The proposal was co-authored by Arjun Bhuptani, founder of the Connext bridging protocol. In a July 7 social media post, Bhuptani claimed the protocol would help prevent issues like the July 6 Multichain incident, which some experts have described as a hack.Continue Reading on Coin Telegraph More
Published on July 10, the survey of 86 central banks was conducted from October to December 2022. It asked central banks whether they were working on a retail, wholesale or both types of CBDC, how advanced the work was, and their motivations. Continue Reading on Coin Telegraph More
A ZK-rollup is an off-chain protocol that operates on top of the Ethereum blockchain and is managed by on-chain Ethereum smart contracts. It offers a more scalable and faster way to verify transactions without sharing critical user information.Continue Reading on Coin Telegraph More
Giw Zanganeh, head of Lugano’s Plan ₿ initiative, highlighted the growing use of Bitcoin for everyday payments in the Swiss city in conversation with Cointelegraph journalist Joe Hall at the Plan ₿ Bitcoin Summer School.Continue Reading on Coin Telegraph More
While the leading United States-based bitcoin (BTC) miners, such as Marathon Digital Holdings, recorded a significant decrease in their BTC output during June due to unfavorable weather conditions, that narrative changed for the better in July.Per data released by Hashrate Index, a resource for bitcoin mining data and more, bitcoin’s 7-day and 3-day hashrate reached new all-time highs over the weekend, indicating that miners in the US and other jurisdictions are now firing on all cylinders.Specifically, bitcoin’s 7-day average hashrate rose to as high as 401 EH/s on July 8, while the 3-day hashrate surged to 444 EH/s, representing an 18% increase.Unlike proof-of-stake (PoS) based blockchains like Ethereum, where the network reaches consensus via staking activity, the bitcoin distributed ledger and other proof-of-work (PoW) chains rely on miners for network security.Bitcoin mining hashrate is a critical security metric. High hashing/computing power in the network ensures greater security and more resilience to attack.At the time of writing, data available on YCharts shows that the global bitcoin network hash rate stands at 425.48 million terahashes per second (TH/s). Regarding the geographic distribution of bitcoin mining activities, the United States still occupies the frontline, accounting for 35.4% of the global bitcoin hash rate, followed by Kazakhstan (18.1%) and Russia (11.23%), according to the World Population Review.As recently reported by crypto.news, the UAE is making conscious efforts to become a formidable force in the bitcoin mining space. The region now accounts for nearly 4% of the global bitcoin mining activity.This article was originally published on Crypto.news More
He commented on a Twitter post issued by @lex_node about “KYC-ish crypto things” that are necessary to “truly access system security/centralization.”The user tweeted he believes that big token holders must be forced to identify themselves, as well as the total percentages of the token supply they own or control directly or indirectly — “like 13D-style.”Deaton agreed to that, stating that this could only be possible “in a sane regulatory environment.”The SEC, he insists, has used this transparency against Ripple and its CEO, Brad Garlinghouse. He added something else, revealing an interesting fact about the speech by Hinman — the former director of the Corporation Finance division — made in 2018 and related to crypto assets and whether they qualify as securities, as the SEC’s chairman Gensler insists now.Citing the above-mentioned tweet by @lex_node, Deaton said that in his famous speech, Hinman was asked whether he and the SEC had managed to find out exactly how many Ether tokens Ethereum co-founders Joseph Lubin and Vitalik Buterin held in 2018.Hinman testified that the SEC did have that information; however, he “could not remember the numbers or percentages regarding token ownership.”However, in February of this year, as covered by U.Today, SEC boss Gary that he believes Ethereum could indeed be classified as a security. The criteria here is that, Gensler stated, all cryptocurrencies, apart from BTC, were created by a group of developers who promote their own tokens. This makes them digital securities, according to Gensler.This article was originally published on U.Today More
To understand what this means, let’s first examine the rainbow chart concept, typically used in Bitcoin (BTC) analysis. The Bitcoin rainbow chart is a logarithmic price chart that applies color-coded bands to represent the predicted price growth of BTC over time. Each color corresponds to different levels of price action, from the red “maximum bubble territory” to the dark blue “basically a fire sale.”These charts are based on the assumption that price will follow a predictable exponential growth pattern over the long term, with periodic boom-and-bust cycles.Source: Translating this to Ethereum, the rainbow chart concept suggests that Ethereum is currently in “fire sale” territory, indicating that ETH could be significantly undervalued at its current price levels.However, it is crucial to remember that these charts require different calculations when applied to . Unlike Bitcoin, which has a capped supply and predictable inflation, Ethereum’s monetary policy is more complex, particularly with its transition from proof of work (PoW) to proof of stake (PoS).This shift alters Ethereum’s inflation rate and introduces a new deflationary mechanism through the burning of transaction fees, fundamentally changing the dynamics that the rainbow chart seeks to model.While Ethereum’s rainbow chart may currently indicate a “fire sale,” these metrics should not be used in isolation. Investors should account for Ethereum’s unique monetary policy changes, market conditions and other technical indicators when making investment decisions.This article was originally published on U.Today More
Bitcoin’s price on Binance.US, in U.S. dollars, as of July 10 was $27,753. In comparison, bitcoin’s current spot price worldwide is $30,147, representing a difference of over 8.5%.Bitcoin price onEthereum is trading $200 cheaper on Binance.US at the time of writing, for $1,712.Tether, one of the most popular stablecoins, is now trading at $0.92, below its $1.00 peg.The discount is available only for deals using USD on Binance.US. However, since June 9, USD deposits on the exchange have been frozen, making it impossible for most investors to take advantage of this disparity. This implies that customers may only spend the USD in their accounts before the deposit freeze on discounted cryptocurrencies.There are also worries that Binance.US may eventually stop supporting USD withdrawals. Some investors have been selling their cryptocurrency holdings at a discount to get out of their positions in USD before such regulations are implemented.Binance.US has reportedly told clients through email that they can no longer withdraw USD after July 20.Binance.US and the Australian dollar had a similar disparity in January 2023. The exchange rate for bitcoin versus the AUD was 20% lower than the worldwide spot price.This article was originally published on Crypto.news More
