Cryptocurrency

On-chain analytics platform Glassnode observes that the Bitcoin hashrate continues its aggressive expansion, achieving an ATH value of above 600 EH/s. This equates to 600 quintillion guesses every second made in an attempt to solve the block puzzle.The rise in the Bitcoin hashrate stems from the excitement surrounding the launch of the first set of Bitcoin spot ETFs in the U.S.After months of speculation, the Bitcoin asset class has entered a new era with the SEC’s approval of 11 spot Bitcoin ETFs for listing and trading.Eleven spot Bitcoin ETFs began trading Thursday morning, including BlackRock (NYSE:BLK)’s iShares Bitcoin Trust, Grayscale Bitcoin Trust and ARK 21Shares Bitcoin ETF, among others, with $4.6 billion in shares changing hands shortly after.According to IntoTheBlock data, Bitcoin’s on-chain volume has reached its highest level since the FTX collapse. On Wednesday, Bitcoin had a total volume of $60 billion, nearly exclusively driven by large transactions.Volume settled on-chain is also increasing, with over $5.7 billion in economic transfers resolved each day. This sentiment is shared by exchange flows, which is currently reaching $4.6 billion in inflows/ outflows per day, indicating a growing increase in investor activity.Futures open interest is still high at $17.6 billion, with only 146 trading days since November 2020 registering a higher figure.At the time of writing, the BTC price was down 2.95% in the last 24 hours to $45,708 after attaining highs of $49,102 in yesterday’s trading session.This article was originally published on U.Today More

The trader suggests that instead of witnessing a flood of new capital into the Bitcoin market, what occurred was largely an adjustment of existing positions. The crucial point here is the distinction between trade volume and new inflows, the latter being apparently negligible on the first day.Large accounts with substantial capital at their disposal tend to act with patience and precision. They are likely to avoid the initial frenzy of a new financial product’s launch, waiting instead for the market to stabilize before committing significant funds. From this standpoint, the first day of trading, while not indicative of immediate success in terms of fresh inflows, is not necessarily a failure but rather a period of adjustment and acclimation.Furthermore, the stability in Bitcoin’s price, remaining within the $45,000 to $48,000 range even post-approval, suggests that the market is in a state of anticipation rather than reaction. This period could be seen as a stage of opportunity.Upon reflection, it seems premature to label the Bitcoin ETF launch as unsuccessful. While the initial inflows may not have met expectations, the infrastructure for large-scale investment is only just taking shape. The prudent strategy for experienced investors—waiting out initial volatility—is a classic approach that may yet bring substantial yields in the long-term future.This article was originally published on U.Today More

The initiative is a response to the unique financial challenges faced by Africa’s young and rapidly growing population, which is currently underserved by conventional financial systems. High fees and inflation rates have been persistent hurdles for economic growth and financial inclusion in the region. By adopting USDC, a stablecoin pegged to the US dollar, the partnership aims to provide a more stable and cost-effective alternative for financial transactions.This alliance is a key component of Coinbase’s larger goal to incorporate a billion people into the cryptocurrency ecosystem. The partnership with Yellow Card underscores Coinbase’s commitment to making digital currencies more accessible and useful in regions where the traditional banking infrastructure is limited or inefficient.The use of USDC in Africa through this partnership is expected to empower individuals and businesses by providing them with more control over their finances and the ability to engage in the global economy with fewer barriers. This move aligns with the broader trend of cryptocurrency adoption in emerging markets, where digital assets are increasingly seen as a viable solution to longstanding financial challenges. Cryptocurrency uptake has been particularly strong in South Africa, Nigeria, Zimbabwe, Kenya, and Ghana. Moreover, the Central African Republic briefly made Bitcoin legal tender before transitioning to its own cryptocurrency initiative with Sango Coin.This strategic move comes at a time when remittances are vital for developing nations’ economies—sometimes constituting over 20% of GDP—as noted by the World Bank. The partnership aims at catering to Africa’s predominantly young population by providing more accessible financial services suited for an evolving digital economy.As Coinbase forges ahead with its strategic partnership to expand the use of USD Coin in Africa, it’s worth noting some key financial metrics and expert insights that may influence the company’s trajectory. According to real-time data from InvestingPro, W.P. Carey Inc. (WPC), a company in a different sector yet relevant for investors seeking stable financial performers, showcases a robust financial profile. WPC has a market capitalization of $14.55B and a notable P/E ratio of 18.33, which adjusts to 23.68 over the last twelve months as of Q3 2023. The company’s revenue growth during the same period stands at an impressive 22.15%, with a gross profit margin of 92.39%.InvestingPro Tips highlight W.P. Carey’s impressive gross profit margins and its ability to maintain dividend payments for 26 consecutive years, which is a testament to its financial stability. Additionally, the company’s PEG ratio, which measures the relative trade-off between the price of a stock, the earnings generated per share, and the company’s expected growth, is at a low 0.43, indicating potential undervaluation based on near-term earnings growth expectations.For investors interested in further insights and tips, InvestingPro offers a wealth of additional information. Currently, there are seven more InvestingPro Tips available for W.P. Carey Inc., which can be accessed through an InvestingPro subscription. This subscription is now on a special Cyber Monday sale with a discount of up to 60%. To enhance this offer, use coupon code ProW345 to get an additional 10% off a 2-year InvestingPro+ subscription. This could provide valuable guidance for those looking to diversify their portfolio with companies like WPC that demonstrate a strong financial foundation and growth potential.This article was generated with the support of AI and reviewed by an editor. For more information see our T&C. More

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Yesterday, Buterin put forward the idea of increasing the gas limit, a parameter that determines the computational effort required to execute operations like transactions and smart contracts on the Ethereum network. A higher gas limit could allow more transactions per block, potentially reducing fees and wait times for users.However, developers such as Marius van der Wijden and Péter Szilágyi have raised important issues regarding the impact of a gas limit increase on the blockchain’s state growth. The Ethereum blockchain’s size is already substantial at 267GB, and an expanding blockchain state could affect account balances and smart contract data integrity. Furthermore, full history sizes may swell beyond current sizes around 900GB leading to synchronization issues or heightened denial of service attack risks.Martin Köppelmann added to the discussion by highlighting the potential need for higher bandwidth to accommodate the increased volume of transactions that a higher gas limit would entail. Mika Zoltu underscored ensuring technological progress allows diverse user access to node operations without exclusion.To mitigate these concerns, the community is considering several technical solutions. Among these is EIP-4444, which proposes an expiration mechanism for chain history, potentially reducing the amount of data nodes need to store. Additionally, EIP-4844 introduces the concept of “blobs,” a way to store rollup data that could help optimize data availability without significantly impacting the blockchain’s size.As the community deliberates on this crucial decision that weighs advancing network capabilities against preserving its stability and inclusivity, the outcome will be closely watched by stakeholders in the Ethereum ecosystem.This article was generated with the support of AI and reviewed by an editor. For more information see our T&C. More

He also revealed how much Bitcoin he purchased after the U.S. Securities and Exchange Commission finally gave a green light to Bitcoin spot ETFs.If the U.S. dollar collapses, Kiyosaki wrote, the U.S. is likely to fall into hyperinflation, he believes.Kiyosaki has been advocating the world’s flagship cryptocurrency, Bitcoin, over the past few years. He has been making bullish predictions since 2020, after the pandemic started and the U.S. government began to print enormous amounts of U.S. dollars out of thin air.He has also tweeted from time to time that he was buying more Bitcoin. In today’s tweet, he mentioned that and revealed that he had purchased five more Bitcoins, adding them to his stash. Five Bitcoins are evaluated at $231,291 at the time of this writing.Besides, his purchase likely took place after the SEC announced its regulatory decision on spot-based Bitcoin exchange-traded funds: approval.While waiting for the decision, they had prepared to launch their spot ETFs based on Bitcoin soon and reduced their management fees on certain conditions to make their products attractive to customers.A day before, SEC Chairman Gary Gensler announced that the SEC Twitter account had been compromised for less than one hour, thus dissolving the message posted by hackers that the ETF had been approved. The Bitcoin price first went up and then plunged. However, some in the Bitcoin community, including Anthony Scaramucci, did not believe Gensler, assuming that an SEC employee had just jumped the gun.This article was originally published on U.Today More

This prediction comes amid the surge of activity on the market, amplified by the launch of the spot BTC ETF. Eric Balchunas of Bloomberg ETF noted an unprecedented 700,000 individual transactions on the ETF’s first day, signaling a strong demand for the recently launched product. Despite GBTC trading at a discount, indicative of potential selling and outflow, the collective trading volume across various funds, including IBIT, FBTC and ARKB, was a staggering $4.33 billion.The options market also tells a tale of considerable activity, with 36,000 BTC options set to expire, having a notional value of $1.68 billion. is not far behind, with 262,000 options due, pointing toward dynamic market sentiment.Turning to Bitcoin’s price chart, the market has witnessed a steadfast ascent, with the cryptocurrency consistently finding support above the 50-day and 100-day EMAs — a bullish signal for traders. Current movements suggest a healthy consolidation, with potential for upside continuation.So why does Cathie Wood believe Bitcoin could reach such astronomical levels? Wood’s forecast hinges on several factors. First, the growing institutional adoption positions not just as a store of value for encryption enthusiasts but as a tool for institutional-grade risk diversification. Bitcoin’s fixed supply cap at 21 million coins starkly contrasts with the inflating supply of fiat currencies, potentially driving its value as a deflationary asset.Bitcoin’s network effect, where its value increases with the number of users and transactions on the blockchain, also bolsters Wood’s prediction. Coupled with technological advancements and increased accessibility, Bitcoin’s trajectory seems poised for continued growth.This article was originally published on U.Today More

The innovative platform is currently in its testnet phase, aiming to revolutionize the DeFi space by enabling high-speed transactions at a fraction of the cost associated with Ethereum. Bitfinity’s solution boasts an impressive capability of processing over 1000 transactions per second (TPS), which could significantly outpace the current transaction speeds on the Ethereum network.A key component of Bitfinity’s technology is its Chain-Key technology, which is part of the ICP’s Threshold Relay consensus mechanism. This feature is designed to bolster security through a cryptographic scheme that refreshes key shares periodically, thus providing an additional layer of protection against potential security threats.This article was generated with the support of AI and reviewed by an editor. For more information see our T&C. More