BTC Trunk

2023-11-24 20:31:02 Bitcoin User Unwittingly Pays $3.1 Million in Single Transaction Fee

Block 818,087 stands out in Bitcoin’s ledger for recording the largest fee for a single transaction in its history. This block encapsulated around 4,179 transactions. Besides the standard reward of 6.25 newly created BTC, Antpool earned an additional 85.216 BTC in fees from this block.

The extraordinary transaction fee amounted to 83.65 BTC, transferring 55.77 BTC, valued at approximately $2 million based on current exchange rates. This incident surpasses the previous record, where an excessive fee of about 19.8 BTC – worth $738,639 today but approximately $500K at that time – was paid.

This earlier record was set in block 807,057, mined by F2pool, which earned 20.0127 BTC in total fees from the block. The 19.8 BTC transfer was later identified as a transaction by Paxos. In a gesture of goodwill, F2pool chose to refund the company, demonstrating that miners have the discretion to reimburse addresses in cases of apparent errors. Open / Comment

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2023-11-21 19:35:55 Bitcoin Achieves Lifetime Record With Over 710,000 Daily Transactions Confirmed on Sunday

This recent weekend marked a record-breaking moment for the Bitcoin network. Operating at a robust hashrate of 480 exahash per second (EH/s), the network verified an unprecedented total of 710,579 transactions – a new peak in Bitcoin’s storied history. This surpassed the previous high set on September 15, 2023, when bitcoin (BTC) miners verified 703,692 transactions.

Furthermore, on November 12, 2023, the daily transaction volume (703,327) nearly eclipsed the former record, now ranking as the third highest in history. All of these days featured unparalleled levels of inscription-based transactions, with the most recent record established on Sunday accounting for 475,249 inscriptions.

Sunday emerged as the second most prolific day for inscription-based transactions, slightly trailing the record set on November 12, which saw 505,345 inscriptions. As of 2:40 p.m. Eastern Time on November 20, 2023, the day’s data remains incomplete, yet 411,723 transfers have already been processed by bitcoin miners, with 300,452 being inscriptions.

Inscriptions have surged recently after a brief dip, sparking a rise in miners’ fees due to a backlog of more than 200,000 transactions, which has driven up the cost of block space. Concurrently, as miners set new benchmarks in transaction processing, the network’s hashrate has soared to an unparalleled peak of 480 EH/s, based on the seven-day moving average. Open / Comment

2023-10-28 19:55:12 US Lawmakers Ask DOJ to Consider Criminal Charges Against Binance and Tether

The office of U.S. Senator Cynthia Lummis (R-WY) announced Thursday that the senator from Wyoming and U.S. Representative French Hill (R-AR) have sent a letter to U.S. Attorney General Merrick Garland urging the Department of Justice (DOJ) “to swiftly investigate Binance and Tether.” They alleged that the two cryptocurrency platforms have been used to fund Hamas and “have a history of allowing illegal activity to occur.”

Lummis is a member of the Senate Banking Committee while Hill is the chair of the House Financial Services Committee’s Subcommittee on Digital Assets. Senator Lummis highlighted “the need for federal investigators to crack down on bad actors in the crypto asset space after reports surfaced that showed Hamas used crypto assets to fund their war in Israel,” the announcement describes.

The letter cites an article published by the Wall Street Journal on Oct. 10 stating that Hamas, Palestinian Islamic Jihad, and Hezbollah have received crypto funding since Auguhttps://static.news.bitcoin.com/wp-content/uploads/2023/10/binance-lummis-768x432.jpgst 2021. While acknowledging that the level of funding reported in the article is “likely not accurate,” the lawmakers said: “We believe it is nonetheless imperative that the Department of Justice hold bad actors accountable if they are shown to facilitate illicit activity.”

This week, blockchain analytics firm Elliptic clarified that there is no evidence to support the assertion that Hamas has received significant volumes of crypto donations. The firm added that the data it provided “has been misinterpreted.” Open / Comment

2023-10-25 21:04:16 Binance Executives in UK and France Leave Crypto Exchange

Jonathan Farnell, who was at the helm of Binance’s operations in the U.K. and later served as a chief executive of the payments technology firm Bifinity, a subsidiary of the crypto behemoth, has left the company in late September, media reports unveiled this week.

The news of his departure comes as the U.K.’s Financial Conduct Authority (FCA) is working to impose stricter rules for the advertising of crypto assets to the public. The restrictive measures, announced in June, include a ban on “refer a friend” bonuses, for example.

Last week, the Managing Director Binance France, Stéphanie Cabossioras, also vacated her position. She joined the exchange as head of legal in April 2022 when Binance unveiled it had chosen Paris for its European hub.

Cabossioras and a Binance spokesperson have confirmed her departure, according to a report by Bloomberg, while the President of Binance France, David Prinçay, thanked her for her contribution in a post on X, formerly Twitter.

The resignations of Farnell and Cabossioras add to a series of executive exits at this year, including Chief Strategy Officer Patrick Hillmann, Senior Vice President for Compliance Steven Christie, Binance’s General Counsel Hon Ng, Leon Foong, who ran the crypto giant’s Asia-Pacific business, and Product Lead Mayur Kamat. Binance’s managers for Eastern Europe and Russia, Gleb Kostarev and Vladimir Smerkis, also quit the exchange as well as the CEO of Binance US, Brian Shroder. Open / Comment

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2023-10-22 18:29:00 US Chamber of Digital Commerce Backs Binance, Urges SEC to Drop Lawsuit

Founded in July 2014 by Perianne Boring, the U.S. Chamber of Digital Commerce is a Washington, D.C.-based trade association and advocacy group that promotes crypto assets and blockchain technology. On October 19, the group filed an amicus brief backing the world’s largest crypto exchange by trade volume, Binance.

In the brief, the Chamber stressed the importance of maintaining clear jurisdictional boundaries, cautioning against an overreach of the SEC’s authority. Extending U.S. securities law into areas unrelated to securities markets, they argue, could have unintended consequences for various sectors of the U.S. economy.

The crypto advocacy group wrote:

The SEC is suing the equivalent of a grocery store selling oranges and other fruit, or an online e-commerce marketplace, like Amazon. Tokens alone are not securities, and the markets where they are available to buy and sell are not securities exchanges.

The brief underscored the pressing need for a transparent regulatory framework for digital assets. Echoing Senator Cynthia Lummis‘ sentiments, the Chamber emphasized that Congress should provide unambiguous guidance to foster innovation while ensuring consumer protection. Open / Comment

2023-10-19 16:03:01 Bitcoin, Ethereum Technical Analysis: BTC Bulls Secure Gains, Following a Recent Multi-Month High

Bitcoin

Bitcoin bulls consolidated recent gains on Wednesday, as traders appeared to be capturing profits following recent highs. BTC/USD edged to a low of $28,172.91 earlier in today’s session, which comes a day after a high of $28,889.01.

Today’s price consolidation comes after the world’s largest cryptocurrency rose to as high as $30,000 earlier in the week. Looking at the chart, the decline comes as the 14-day relative strength index (RSI) maintains its position marginally above a floor at the 62.00 level.

As of writing, the index is tracking at a reading of 62.28, after a failed breakout from a resistance of 65.00 on Monday. Price may continue to consolidate until either the aforementioned floor or ceiling is broken.

Ethereum

Ethereum (ETH) made slight gains on hump-day, as it continued to hover around the $1,580 mark. Following a low of $1,554.40 on Tuesday, ETH/USD climbed to an intraday peak of $1,584.73 during the day.

Earlier gains have since eased, with ethereum now trading at $1,577.40, with short-term bulls still targeting the $1,600 zone. This may be difficult to achieve as momentum appears to be bearish, with the 10-day (red) moving average continuing to trend downwards.

Whilst at a reading of 45.75, a ceiling awaits ETH’s price strength at the 49.00 zone, and should it move beyond this, there will likely be an influx of bulls. Open / Comment

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