It’s the last chance for investors to buy Sealana ($SEAL) at presale, with the campaign ending June 25 at 6 PM UTC. The presale has been a roaring success, raising over million in funding and garnering industry-wide support. Following the presale, investors will be airdropped their share of presale tokens, and $SEAL will be […]
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Sealana Token Is Being Backed as the Next Meme Coin to Explode as Presale Ends in Just 5 Days
The next big meme coin launch could be just days away. Sealana (SEAL), the seal-themed token on Solana, has drawn a massive crowd during its presale phase. And with only five days remaining, will SEAL explode after it hits the open market? Sealana Draws Huge Attention with Hilarious Seal Mascot Sealana is one of the […]
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Bitcoin In ‘Euphoria Wave’ – How Long Until The Bull Run Ends?
The price of Bitcoin appears to have returned to a choppy market condition, quashing any hopes of a breakout to new highs soon. However, the good news is that the current bull cycle may still not be over, even though it is taking a while for the premier cryptocurrency to resume its upward momentum.
Specifically, the latest on-chain observation shows that Bitcoin has been going through a “euphoria wave” over the past few months. Here’s the implication of this phase on the current bull run.
How Old Is The Current Bitcoin ‘Euphoria Wave’?
Blockchain intelligence firm Glassnode revealed via a post on the X platform that Bitcoin has entered the euphoria phase of the market cycle. This on-chain observation is based on the “Percent Supply in Profit” metric, which measures the percentage of the total circulating Bitcoin supply that is currently in profit.
According to Glassnode, the “Euphoria Wave” is identified as a period during which the supply in profit usually fluctuates around the 90% level. This phase typically lasts between 6 to 12 months and is characterized by increased investor sentiment and heightened market speculation.
Glassnode’s data shows that 93.4% of the circulating Bitcoin supply is currently in the green and that the Euphoria Wave is “relatively young”. The on-chain analytics platform noted that the euphoria phase has only been active for about two and a half months.
As with every phase in the market cycle, the Euphoria Wave will eventually come to an end at some point. Historically, the euphoria phase can signal tops and is usually followed by a cooling-off period, which is marked by a downturn in the price of Bitcoin.
If the last cycle – with a 6-month Euphoria Wave – is anything to go by, then there might still be about three to four months in the current bull run. Ultimately, the current profitability of the premier cryptocurrency may prove pivotal in the duration of its bull cycle and overall future trajectory.
Rise Of BTC Accumulation Addresses Continued In May: Analyst
One of the tell-tale signs of the bullish sentiment around Bitcoin is the continuous rise in accumulation addresses. According to an on-chain analyst on CryptoQuant’s platform, there has been a notable increase in the number of new BTC accumulation addresses.
The analyst pointed out the continuity of this positive trend despite BTC’s relatively slow price action in May. Meanwhile, the large Bitcoin holders have also continued to load their bags, with significant purchases recorded over the past month.
As of this writing, Bitcoin is valued at ,744, reflecting a mere 0.4% increase in the last 24 hours. According to data from CoinGecko, the pioneer cryptocurrency is up by about 15% in the past month.
Bitcoin NFT Market Thrives, Franklin Templeton Remains Bullish, Binance Ends Support
Franklin Templeton’s digital assets division has released a note to its investors introducing Bitcoin-based non-fungible tokens (NFTs), highlighting a surge in activity within the Bitcoin ecosystem.
The asset manager attributes this increased momentum to various factors, including the emergence of Bitcoin (BTC) NFTs called Ordinals, the development of new fungible standards like BRC-20 and Runes, the growth of Bitcoin Layer 2 (L2s) solutions, and the expansion of decentralized finance (DeFi) applications built on the Bitcoin network.
Bitcoin Ordinals Shine
According to the Bitcoin ETF issuer’s report, activity in the Bitcoin NFT space is gaining momentum. In particular, Ordinals have seen a significant increase in trading volume over the past few months.
This growth is evident in Bitcoin’s dominance in terms of trading volume, which surpassed Ethereum (ETH) in December 2023, as shown in the accompanying chart.
In addition, several collections of Bitcoin Ordinals are emerging as dominant players in the NFT market, both in terms of trading volume and market capitalization.
These collections include NodeMonkes, Runestone, and Bitcoin Puppets, which have an aggregate market cap of 3 million, 9 million, and 8 million, respectively. They are the most notable collections.
In terms of trading volume over the past 30 days, the report shows that these three collections recorded trading volumes of million, million, and million, respectively, over the past month.
The asset manager further claimed that what distinguishes BTC Ordinals from NFTs on other blockchains, such as Ethereum or Solana, is that they contain raw data recorded directly on the Bitcoin blockchain. This feature contributes to the attractiveness and growing popularity of Bitcoin Ordinals, as evidenced by market cap and trading volume figures.
Franklin Templeton, known for its involvement in the ETF market, was one of the issuers that launched a spot BTC ETF in the United States earlier this year. Its ETF, which trades under the ticker name “EZBC,” has seen total inflows of 281.8 million since its January 11 launch, according to BitMEX research data as of April 3.
Despite its zero-fee structure, Franklin Templeton’s ETF has seen a significant difference in flows compared to the leading players in the newly approved ETF market, such as Blackrock (IBIT) and Fidelity (FBTC), which have seen flows of over 14 billion and 7.7 billion, respectively.
Binance To Discontinue Support For BTC NFTs
In a recent blog post, crypto exchange Binance announced it would discontinue support for Bitcoin-based NFTs on its marketplace. Less than a year after their introduction, Binance will no longer facilitate airdrops, benefits, or utilities associated with BTC NFTs, citing a need to streamline its product offerings in the NFT space.
Binance states that users who own Bitcoin NFTs are advised to withdraw them from the Binance NFT marketplace via the Bitcoin network before May 18, 2024.
Effective April 18, 2024, users can no longer purchase, deposit, bid, or list NFTs via the BTC network on the Binance NFT Marketplace. Any existing listing orders affected by this change will be automatically canceled simultaneously.
Currently, BTC is trading at ,300, up a modest 3% in the last 24 hours. It is approaching the significant milestone of ,000, a level the cryptocurrency has struggled to maintain several times.
Featured image from Shutterstock, chart from TradingView.com
Bitcoin Crash Or Surge? Fed’s BTFP Program Ends In 5 Days
As the US Federal Reserve’s Bank Term Funding Program (BTFP) approaches its conclusion on March 11, 2024, the Bitcoin and crypto market stands at a critical juncture. Instituted in March 2023 in the aftermath of the sudden collapses of Signature Bank and Silicon Valley Bank, the largest since the 2008 financial crisis, the BTFP has been a lifeline for US banks, offering loans against high-quality collateral to ensure liquidity in turbulent times.
The BTFP’s Closure And Its Implications For Bitcoin
The BTFP’s conclusion could send ripples through the financial sector, affecting banks’ liquidity and possibly leading to tighter lending practices. Crypto analyst Furkan Yildirim recently detailed on X, “With the BTFP’s end, banks may face liquidity constraints impacting their operations and profit margins. This could slow down economic growth due to reduced lending.”
However, he added that “the Fed might counter this by adopting a more lenient monetary policy, which could stabilize asset prices and prove beneficial for Bitcoin and the broader market.”
Arthur Hayes, the visionary behind BitMEX, provided a similar opinion in one of his latest essays. He identifies a trio of macroeconomic indicators – the Reverse Repo Program (RRP), the BTFP, and the imminent March interest-rate decision – as pivotal to the Bitcoin and crypto market.
Hayes predicts a severe market correction should liquidity sources, including the BTFP, dry up. “The market could face a harsh reality check without new dollar liquidity injections,” he suggests, indicating a possibly rough transition period for all asset classes, including cryptocurrencies.
The BitMEX founder anticipates a tumultuous March, with the possibility of a 30-40% correction in Bitcoin prices triggered by the BTFP’s expiry. Yet, he remains optimistic about a potential rebound ahead of the Federal Reserve’s meeting on March 20, hypothesizing that anticipatory actions by the Fed, such as rate cuts, could reinvigorate the market.
“This critical period could define the near-term liquidity scenario, offering a rebound opportunity for Bitcoin before further assessing the impact of the Fed’s decisions on market dynamics,” he explains.
More Expert Opinions
Balaji Srinivasan, former CTO of Coinbase, recently also offered a strategic viewpoint on the synchronicity of more key events, “BTFP expires in March. BTC halves in April. RRP runs out in May. All around the same time. So, the US banking system gets stressed right as Bitcoin gets scarce.” His analysis underscores the coincidental timing of the BTFP’s conclusion with Bitcoin’s halving event, suggesting a unique set of circumstances that could amplify market reactions.
Ansel Lindner, host of BTC Markets, provided a commentary amidst growing concerns over regional banking stability. Following revelations of “material weakness” in New York Community Bank’s (NYCB) loan risk tracking and a significant increase in its loan loss reserves earlier this month, Lindner pointed to potential early signs of another banking sector stress.
“It’s starting… Remember what happened to Bitcoin during last March’s banking crisis? The BTFP was created on 12 March 2023, Bitcoin rallied 40% within 2 weeks. #SafeHaven,” Lindner said, highlighting the potential for Bitcoin if the US Fed decides to intertwine again.
In conclusion, the Bitcoin and crypto markets are at a crossroads on March 11, with potential outcomes ranging from significant downturns to bullish recoveries, contingent on the Federal Reserve’s actions and broader macroeconomic trends. The end of the BTFP signifies more than just the cessation of a temporary liquidity program; it represents a moment of truth for the banking sector’s resilience and the crypto market’s response to shifting economic tides.
At press time, BTC traded at ,005.
Federal Reserve Ends Enforcement Action Against FTX-Connected Farmington State Bank
The Federal Reserve terminated its enforcement action against Washington-based Farmington State Bank, previously known as Moonstone Bank and linked to FTX’s Alameda Research.
Federal Reserve Terminates Enforcement Action of FTX-Linked Farmington Bank
The Federal Reserve Board has officially concluded its enforcement actions against Farmington State Bank and its parent company, FBH Corporation. This termination marks the end of a scrutinized period for the Washington-based bank, once intertwined with the now-defunct cryptocurrency exchange FTX.
Farmington State Bank, previously operating under the moniker Moonstone Bank, found itself at the center of regulatory oversight following its association with FTX’s trading arm, Alameda Research. The Federal Reserve’s decision to terminate the enforcement action comes after the bank completed its wind-down plan, effectively ceasing its banking operations.
The enforcement action, initiated in July 2023, aimed to ensure the orderly wind-down of Farmington’s operations, safeguarding the interests and deposits of its customers. The Federal Reserve in the recent announcement stated:
The Board’s enforcement action…ensured the bank’s operations would wind down in a manner that protected the bank’s depositors. Farmington has completed its wind down plan and no longer functions as a bank.
This move also coincides with the termination of two long-standing enforcement actions against BNP Paribas, showing the Federal Reserve’s willingness to close regulatory chapters with institutions that have complied with mandated corrective measures.
The link between Farmington Bank and the volatile world of cryptocurrency trading came under scrutiny after it received approximately .5 million from Alameda Research through FBH Corporation in March 2022. The collapse of FTX in November 2022 prompted a re-evaluation of Farmington’s engagement in the crypto space, with the bank expressing its intent to revert to its role as a community bank.
Do you think the Federal Reserve did a good job of handling Farmington State Bank? Share your thoughts and opinions about this subject in the comments section below.
EchoLink Launchpad on LBank Ends With Over 130M USDT in Investment, $ECHO Set for Listing
PRESS RELEASE. Following the triumph of its third Launchpad initiative with ACGN Protocol, LBank has accomplished yet another milestone by concluding its fourth Launchpad event featuring EchoLink.
This innovative project marks a significant breakthrough in Decentralized Physical Infrastructure Networks (DePIN) and the Internet of Things (IoT) sectors. EchoLink leverages a unique Proof of Device Work (PoDW) mechanism, revolutionizing data interaction. The event successfully raised 130,425,381 USDT from 74,164 participants, underscoring the escalating interest in this dynamic sector.
The native token of EchoLink.Network, $Echo, is set to debut on LBank and commence trading on January 26th at 06:00 (UTC), symbolizing a pivotal moment for this burgeoning ecosystem.
Background and Significance
EchoLink, a DePIN-oriented IoT oracle on the Solana blockchain, acts as a transformative gateway for a multitude of IoT devices. Beyond being a bridge, it amplifies device capabilities, capturing, measuring, and validating work through an innovative PoDW mechanism. This transcends conventional approaches, reshaping data interaction fundamentally.
Central to EchoLink is its commitment to data privacy and security. Utilizing Zero-Knowledge/FHE technologies, the project cloaks data, ensuring integrity when reaching oracle nodes. These nodes, equipped with EchoLink’s unique proof mechanism, assess rewards for each device unit seamlessly, bridging effort to value.
EchoLink provides a comprehensive toolkit, merging software SDK and hardware design, laying the groundwork for diverse DePIN projects. It represents more than infrastructure; it’s the foundation for future IoT blockchain integration, advancing towards a world where data flows securely, and reward systems align with genuine contributions.
Participation Rules for $ECHO
Participation rules for the $ECHO Launchpad mirrored the successful model of prior events. LBank calculated investment quotas based on users’ daily average holdings of mainstream cryptocurrencies across various accounts over a specific period. Eligibility required completing at least one trade on LBank within a designated time frame.
Official Statement and Listing Details
An LBank spokesperson acknowledged overwhelming community engagement for EchoLink. The $ECHO Launchpad rules strategically rewarded active users, drawing from prior successes. Official listing details for $ECHO are as follows:
- Token Distribution Time: January 25th, 13:00 (UTC)
- Trading Time: January 26th, 06:00 (UTC)
- Withdrawal Time: January 28th, 06:00 (UTC)
About EchoLink ($ECHO)
EchoLink, a pioneering project in DePIN and IoT on the Solana blockchain, bridges the physical and digital worlds. The PoDW mechanism transforms data interaction, ensuring privacy and security. It’s a step towards a decentralized future, fostering a transparent and community-driven ecosystem.
For media inquiries, please contact:
Eddy Wang
PR Manager, LBank
Email: eddy.wang@lbank.com
This is a press release. Readers should do their own due diligence before taking any actions related to the promoted company or any of its affiliates or services. Bitcoin.com is not responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in the press release.
‘Controversial’ Bitcoin Proposal to Curb Inscriptions Ignites Fierce Debate, Ends Without Resolution
On Friday, Jan. 5, 2024, the debate surrounding Bitcoin developer Luke Dashjr’s proposal to restrict all varieties of data-bearing transactions concluded as the topic veered into “controversial” territory. Bitcoin Core custodian and Blockstream staff member Andrew Chow terminated the Github dialogue, marking it as a “stalemate discussion.”
Intense Dispute Over Bitcoin’s Data-Carrying Transactions Culminates in Discussion Lockdown
The recent surge in Bitcoin Ordinal inscriptions has riled up the developers responsible for the protocol’s codebase. In September 2023, Luke Dashjr spearheaded a new pull request (PR) named “datacarriersize: Match more datacarrying.” In essence, the proposal aims to amend the datacarriersize parameter in Bitcoin to cap all varieties of data-bearing transactions. Dashjr, along with the proposal’s supporters, contend that Bitcoin’s code inherently curbs spam, and this PR is merely extending an existing datacarriersize restriction to another type of data.
Following its introduction, the proposal elicited a wide array of responses, with some individuals expressing approval of the idea while others firmly believed it to be fundamentally flawed. Peter Todd remarked that the “transactions targeted by this pull-req are a very significant source of fee revenue for miners.” Todd added that it is unlikely that bitcoin (BTC) miners would give up the revenue. “Censoring those transactions would simply encourage the development of private mempools – harmful to small miners – while making fee estimation less reliable,” Todd emphasized.
Chris Martl offered a dissenting opinion to Todd’s argument, asserting that the primary impact would be on node operators who would face increasing expenses. “The transactions targeted by this pull-req. are a very significant source of prohibitive cost for regular node operators,” Martl contended. “It is very unlikely that regular node operators will give up mitigating that source of operative cost. Regular policy rule for these transactions would encourage the economical resource usage of mempools – not harming any miners – neither changing any fee estimation already on the field,” Martl explained.
Pieter Wuille, also known as “Sipa,” disagreed with Dashjr’s proposal and argued that it did not serve the interests of Core’s software users. Wuille said that engaging in transaction relay and maintaining a mempool is crucial for forecasting upcoming block compositions. Willfully omitting transactions, despite their “clear (however stupid) economic demand,” undermines this predictive capability, without even negating the necessity to validate them upon mining. Wuille added:
I believe the demand for [block space] many of these transactions pose is grossly misguided, but choosing to not see them is burying your head in the sand.
The debate intensified, with numerous voices asserting that these transactions did not constitute spam, while others vehemently argued the opposite. “It seems to me that the proposed change here is more harmful than beneficial,” Mark “Murch” Erhardt wrote in response to Dashjr’s proposal. “Except that most new node runners are Ordinals indexers, and inscribers. Ordinals are here to stay, fork off or accept it,” another person insisted. On Friday, Bitcoin maintainer and Blockstream employee Andrew Chow shut the conversation down.
“It’s abundantly clear that this PR is controversial and, in its current state, has no hope of reaching a conclusion that is acceptable to everyone,” Chow said. “At this point in time, I see no reason to leave this open and to continue to send notifications for the constant back-and-forth stalemate discussion.” The discussion was then locked for being “too heated and limited conversation to collaborators.”
As the dust settles on the intense debate around Dashjr’s proposal to limit data-bearing transactions in Bitcoin, the development community stands divided. With voices raised high from both supporters and detractors, the conversation’s abrupt closure by Chow underscores the complexity and passion embedded in Bitcoin’s ongoing evolution. The discussion, though halted, leaves an indelible mark on the narrative of Bitcoin’s development and the diverse community that surrounds it.
What do you think about the discussion concerning Dashjr’s proposal and the conversation getting locked over being too heated? Share your thoughts and opinions about this subject in the comments section below.
Zooko Wilcox Ends Eight-Year Association With Company Behind Privacy Coin Zcash
Zooko Wilcox, the CEO of Electric Coin Co., revealed on Dec. 18 that he is ending his eight-year association with the entity which is behind the privacy coin zcash. Despite leaving his role as the company’s top executive, Wilcox said he remains committed to anything focused on human freedom.
Wilcox’s Continued Reign Not Good for Himself or Zcash
On Dec. 18, Zooko Wilcox, the CEO of the Electric Coin Co. — the entity behind the privacy-focused crypto asset zcash — announced his resignation and revealed that Josh Swihart is set to become the new public face of the privacy coin. While he admitted to butting heads with Swihart in the past, Wilcox nonetheless expressed confidence in his successor’s ability to steer the Electric Coin Co forward.
In a statement explaining his decision to leave Zcash after eight years, Wilcox suggested that his continued presence would not bode well for his or Zcash’s health.
“…I had the opportunity to live out one of my science fiction dreams in reality. However, in the long run, I don’t think this conflation of Zcash with me personally is healthy for me, and I don’t think it’s healthy for Zcash. Zcash’s role in human history is, and will be, much bigger than any individual,” said Wilcox.
Zcash and the Quest for Freedom
Despite leaving his role as Zcash’s top executive, Wilcox said he remains committed to anything focused on human freedom. He added that anything that he does now would have to include Zcash “because the Zcash community is freedom’s best hope.”
This was an ad hoc analysis of a ZCash conference call for investors. We were on a tight deadline, but imo it still gives an idea of some fundamental problems with the project. pic.twitter.com/wfVCFLL48b
— Tuur Demeester (@TuurDemeester) December 18, 2023
Meanwhile, Tuur Demeester, the founder of Adamant Research, reacted to Wilcox’s departure by sharing a chart on X which shows the privacy coin ZEC’s gradual decline since its 2018 peak.
Demeester also shared a 2018 ad hoc analysis of Zcash’s investor conference call which highlighted some of the project’s fundamental problems. In the analysis, which he helped to prepare, Demeester and his team expressed their concern at Wilcox’s inability to clearly articulate Zcash’s plans. The hastily prepared analysis also singled out Wilcox’s claim about the lack of hard forks and their impact on privacy.
A statement released by Electric Coin Co. confirmed Wilcox’s departure and the return of Swihart as the CEO. The statement said Wilcox “will continue as a director on the board of the Bootstrap Project, the parent company of ECC.”
What are your thoughts on this story? Let us know what you think in the comments section below.
Ledger Library Exploit Alert: Users Warned Against Interacting With Dapp Front Ends Amid Wallet Drainer Risk
According to several reports, there’s been an alleged Ledger Connectkit Library exploit and people are being warned not to interact with decentralized application (dapp) front ends. Reportedly, the library that maintained several dapps now contains a wallet drainer.
*Editor’s Note: The end of this article was updated at 9:02 a.m. (EST) on Dec. 14, 2023, with a message from Ledger noting that the malicious file in the library was replaced and will be propagated.
Ledger Library Breach: Experts Advise Halting Dapp Usage to Dodge Wallet Drainer
A myriad of reports detail that there’s an issue with the Ledger Library as an exploit was noticed. The X user called “Banteg” explained that, “[Ledger Library] confirmed compromised and replaced with a drainer” and stressed that people should “wait out interacting with any dapps till things become clearer.”
Blockchain developer Hudson Jameson detailed that Ledger’s Library, used in numerous dapps, has been compromised, leading to the insertion of a wallet drainer. Jameson advised people to refrain from interacting with dapp front ends on websites, as the situation remains risky, especially for those unaware of the specific backend libraries in use. He added that while visiting compromised websites won’t automatically result in fund loss, deceptive browser wallet prompts could enable unauthorized asset transfers to malicious entities.
Jameson further added that Ledger is aware of the issue and actively working on a resolution. Note that safety will only be restored after affected dapps update their use of Ledger’s Web3 libraries, even post-correction by Ledger. A large swathe of other developers and crypto enthusiasts shared warnings on the social media platform X.
“I would avoid using ANY dapps until their teams confirm that they have mitigated the attack,” one individual stated. Revokecash, Zapper, Sushi, and other dapps are reportedly vulnerable to the bug, and users are being advised to avoid using these applications.
*Ledger has officially confirmed the issue. “We have identified and removed a malicious version of the Ledger Connectkit. A genuine version is being pushed to replace the malicious file now,” Ledger wrote at 8:31 a.m. (EST). “Do not interact with any dapps for the moment. We will keep you informed as the situation evolves. Your Ledger device and Ledger Live were not compromised.
“The malicious version of the file was replaced with the genuine version at around 2:35 p.m. CET. The new genuine version should be propagated soon,” Ledger added in a subsequent tweet. “We will provide a comprehensive report as soon as it’s ready. In the meantime, we’d like to remind the community to always Clear Sign your transactions – remember that the addresses and the information presented on your Ledger screen is the only genuine information. If there’s a difference between the screen shown on your Ledger device and your computer/phone screen, stop that transaction immediately.”
This story is still developing and will be updated with more information as it transpires.
What do you think about the issue with the Ledger Library? Share your thoughts and opinions about this subject in the comments section below.