Global CRYPTO News

2022-04-19 15:57:39 ​​BITCOIN HAS RETURNED TO $42K AS MARKETS SEE POTENTIAL.

CPI inflation rate of 7.9 percent
In the run-up to the newest assessment of how horrible US inflation is, Bitcoin has broken through range low resistance.

The atmosphere among traders was also improving, despite local highs of $42,438 on Bitstamp, although caution persisted.
Multiple macro issues, like the Russia-Ukraine conflict, inflation, and the United States’ impending executive order on bitcoin, had critics on edge.

“I can’t dispute that the market is looking a little better as a result of this move.”
Pentoshi, a fellow trader and analyst, expressed similar scepticism about Bitcoin’s performance, which returned it to the high end of a range where it had been throughout 2022.

“This was a fantastic squeeze, but I’d want to see Bitcoin recapture 46-47k to be certain that momentum has been restored,” William Clemente, chief insights analyst at mining business Blockware, added.
The implications of Thursday’s consumer price index (CPI) statistics for February remained uncertain. This is predicted to be 7.9 percent, and it is a primary driver of BTC/USD short-term volatility.

The data would come ahead of the Federal Reserve’s decision on key interest rates the following week, with forecasts as diverse as its scope.

“China’s mining ban prompted BTC’s initial drop from 60k to 30k in 2021.”

“Inflation mixed with probable rate rises and the end of QE triggered the second drop from 60k to 30k in 2021,” PlanB, author of the stock-to-flow family of Bitcoin price models, stated.

At the time of writing, Ether (ETH) was up 7.2 percent on the day, while others, such as Ripple (XRP), were down 3.7 percent.

Terra (LUNA) once again led the charge, with LUNA/USD aiming for 20 percent gains, the largest since mid-January. Open / Comment

2022-04-19 15:53:22 ​​Some large cryptocurrency exchanges place a higher priority on industry developments such as NFTs than on the Lightning Network.

Lightning, according to Coen, allows users to not only move Bitcoin at a lesser cost, but also to keep genuine Bitcoin.
Other exchanges, such as Coinbase, are also unlikely to add Lightning support in the near future, according to the Lightning enthusiast, “since the focus appears to be to incorporate as many cryptocurrencies as possible and follow market trends.” Coinbase looks to place a higher priority on nonfungible token (NFT) support than Lightning, according to Coen, who cites the company’s official NFT initiative from last year. The expert’s thoughts reflected some of the community’s own.

Lightning is becoming more of a need than cutting-edge technology.
According to certain members of the community, Lightning is still a cutting-edge technology, hence huge crypto exchanges are taking a long time to implement it.

With exchanges such as Bitfinex, OKX (previously OKEx), and Kraken implementing Lightning, “it’s becoming less cutting edge and more of a requirement to be competitive,” according to a representative for the Amboss explorer.

“The Lightning user experience is superior, and exchange users will be seeking for the most convenient way to deposit and withdraw funds from their preferred exchange.” Users that need to perform rapid trades require lightning support, according to the spokesman.
The Lightning Network is a Bitcoin layer-two protocol that was launched in March 2018 with the goal of making BTC transactions quicker and more affordable. By implementing Bitcoin Lightning support for payments in December 2019, Bitfinex is thought to be the first cryptocurrency exchange in the world to do so. Open / Comment

2022-04-19 15:51:48 ​​THE COMMUNITY ATTEMPTS TO FIGURE OUT WHY BINANCE AND COINBASE ARE MUTE ON BITCOIN LIGHTNING.

Several community members speculated that the Lightning Network adoption may be against some crypto exchanges’ business objectives or just not a priority for others.

The integration of the Bitcoin Lightning Network has begun to gain traction among cryptocurrency exchanges all around the world. Some of the world’s top crypto trading platforms, on the other hand, do not appear to be in a rush to adopt the protocol.

Following in the footsteps of BitPay and the Kraken crypto market, Robinhood, a cryptocurrency trading app, announced Lightning support last week.
Given that the primary purpose of the Lightning integration is to lower the cost of Bitcoin (BTC) transactions and speed up network transfers, it’s understandable to question which cryptocurrency exchanges have yet to implement Lightning support.

Lightning is not mentioned by Binance, Coinbase, or FT
The rate of Bitcoin LN adoption is not universally praised. The lack of development for the Lightning Network integration among major crypto exchanges disappoints David Coen, a software quality assurance tester and crypto enthusiast. He gathered information from official sources, social media accounts, and Lightning explorers like 1ML and Amboss, only to discover that Binance, Coinbase, and Bithumb, a prominent South Korean crypto exchange, aren’t on the list of “Lightning exchanges.”

FTX has also declined to comment, despite the fact that it isn’t on Coen’s list. FTX said on its official Twitter account in January of last year that it “probably pays more in transaction fees than any other single company in the world.”

There is a slew of probable explanations for why some of the world’s major crypto exchanges have yet to implement Lightning functionality.
Due to the high cost of withdrawals on exchanges like Binance, one Redditor speculated that the Lightning Network’s availability would be connected with fewer incentives to hold Bitcoin on those exchanges. “However, implementing it may not be beneficial to Binance. He stated, “I personally want to use the Lightning Network to move all of my BTC trades to cold storage.”

According to Coen, Lightning deployment may not be a top priority for certain big crypto exchanges, and it may even be incompatible with their business objectives for others.

“I believe Binance has no interest in integrating Lightning Network deposit or withdrawal since it may go against their business intentions,” Coen added. He speculated that Binance would be more interested in encouraging the use of its own blockchain networks, such as the Binance Beacon Chain and the Binance Smart Chain, for withdrawals. Open / Comment