Author: NBTC
Quick Take The Bitcoin network is experiencing a remarkable surge in its hash rate, a crucial metric that reflects the computing power dedicated to processing transactions and maintaining the blockchain. According to the latest Glassnode data, the 7-day moving average hash rate has reached an astonishing 620 EH/s, nearing all-time highs. Notably, the upcoming difficulty adjustment, scheduled for Apr. 10, is projected to exceed 3%, according to Newhedge, further reflecting the growing computational power securing the network. This adjustment is particularly significant as it precedes the much-anticipated Bitcoin halving event scheduled for Apr. 20, where the block reward for miners…
Polygon Labs CEO Marc Boiron believes that the intense rivalry between Ethereum layer-2 networks is the “biggest problem” facing the second-largest digital asset by market capitalization. In an April 7 post on social media platform X, Boiron emphasized how the competition between these networks has led to Ethereum cannibalizing itself continuously. He explained: “Ethereum’s biggest problem is cannibalizing itself continuously via all L2s competing over devs, users and liquidity rather than competing outside of the Ethereum ecosystem. Microeconomics 101 would tell you this is a bad strategy. I don’t have the answer but it needs to be addressed.” Several crypto…
Mark Yusko, a renowned hedge fund manager, has offered a rare glimpse into the sophisticated mechanisms by which exchange-traded funds (ETFs) manipulate the price of Bitcoin. This manipulation is not a novel occurrence but a longstanding practice entrenched in Wall Street’s history and adapted to the cryptocurrency market. How ETFs Manipulate the Price of Bitcoin At the core of Yusko’s analysis is the strategic manipulation of Bitcoin. This practice echoes the age-old Wall Street scheme of depressing prices to buy low. Specifically, Yusko details how entities may drive down Bitcoin prices through negative sentiment or direct market action, only to…
1inch Network, a decentralized exchange (DEX) aggregator, has unveiled a crypto debit card with developer Baanx, powered by Mastercard. Baanx’s “Crypto Life” card is also used by crypto storage firm Ledger. Getting deeper into Web3, Mastercard was recently reported to be working with the Ethereum wallet Metamask. Decentralized exchange (DEX) aggregator 1inch Network has created a Web3 debit card in partnership with crypto card developer Baanx and powered by payments giant Mastercard, the companies said on Tuesday. The 1inch Card will allow users to use their crypto for online and in-person purchases and make cash withdrawals at supported ATMs through…
South Korean tax officials in the city of Pohang are set to seize cryptoassets from 5,208 residents who failed to pay local taxes. The move is part of a national crackdown. The drive saw tax officials seize almost $29 million in coins and fiat in 2023. Per Kyungbuk Shinmun and Daegu Shinmun, the individuals have all evaded local tax bills worth $370 or above. On April 7, the city’s Nam Gu (Southern District) Office said the move was part of its “2024 Local Tax Arrears Collection Comprehensive Plan” drive. South Korea Tax Crackdown Could See Coins Liquidated Nam Gu officials…
Velo, in partnership with its partner Lightnet, today announced a ground-breaking partnership with the Solana Foundation to pioneer digital gold transactions in Laos. Through the signing of a Memorandum of Understanding (MOU), Solana Foundation will serve as the blockchain settlement layer. On the other hand, Velo will act as the backbone infrastructure layer and the designated clearing house for Laos’ digital gold transactions. 🚨 Game Changer Alert!Velo & Solana Foundation are redefining digital finance for Laos’ 7.7 million people 🎉 We’re thrilled to announce our partnership to create a state-of-the-art clearing house for Laos’ Digital Gold transactions!Get ready for ultra-secure,…
Bitcoin briefly dipped to lows at the $60,804 mark in a session of volatile trade on Wednesday before rebounding. At the time of writing, Bitcoin had bounced back to trade just over $64,139, up around 2.31% from 24 hours prior. Earlier on Wednesday, Bitcoin hit an intraday high of $64,403. Despite its recent price drop, Bitcoin has maintained an impressive performance, boasting a 124% surge yearly. Last week, the world’s leading cryptocurrency reached a record high of nearly $73,800. After days of falls, Bitcoin sank to a near-two-week low as demand for U.S. exchange-traded funds dried up. Since their inception…
Recently, the decentralized finance (DeFi) lending platform Frax Finance received approval from its community for a governance proposal. The proposal, which was approved on April 5, paves the way for an investment of $250 million in USDe from Ethena Labs into a newly established liquidity pool. This initiative is part of Frax’s Singularity Roadmap and introduces an automated market operation (AMO). It will also facilitate the issuance of new FRAX tokens, which will be supported by debt that is more than fully collateralized. As per a post on X by Ethena Labs on April 8, FRAX has begun including USDe…
The Open Network’s blockchain cryptocurrency, Toncoin, reached its highest level since January 2022, rising 12% in 24 hours. According to data from CoinMarketCap, the price of Toncoin (TON) has jumped almost 12% in the last 24 hours, to $3.12 at the time of writing. Trading volumes skyrocketed by 170% to $154 million over the past 24 hours, signaling increased interest among traders in this coin. Source: CoinMarketCap TON has grown by almost 50% over the past month amid several high-profile announcements. The first catalyst for growth was Telegram Messenger’s announcement that it would begin paying channel owners to advertise in…
Binance’s operation in Africa’s biggest cryptocurrency market is under intense scrutiny, with Nigerian authorities accusing the crypto giant and a host of other exchanges of infractions including currency manipulation and facilitating transfers of illicit funds. With one Binance executive in custody in Nigeria, and a second having fled the country after having been detained, Nigerian authorities have singled out the exchange for circumventing Nigerian laws and for tax evasion. According to court papers shared with Decrypt, Nigerian authorities alleged Binance, along with its regional head for Africa Nadeem Anjarwalla and its Head of Financial Crime Compliance Tigran Gambaryan, “carried on…