Chivo adoption eclipses all banks in El Salvador combined. 2.1 million Salvadorans are ACTIVELY USING @chivowallet (not downloads). Chivo is not a bank, but in less than 3 …

Retail-trading platform Robinhood is reportedly testing a long-awaited digital wallet feature that enables users to send and receive crypto assets such as Bitcoin (BTC). Bloomberg reported the rumor on Tuesday, with the publication claiming to have seen screenshots of a withdrawal interface in a beta version of the wallet feature in Robinhood’s iOS app. While details are sparse, Bloomberg also claims to have seen a waitlist where users will be able to sign up for the new digital asset wallet. “The app also has code referring to cryptocurrency transfers,” the report added. Robinhood users are currently only able to buy …

El Salvador’s Bitcoin (BTC) adoption drive met its first roadblock after citizens reported problems downloading and operating the state-run Chivo wallet. While the wallet was taken down soon after it went live, Salvadoran President Nayib Bukele later announced that all the issues related to the BTC wallet have been fixed. He tweeted: “We have finished today’s maintenance of Chivo wallet. Report any malfunction here, in the comments.” Soon after El Salvador’s implementation of the Bitcoin Law, Chivo wallet was reportedly launched on major app stores, including Google Play, Huawei AppGallery and Apple App Store. After numerous user reports of system …

A family that went all-in on Bitcoin (BTC) back in 2017 has revealed its secrets to safeguarding the asset now that it has increased in price by around 5,000%. The Dutch family of five’s storage plan includes a series of secret locations spread across four different continents. In 2017, the “Bitcoin family” liquidated all of its assets and went all-in on BTC when it was trading around $900. With BTC trading over $45,000 today, the family’s undisclosed fortune is substantially larger. Patriarch of the family, Didi Taihuttu explained that he has hidden the hardware wallets across several countries so that …

Payments provider company PayPal said its users may not have much longer to wait to have greater crypto functionality through the platform. During PayPal’s Q2 2021 investor update call on Wednesday, CEO Dan Schulman said the initial version of the company’s super app wallet was “code complete.” The PayPal CEO said the company planned for the wallet to be fully ramped in the United States in the next several months. The super app wallet will feature high yield savings, early access to direct deposit funds, messaging capability, “additional crypto capabilities” and more. Schulman said each wallet would be “unique, driven …

Digital payments firm Square is building a Bitcoin (BTC) hardware wallet, with CEO Jack Dorsey and hardware lead Jesse Dorogusker both confirming the plan on Twitter. The tech entrepreneur and Bitcoin proponent first teased the idea for a Square hardware wallet and custody service last month but revealed today that “we’re doing it.” We’re doing it #Bitcoin https://t.co/IwbKuBoXGv — jack (@jack) July 8, 2021 Dorogusker said on Twitter that Square wants to make Bitcoin custody more mainstream and outlined the pathway for the hardware wallet rollout: “We have a lot of questions and issues to reconcile and we’ll start with …

A casting call for a cable network series may offer crypto users at the end of their rope a way to access tokens locked away — or at least show viewers some of the options available to them. In a LinkedIn post from last month, casting director Jessica Jorgensen called on crypto users who have forgotten their passwords — and presumably their seed phrases — or lost their private keys to wallets with the clock ticking. The series offers consultations from cryptocurrency and cybersecurity experts to help users recover access to their funds. However, it seems participants must be prepared …

The latest announcement from El Salvador's pro-Bitcoin president, Nayib Bukele, has clarified that citizens will not be forced to use the government-issued “Chivo” Bitcoin wallet. In a tweet on June 29, El Salvador’s President Bukele stated he wanted to clear up any misinformation regarding the government’s wallet application following the passing of the country’s Bitcoin law on June 9, which will take effect on September 7. The new Bitcoin wallet is called Chivo, which is slang for “cool” in El Salvador, and it can hold both Bitcoin and U.S. dollars. Bukele stated it is just one of many crypto wallets …

This is Part Three of a multipart series that aims to answer the following question: What is the “fundamental value” of Bitcoin? Part One is about the value of scarcity, Part Two — the market moves in bubbles, Part Three — the rate of adoption, and Part Four — the hash rate and the estimated price of Bitcoin. The rate of adoption If more and more people desire a certain good, and the same amount of units are in circulation, the price will obviously have a tendency to rise. It’s the supply-and-demand rule that governs any market in the world. …