$BTC daily

2023-03-04 13:29:36 GBTC trading at 45% discount to NAV less than a week from SEC trial

Grayscale presents oral arguments against the Securities and Exchange Commission, the discount price of Grayscale Bitcoin Trust (GBTC) traded at at a low of 45.9% relative to net asset value on Thursday, according to data from The Block. The GBTC discount hit an all-time low on Dec. 13.

GBTC trades at a discount to the NAV of the fund, since holding shares in the fund doesn't grant the holder access to its underlying assets. Until early 2021, shares in the fund traded at a premium before flipping to a discount. As a result, the market price of GBTC shares is more than 47% lower than the value of the bitcoin in the fund or its NAV. The fund will appear in the District of Colombia Court of Appeals this Tuesday March 7, contesting the Securities and Exchange Commission’s decision from June 2022.

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2023-03-04 00:56:59 Bitcoin's Price Drop Causes Over $200 Million in Long Liquidations Across Crypto Derivative Exchanges

On Feb. 24, 2023, bitcoin’s price remained above the $23,000 threshold and then rose to a peak of $23,829 per unit on March 1. On March 2 at 8 p.m. Eastern Time, the price of bitcoin fell, dropping below the $23,000 mark. This decline resulted in a significant $237.97 million worth of long liquidations on a variety of crypto derivative exchanges. Of that total, $206 million in liquidations occurred on March 2 alone.

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2023-03-03 19:17:13 Solo Bitcoin Miner Solves Block With Hash Rate of Just 10 TH/s, Beating Extremely Unlikely Odds

A solo Bitcoin miner with an average hashing power of just 10 TH/s (terahashes per second) won the race to add block 772,793 to the Bitcoin blockchain on Friday. At the time the block was added, Bitcoin's total hash rate was just over 269 exahash per second.

Despite the odds stacked against them, the solo miner was the first to produce a valid hash for the block to be mined. In return, the miner received 98% of the total 6.35939231 BTC allotted for the block reward and fees. The remaining 2% went to Solo CK Pool, an online mining service that facilitates individual mining. Bitcoin, the miner must be the first to calculate a valid hash for the block, which can only be discovered using brute computational force.

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2023-03-03 13:07:40 BitMEX Founder Urges Bitcoin Investment Amid Warning Of Global Crash

BitMEX founder and crypto veteran Arthur Hayes warns of an impending financial crash and recommends Bitcoin as a hedge against inflation. He advises diversifying with altcoins like Ethereum, Solana, and Cardano while using leverage sparingly and keeping cash in reserve.

Arthur Hayes, the co-founder of BitMEX, warns that a massive global financial crash is looming and shares his Bitcoin and crypto strategy. Hayes argues that the global financial system is in a precarious state and that a significant market correction is imminent. In response, he recommends investing in Bitcoin, which he sees as a hedge against inflation and a store of value. Hayes also advises diversifying the cryptocurrency portfolios by investing in other promising altcoins such as Ethereum, Solana, and Cardano.

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2023-03-03 00:28:54 Coinbase Severs Ties With Silvergate Bank Amidst JPMorgan Downgrade and Delayed SEC Filing

On March 2, 2023, the cryptocurrency exchange Coinbase announced that, in light of recent developments, the company is “no longer accepting or initiating payments to or from Silvergate Bank.” The news follows the crypto bank’s delay of its annual 10-K filing with the U.S. Securities and Exchange Commission (SEC) and JPMorgan’s downgrade of the company’s shares from “neutral” to “underweight.”

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2023-03-02 18:28:23 Bored Ape Yacht Club Creator Yuga Labs Reveals First Bitcoin NFT Project

Yuga Labs, the creator of the Bored Ape Yacht Club, announced the release of a new bitcoin-based NFT collection called TwelveFold. The collection will consist of 300 generative art pieces inscribed onto satoshis on the Bitcoin blockchain. building on the recent uptick in ordinal NFTs.

Inscriptions, also known as digital artifacts, are created when a file, such as an art image like those created for TwelveFold, is written (or inscribed into) units of Bitcoin called satoshis, the smallest individually identifiable units of Bitcoin. The process is made possible through the Ordinal Theory protocol, with such NFTs simply donning the name "ordinals.". Ordinals have gained popularity as upgrades to the Bitcoin blockchain made it cheaper to store data in single transactions. In January, for example, someone minted a copy of the 100 Ether Rocks — one of the oldest Ethereum NFT projects.

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2023-03-02 13:30:25 France passes new crypto registration rules for firms

The French National Assembly passed a set of licensing rules for crypto firms operating in the country as part of a broader bill aimed at harmonizing French law with European Union standards. Crypto firms in France dodged far tougher provisions proposed in response to the collapse of FTX.

The final National Assembly vote tally was 109 in favor to 71 against. The French Senate already passed the bill, so it will travel next to French President Emmanuel Macron, who has 15 days to either approve it or send it back to the legislature, though the bill is expected to become law. Following an industry push, the provisions will take a milder form than French policymakers originally proposed amid a regulatory push after the collapse of FTX — taking a step toward broader anticipated EU rules.

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2023-03-02 02:50:11 UBS Strategists Predict Minimal Impact of Upcoming Mt Gox Payouts on Bitcoin Value

A recent report published by market strategists from the investment bank and financial services company UBS says that the upcoming Mt Gox payouts won’t destabilize bitcoin’s value. While a new supply will come to the market, UBS strategists insist that “it would be less concentrated.

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2023-03-01 16:42:55 Lightning Network reaches all-time high in bitcoin capacity

Lightning Network, a Layer 2 payment network built on top of the Bitcoin blockchain, has reached an all-time high in terms of capacity, or the amount of bitcoin (BTC) locked in payment channels.The payment channel capacity on the Lightning Network has grown 63% since the beginning of last year, according to data from The Block Research.

The Lightning Network is a second-layer payment protocol built on top of the Bitcoin blockchain, designed to enable fast and cheap micropayments by allowing participants to transact directly without the need for immediate settlement on the blockchain. It operates as a network of bi-directional payment channels between participants, allowing for off-chain transactions that are eventually settled on the Bitcoin blockchain. which allows it to handle high amounts of low-value transfers without having to broadcast every transaction to the Bitcoin main network.

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2023-03-01 12:42:21 ​XRP Price Prediction as $600

As XRP records a $600 million trading volume, investors are wondering if the cryptocurrency can reach $10 in 2023. This XRP price prediction is fueled by recent developments in the XRP ecosystem, as well as a broader surge in the cryptocurrency market.

However, there are also factors that may limit XRP's growth potential.

Crypto investors have been following Ripple's legal battle with the US Securities and Exchange Commission (SEC) for over two years. The SEC filed a complaint against Ripple Labs, the company behind XRP, claiming that the cryptocurrency is a security and that Ripple offered it to investors without legal registration. However, it is becoming increasingly difficult to predict the outcome of the legal case.

On February 23, cryptocurrency advocate and lawyer John Deaton proposed a scenario that could expedite a settlement if needed. Deaton tweeted that he believes Ripple's attorney will strongly advise a settlement if the SEC accepts in writing that all current and future XRP transactions are not securities. Deaton also expressed confidence that Ripple will emerge victorious and that the Supreme Court would not uphold the SEC's overreach. Open / Comment