Bitcoin Crypto Signals

2023-09-17 18:41:03 Ethereum Network Burned 980K ETH Since Merge Upgrade

One year after its groundbreaking transition from the Proof of Work (PoW) to Proof of Stake (PoS) consensus mechanism, Ethereum has witnessed a remarkable decline in energy consumption and enhanced network accessibility. However, persistent technical challenges continue to affect its journey ahead. the network has minted 681,049.69 Ether while burning 980,847.58 Ether, resulting in a net supply reduction of 299,797 Ether, equal to a 0.248% annualized decrease.

On September 15 of the previous year, Ethereum executed the pivotal Merge upgrade, shifting from PoW to PoS. This monumental transition substantially curtailed its overall energy usage. Currently, the Goerli testnet will be replaced by the new testnet, Holesky, which follows years of development for the developer community. It’s worth noting that Ethereum’s growth in value has been overshadowed by Bitcoin’s price surge in the first quarter of this year, with the leading cryptocurrency seemingly benefiting from traditional financial instability resulting from banking crises. The network, while making strides in sustainability and accessibility, faces ongoing hurdles as it navigates its path forward in the evolving cryptocurrency landscape.

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2023-09-16 22:40:36 Ethereum Developers Forge Ahead With Network Enhancements For Devnet-9 In Latest Meeting

Ethereum’s core developer, Tim Beiko, recently convened for their regular Ethereum All Core Developers Execution (ACDE) meeting to discuss crucial updates and enhancements to the network. According to Beiko, the Devnet-8 is near completion, with various clients actively updating it. Notably, Nethermind and Geth are making strides with their blob transaction pools, while Besu undergoes a significant transaction pool overhaul. Erigon is working on its pool, targeting readiness for Devnet-9, and Prysm is investigating delays in blob sidecar reception.

A proposal named EIP-7514 (add maximum Epoch loss limit) was discussed, aiming to add a constant cap to the validator activation queue, slowing down the growth of the ETH stake percentage. Ethereum Foundation researcher Dankrad expressed support, and it will be part of the Dencun upgrade, with the limit set to 8. Developers discussed adding an opcode to the Ethereum Virtual Machine (EVM) to expose the blob’s base fee, making it easier for Layer 2 solutions to determine gas prices. This change aligns with the BASEFEE opcode for EIP-1559 consistency. Moreover, updates to the EIP-4788 proposal were reviewed, optimizing gas usage, buffer size, and handling invalid timestamps for beacon roots stored in EL contracts. Auditors will assess these changes, with results expected before the next ACDE meeting.

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2023-09-15 09:07:12 OKX Forges Path To Enduring Sports Sponsorships Amid Difficult Crypto World

Crypto exchange OKX is setting its sights on long-term partnerships in the world of sports advertising, aiming to make a lasting impression, unlike some other crypto outfits. OKX, which also counts UEFA Champions League winners Manchester City among its partners, unveiled a new McLaren car design in Singapore ahead of the Grand Prix. The exchange allocates approximately $25-50 million annually for advertising, with a significant portion directed towards McLaren and Manchester City.

Despite these challenges, Kraken joins several other crypto brands that maintain active partnerships with Formula 1 teams, including McLaren’s deals with Tezos and OKX, Alpine’s partnership with Binance, Haas’s agreement with OpenSea, and Red Bull Racing’s reported $150 million deal with Bybit. Crypto.com also holds naming rights to F1’s Miami Grand Prix. Notably, Manchester City and OKX expanded their partnership, making OKX the club’s Official Sleeve Partner. Their logo will adorn the left sleeve of both the men’s and women’s first team kits, reaffirming their commitment to the world of sports advertising. The evolving landscape of crypto sponsorships in sports organizations, coupled with the shifting dynamics in the cryptocurrency industry, underscores the importance of forging lasting partnerships that benefit both parties involved.

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2023-09-13 16:53:36 Philippines And Vietnam Top Crypto Games Web Traffic: Report

In the realm of cryptocurrency, Central & Southern Asia and Oceania (CSAO) has emerged as a dynamic and captivating market, including the Philippines and Vietnam, with games related to this field, according to Chainalysis’ 2023 Global Crypto Adoption Index. When measured by raw transaction volume, CSAO stands as the world’s third-largest crypto market, closely following North America and Central, Northern & Western Europe (CNWE), contributing nearly 20% to global crypto activity.

India is at the forefront of this crypto surge, with an estimated influx of $268.9 billion in crypto assets during the study period. But beyond raw numbers, CSAO shines in grassroots adoption when factors like purchasing power and population are considered. The Global Crypto Adoption Index showcases CSAO’s dominance, with six of the top ten countries hailing from the region: India (1), Vietnam (3), the Philippines (6), Indonesia (7), Pakistan (8), and Thailand (10). Over the past year, CSAO has witnessed a surge in Decentralized Finance (DeFi) participation, accounting for a staggering 55.8% of regional transaction volume from July 2022 to June 2023, compared to 35.2% in the previous year.

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2023-09-12 22:45:12 FTX Holds $1.16B in SOL, $200M in Bahamas Real Estate, Court Filing Says

The estate of bankrupt FTX has marshalled around $7 billion in assets, including $1.16 billion in solana (SOL) tokens and $560 million in bitcoin (BTC), according to a Monday court filing. The presentation details billions in payments the company – previously one of the world's biggest crypto exchanges – made to senior executives including founder Sam Bankman-Fried, before it filed for bankruptcy in November.

The company collapsed after CoinDesk published revelations concerning the state of its balance sheet last year. New CEO John J. Ray III has berated financial controls at the company, while Bankman-Fried has pleaded not guilty to multiple fraud charges, with a trial due to start next month. The presentation also details $2.2 billion in cash, crypto, equity and real estate received by Bankman-Fried and other executives, including Nishad Singh, Zixiao “Gary” Wang and Caroline Ellison, in the months leading up to the bankruptcy. That may be significant because U.S. law allows such payments to be clawed back and added to the stock of assets that can be distributed to creditors.

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2023-09-11 15:43:17 Man Plans to Sue City Over Refusal to Dig for 7,500 Lost Bitcoin in Landfill

A Telegraph report reveals that James Howells is gearing up to legally challenge the local city council in South Wales, which has denied his team permission to unearth a hard drive he suspects is buried beneath the landfill. Several years back, a hard drive laden with 7,500 of Howells’ bitcoin — now valued at $194 million based on today’s BTC exchange rates — inadvertently found its way into a landfill. In a letter dispatched to the Newport City Council on September 4.

Howells has long been locked in a dispute with the city. Back in January 2021, he dangled an enticing offer before them: 25% of the BTC’s value if they permitted him to excavate to find the hard drive. Yet, that proposal fell on deaf ears. Fast forward to July 2021, Howells unveiled an innovative strategy to the media, revealing plans to harness x-ray and artificial intelligence (AI) tools to pinpoint the device storing the BTC. In the latest interview with The Telegraph, he confirmed his commitment to those tech solutions and mentioned collaboration with the landfill’s seasoned retired site manager. 25% of the BTC’s value if they permitted him to excavate to find the hard drive. Yet, that proposal fell on deaf ears.

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2023-09-10 11:04:43 DOJ Claims About Sam Bankman-Fried's Laptop Access Are 'Inaccurate', Defense Alleges

Prosecutors are exaggerating the amount of access FTX founder Sam Bankman-Fried really has to defense material, his attorneys said in a memo late Friday. Bankman-Fried continues to lack decent internet access when produced to a cell block at the Southern District of New York courthouse, and has not had anywhere near the amount of air-gapped computer access that the Department of Justice has said he would have, the letter signed by defense attorney Mark Cohen said.

Bankman-Fried's defense team has tried to have him temporarily released or given greater computer access to work on his defense, saying his Sixth Amendment rights were being violated. Prosecutors have maintained that he has had access to defense materials after his bail was revoked last month on public safety grounds. Earlier this week, the DOJ filed a letter saying Bankman-Fried now had access to multiple hard drives with defense material provided by the defense, an air-gapped laptop every day of the week and an internet-enabled laptop with a new battery provided by defense attorneys. Friday's letter detailed these issues, saying Bankman-Fried was only able to load a single document.

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2023-09-08 12:00:22 Coinbase Enhances Security Measures For Singapore Users Amidst Crypto Expansion

Coinbase, one of the leading cryptocurrency exchanges, has announced new requirements for its users in Singapore to enhance compliance with the Monetary Authority of Singapore (MAS) regulations on anti-money laundering and combating the financing of terrorism. These measures are aimed at ensuring full adherence to regulatory guidelines and may impact transaction processing for those who fail to comply.

Coinbase Singapore outlined the specific information required when sending digital assets out of wallets, including the recipient’s wallet type, exchange name (if not self-custody), recipient’s full name, and country of residence. Conversely, when receiving crypto deposits from external platforms, users must provide sender information, including the sender’s full name and country of residence. However, it’s worth noting that in June, Coinbase faced regulatory challenges when the SEC charged the platform with an unregistered offer and sale of securities linked to its staking-as-a-service program. Several US states also demanded a halt to Coinbase’s staking services.

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2023-09-07 15:33:43 Coinbase Revolutionizes New Crypto Lending Service For Institutions

Coinbase is making its move into the crypto lending space, targeting US institutional investors. The cryptocurrency exchange giant aims to fill the void left by the collapse of firms like BlockFi and Genesis Global, as reported by Bloomberg. According to a filing submitted to the SEC on September 1, Coinbase has applied for exemptions for this service through its subsidiary, Coinbase Credit, Inc., listing CFO Alesia Haas as a related individual. The service will offer institutions the option to lend digital assets to the exchange under standardized terms, qualifying for a Regulation D exemption.

Its plan is to primarily source crypto assets from its customers and then lend them to institutional trading clients. Already, customers using Coinbase Prime, the exchange’s full-service prime brokerage platform, have invested $57 million in the lending program. This move marks the exchange’s reentry into lending, following the suspension of its retail-focused Coinbase Borrow service in May. Unlike its previous retail lending program, this new initiative is aimed squarely at institutional clients, akin to the traditional prime brokerage services offered by banks. It’s worth noting that Coinbase has encountered regulatory challenges in the past, including a recent SEC charge related to its staking-as-a-service program. However, the exchange has also achieved regulatory milestones, such as securing approval to offer cryptocurrency futures to US retail customers.

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2023-09-06 10:09:35 • Chart • News • Fundamentals •

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