Since the halving, miners have successfully extracted 93 blocks, accumulating a significant 1,087.99 bitcoins valued at approximately .04 million solely from transaction fees. As of 2:00 p.m. EDT on Saturday, the current metrics indicate a high-priority transaction cost of 492 satoshis per virtual byte (sat/vB), equivalent to .83 per transfer. Bitcoin Mining Landscape Transforms With […]
Bitcoin News
Bitcoin Miners Smash Previous Revenue Records Post-Halving; Over $54M Collected in 60 Blocks
Since the halving, 63 blocks have been mined, and bitcoin miners have accumulated substantial fees following a dramatic increase in the fee rate. This surge took the cost per transaction from to over 5, recorded at 9:00 p.m. EDT on Friday evening. Since then fees have dropped and by Saturday morning at 7:30 a.m. […]
Bitcoin News
Anticipation Builds as Bitcoin Stands Less Than 1,400 Blocks From Monumental Halving
According to the latest data, we are now less than 1,400 blocks away from the anticipated Bitcoin halving event, which will decrease the block reward from 6.25 bitcoin to 3.125 bitcoin. Bitcoin’s value soared to a new all-time high on March 14, reaching ,794 per bitcoin, but has since seen a 6.5% decline. Observers are […]
Bitcoin News
Bug in Discontinued Lido Staking Service Blocks User Access to Tokens Valued at $24.4 Million
A bug in the smart contract of Lido’s discontinued Solana staking service is reportedly preventing users from withdrawing digital assets valued at more than million. Lido attributes this issue to “a problem with the maintainer bot and the recent update of rent-exempt terms for Solana staking accounts.” Discontinued Solana Staking Service A suspected bug […]
Bitcoin News
Bitcoin Halving Inches Closer With Less Than 2,900 Blocks Left
The Bitcoin Halving is fast approaching, with less than 2,900 blocks left before miners’ rewards are cut in half. This event, projected to take place sometime in April, is significant as Bitcoin’s price could enjoy a parabolic move to the upside after it takes place.
Bitcoin Halving Set For April 19
Data from Coinwarz shows that the Bitcoin Halving is set to take place on April 19 at Block 840,000. This projection is based on Bitcoin’s current block time average, which means the Halving can come a little earlier or sometime after April 19. However, the main focus remains that miners’ supply will be cut in half.
The Halving event is a deflationary measure that Bitcoin’s founder, Satoshi Nakamoto, encoded in the flagship crypto and takes place after every 210,000 blocks. Three halving events have occurred since the Genesis block in 2009, when Bitcoin’s first block was mined. The first was on November 28, 2012, when miners’ rewards were cut from 50 BTC to 25 BTC.
The next Halving event took place on July 9, 2016, cutting miners’ rewards to 12.5 BTC. The third one happened on May 11, 2020, reducing the reward to 6.25 BTC. Now, Miners’ rewards are set to be cut in half again, reducing them to 3.125 BTC.
This reward is the amount of BTC miners receive for validating each block of new transactions on the blockchain. Although this event mainly affects miners, the crypto community closely monitors it due to the ripple effects it could have on the market. Bitcoin’s supply comes through these miners’ rewards, and a reduction in them usually drives Bitcoin’s value higher.
The Halving has historically always led to a price appreciation for Bitcoin. Ninety days after the first Halving on November 28, 2012, Bitcoin’s price increased to ,000 from at the time of Halving. Subsequently, Bitcoin’s price saw a gain of over 8,000% one year after that Halving.
This parabolic price surge also occurred after the second and third Halving events, with Bitcoin’s price rising from 0 and ,821 (at the time of the Halving) to ,506 and ,612 (90 days after the Halving) in 2016 and 2020 respectively. Bitcoin also gained 284% and 559% one year after the event.
This time isn’t expected to be different as Bitcoin is again predicted to experience a massive move to the upside after April. This bullish sentiment is further strengthened by Bitcoin’s demand, which has continued to skyrocket in the face of a dwindling supply.
At the time of writing, Bitcoin is trading at around ,400, up in the last 24 hours according to data from CoinMarketCap.
Bitcoin Halving Inches Closer With Fewer Than 2,900 Blocks Remaining
The next Bitcoin halving is on the horizon, drawing closer with each passing block and anticipated to take place anywhere between April 18 to April 22, 2024, at the milestone of block 840,000. Following this event, the reward for mining a block will halve from 6.25 bitcoins to 3.125 bitcoins. The following is a thorough […]
Bitcoin News
Philippines Blocks Binance, Citing Threat to Security of Investor Funds
The Philippines has proceeded to block crypto exchange Binance. The country’s Securities and Exchange Commission (SEC) has concluded that the public’s continued access to Binance’s websites and apps “poses a threat to the security of the funds of investing Filipinos.” The Philippine SEC Warns Against ‘Investing in and Using Binance’ The Philippine Securities and Exchange […]
Bitcoin News
Spain Blocks Worldcoin Project Over Data Privacy Concerns, WLD Token Slides 7%
The cryptocurrency project Worldcoin, spearheaded by Sam Altman, has faced another setback as Spain takes steps to block the venture. The Spanish data protection regulator, AEPD, has ordered Worldcoin to immediately halt the collection of personal information within the country and cease using the data it has already gathered.
Concerns Over Worldcoin Eyeball-Scanning Data Collection
According to a Financial Times report, the AEPD expressed concerns about the project’s use of an eyeball-scanning “orb” to collect customers’ data. The regulator is expected to announce a “precautionary measure” on Wednesday, and Worldcoin has been given 72 hours to demonstrate compliance with the order.
Worldcoin, co-founded by Altman in 2019, has offered its cryptocurrency tokens to individuals worldwide in exchange for consent to scan their eyes with an orb. The scans serve as a means of identification, aiming to establish a reliable mechanism to distinguish between humans and machines as artificial intelligence advances.
However, the Spanish regulator’s action adds to a series of setbacks faced by Altman and his co-founders, Max Novendstern and Alex Blania, who have encountered resistance in various countries.
Last year, Worldcoin faced opposition from authorities in Kenya, resulting in an order to cease operations. Additionally, the project refrained from launching its crypto tokens in the United States due to the country’s stringent regulations on digital assets.
The report further notes that major global markets such as China and India have also not made the Worldcoin token available. The UK’s Information Commissioner’s Office had also expressed intentions to investigate Worldcoin.
Consumer Complaints In Spain
While some jurisdictions have questioned the viability of Worldcoin’s cryptocurrency token, Spain’s recent action specifically targets the project’s core objective of establishing a method to verify customers’ “personhood.” Altman acknowledged the possibility of Worldcoin existing without its in-house cryptocurrency, as the start-up faces growing scrutiny.
Worldcoin has reportedly registered approximately 4 million users, and investments totaling around 0 million have come from venture capital firms such as Andreessen Horowitz and Khosla Ventures and prominent individuals like Reid Hoffman and Sam Bankman-Fried.
The project gained media attention and sparked consumer complaints in Spain, particularly as queues formed at shopping center stands where Worldcoin offered cryptocurrency in exchange for eye scans.
In January, the data protection watchdog in Spain’s Basque Country, known as AVPD, warned about the eye-scanning technology used by Worldcoin in a mall in Bilbao.
The AVPD deemed it subject to biometric data protection rules and called for a risk assessment. As a result of Spain’s regulatory action, the native token of Worldcoin, WLD, has experienced a 7% decline within the past 24 hours.
WLD Halts 200% Price Surge
Worldcoin’s native token, WLD, has halted its 200% upward trend over the past 30 days as the focus shifts to Bitcoin (BTC), which recently achieved a new all-time high (ATH) on Tuesday. Despite the significant uptrend in the past month, WLD has experienced a 5.8% price correction in the last seven days.
Furthermore, the token’s market capitalization has slipped below the billion mark and currently stands at 7 million. However, the advancements in artificial intelligence (AI) technology developed by Sam Altman’s projects hold the potential to influence the token’s price in the future significantly.
Despite being down by 26% from its ATH of .44, the ongoing technological advancements in this field indicate that the token’s prospects remain promising.
Moving forward, it remains to be seen how the project’s founders will respond to the regulatory measures taken in Spain and how these actions will ultimately impact the token’s future price trajectory.
Featured image from Shutterstock, chart from TradingView.com
OFAC Blocks Venezuelan Gold Business, Warns About Upcoming Oil Sanctions
The Office of Foreign Assets Control (OFAC) has revoked the license of Minerven, the Venezuela-owned gold company, for commercializing gold in international markets. The sanctions on Minerven, which were eased in October, will be applied again on February 13, with oil and gas sanctions reported to return in April.
OFAC Winds Down Venezuelan Gold Operations in International Markets
The U.S. Treasury Office of Foreign Assets Control (OFAC) has revoked a license that allowed CVG Compania General de Mineria de Venezuela CA (Minerven), the Venezuela state-owned gold company, to be part of gold transactions in international markets. The U.S. convened to revoke the sanctions on Minerven back in October when an agreement was reached with Maduro’s government to review the participation of key opposition figures in the upcoming presidential ballot.
However, according to the Biden Administration, the Venezuelan response has not been the one they expected, as the highest court in the country ratified the prohibition on Maria Corina Machado, the leader of the Venezuela opposition, to participate in the still undecided upcoming elections.
As a result, the transactions of Minerven will be winding down on February 13, and more sanctions will follow if there is no change in the decisions reached by the Venezuelan Supreme Tribunal.
According to statements from Matthew Miller, spokesperson for the U.S. State Department, other sanctions might also return. He declared:
The United States has revoked sanctions relief for Venezuela’s gold sector. The relief for Venezuelan oil and gas sectors will be renewed in April only if Maduro representatives follow through on their commitments.
The Venezuelan government has rejected the Biden administration’s behavior, with National Assembly President Jorge Rodriguez defiantly calling on accelerating the re-enactment of the oil, gas, and gold-related sanctions. Answering National Security Council spokesperson John Kirby, who stressed they had not seen any progress in the demands of the agreement, Rodriguez stated:
Save your ultimatum, sh*t Yankees. Kirby, shove your ultimatum where it fits you best.
Maduro’s government is also embroiled in a battle to regain control of roughly billion in gold held in the U.K.
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Vanguard Blocks Customers From Trading SEC-Approved Spot Bitcoin ETFs
Several investment firms, including Vanguard, reportedly block customers from trading spot bitcoin exchange-traded funds (ETFs). “Our perspective is that these products do not align with our offer focused on asset classes such as equities, bonds, and cash,” the firm explained. Dissatisfied with the lack of spot bitcoin ETF options, some customers closed their Vanguard accounts and moved their funds to other platforms that offer them.
Vanguard Has No Plans to Offer Spot Bitcoin ETF Trading
Excitement buzzed through financial markets on Thursday as U.S. spot bitcoin exchange-traded funds (ETFs) finally began trading after years of anticipation. The Securities and Exchange Commission (SEC) approved 11 of them on Wednesday.
However, soon after the market opened, some people shared on social media platform X that their financial institutions, including Vanguard, aren’t offering spot bitcoin ETFs. A Vanguard spokeswoman confirmed to CNBC that the company has no plans to launch a bitcoin ETF of its own or to list funds from other issuers, stating:
While we continuously evaluate our brokerage offer and evaluate new product entries to the market, spot bitcoin ETFs will not be available for purchase on the Vanguard platform. We also have no plans to offer Vanguard bitcoin ETFs or other crypto-related products.
“Our perspective is that these products do not align with our offer focused on asset classes such as equities, bonds, and cash, which Vanguard views as the building blocks of a well-balanced, long-term investment portfolio,” the Vanguard spokesperson added
Frustrated by Vanguard’s stance on spot bitcoin ETFs, several bitcoin enthusiasts said they closed their Vanguard accounts and moved their funds to platforms, like Fidelity, for access to these newly approved products. A number of users also reported that Vanguard now only allows them to sell their Grayscale Bitcoin Trust (GBTC) holdings, even though they were previously able to buy them.
Just fully transferred my retirement account from @Vanguard_Group to @Fidelity because Vanguard won't support Bitcoin ETFs, and appears to be manipulating the price of Bitcoin by only allowing people to sell GBTC, not buy.
It's easy, takes just 5 mins. pic.twitter.com/DnzzYu1YPl
— Vanessa Harris (@technologypoet) January 11, 2024
Several other investment banks, including UBS, Morgan Stanley, Bank of America’s Merrill Lynch, Citi, and Edward Jones, also reportedly held off on offering spot bitcoin ETFs to their customers on the first day. While some plan to offer access in the future, possibly with certain conditions, others haven’t indicated their stance.
What do you think about Vanguard choosing not to let customs trade the recently approved spot bitcoin ETFs? Let us know in the comments section below.