As of the latest data, 352.3 BTC valued at .5 million linked to Casascius physical bitcoins have been redeemed this year. Despite 155 physical bitcoin peels, an estimated .7 billion in value remains unclaimed and associated with these tangible assets. 18,741 of Mike Caldwell’s Casascius Coins Still Remain Unpeeled In the early days, Mike Caldwell […]
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Solana Takes The Crown: CoinGecko Ranks It The Best, Leaving Ethereum Behind In Key Metric
The race to achieve the fastest blockchain transaction processing speeds is heating up, Solana (SOL) is in the spotlight as a new report from crypto data aggregator CoinGecko reveals some surprising findings.
The study analyzes the real-world transaction per second (TPS) performance of a range of large blockchain networks, both Ethereum-based and non-Ethereum (ETH) Virtual Machine (EVM) protocols.
Solana Emerges As The Undisputed Speed Champion
According to the findings, Solana has proven to be the fastest among large blockchains, with its actual daily average transactions per second (TPS) reaching a record high of 1,504 on April 6th, 202. Notably, this figure makes Solana 46 times faster than Ethereum, the second-largest cryptocurrency by market capitalization.
Furthermore, Solana’s TPS is more than 5 times faster than Polygonm (MATIC), which currently holds the highest TPS among Ethereum scaling solutions.
According to CoinGecko, this demonstrates the superior processing power of the non-EVM blockchain and its ability to handle a large influx of transactions, especially during periods of heightened market activity, such as the recent Memecoin mania, specifically within the Solana network.
However, it’s important to note that despite Solana’s performance, the blockchain has only achieved 1.6% of its “theoretical maximum speed” of 65,000 TPS. This suggests that there is still significant room for improvement, and the network’s upcoming upgrades will be closely watched to see how quickly it can record even higher real TPS.
Ethereum Scaling Solutions Lag Behind Non-EVM Blockchains
The second-fastest blockchain in the study is another non-EVM protocol, Sui (SUI), which recorded its highest real TPS of 854 in July 2023 as the on-chain game Sui 8192 gained popularity. Other fast blockchains among the non-EVMs include The Open Network (TON) at 175 TPS and Near Protocol (NEAR) at 118 TPS.
In contrast, the non-EVM blockchains that have recorded relatively lower real processing speeds are Aptos (49 TPS), Starknet (12 TPS), Bitcoin (11 TPS), and Thorchain (2 TPS).
Collectively, the 8 non-EVM large blockchains have an average peak TPS of 284, which is 3.9 times faster than the 17 largest EVM and EVM-compatible blockchains, which have an average of just 74 TPS.
The EVM-compatible blockchain that has achieved the fastest real TPS is BNB Smart Chain (BSC), which recorded 378 TPS on December 7th, 2023, amid the surge in on-chain activity driven by the inscriptions craze. This performance places BSC as the fastest Ethereum-based blockchain, though it still lags behind the top non-EVM protocols.
Similarly, the surge driven by inscriptions allowed Polygon to record 190 TPS on November 16th, 2023, making it the fastest among the largest Ethereum scaling solutions and 8.4 times faster than Ethereum itself. However, the leading non-EVM blockchains still outpacing even Polygon’s impressive speed.
At press time, SOL was trading at 8, up nearly 7% in the last 24 hours and registering an impressive 720% gain year-to-date.
Featured image from DALL-E, chart from TradingView.com
Andrew Tate Plans to Invest Big in Bitcoin, Leaving Fiat Completely
Andrew Tate, a British-American social media personality and former professional kickboxer, has announced a plan to invest significantly in bitcoin, expressing frustration with banks and their scams. “I’m about to leave fiat completely,” he stressed. “I’m done with the banks. I’m done with their money. Done with the scams.” Andrew Tate Plans to Shift ‘100M’ […]
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Solana’s BONK Climbs To 3rd Place In Dog Coin Market Cap, Leaving FLOKI Behind
In recent weeks, the Solana (SOL) blockchain has been making waves in the crypto world, with its native token SOL experiencing a remarkable uptrend of 46% over the past 30 days. Alongside this surge, Bonk Inu (BONK), the first Solana-based meme coin, has gained significant traction, solidifying its position as the third-largest dog coin by market capitalization, surpassing Floki Inu (FLOKI).
BONK Rockets To New Heights With 845% Surge In 30 Days
The staggering growth of Bonk Inu is evident in its recent performance, achieving an impressive 845% gain over the past 30 days. The meme coin’s remarkable ascent has propelled it to new yearly highs, while SOL experienced a slight pullback from its peak of on December 2.
Despite the temporary setback for SOL, the bullish momentum and renewed interest in Bonk Inu have caught the attention of market participants.
As of now, BONK is trading at .0000069712, outperforming the broader crypto market with a remarkable 22.4% uptrend in the past 24 hours, aligning with the positive sentiment surrounding Bitcoin (BTC) and the overall market.
With a market capitalization of approximately 0 million, Bonk Inu currently sits in third place among dog coins, trailing behind the likes of Shiba Inu (SHIB) and Dogecoin (DOGE), which boast market caps of billion and billion, respectively.
CoinGecko data reveals that BONK has witnessed a significant 24-hour trading volume of ,235,205.16, indicating strong investor interest and active participation in the market.
The future trajectory of Bonk Inu’s uptrend and its potential for further gains remains uncertain. However, should BONK continue to attract investors, it has the potential to dethrone Pepecoin (PEPE) in terms of market capitalization. As of the latest update, PEPE has achieved a market cap of 2 million.
However, it is important to note that Bonk Inu still has a significant gap to bridge to catch up with the largest dog coins in the market in terms of market capitalization, namely SHIB and DOGE. SHIB and DOGE have demonstrated substantial gains and already possess staggering market capitalizations.
Dog Coins Make Strong Push For Year-End Gains
The altcoin SHIB, built on the Ethereum platform and known for its Shiba Inu mascot, continues to demonstrate consistent gains across various time frames.
Notably, SHIB has seen a 14% increase over the past fourteen days and an 18% surge over the past thirty days. These positive trends have allowed the dog coin to achieve a slight year-to-date profit of 0.2% after experiencing a significant downturn in 2022.
Presently, SHIB is trading at .00000946, representing a decline of more than 89% from its all-time high (ATH) of .00008616, reached in October 2021.
Meanwhile, the meme coin DOGE, which has the backing of Elon Musk, is currently trading at .09058. It has witnessed an 18% rise over the past fourteen days and nearly 30% growth over the past thirty days, following a sustained upward trend that began on November 21.
However, in contrast to SHIB’s price action, DOGE has experienced a 12% decline year-to-date and an 87% drop from its ATH of .731578 reached in May 2021.
It remains to be seen whether the dog coins will continue to experience further gains throughout the remainder of the year or if a healthy pullback will occur to surpass upper resistance levels for another upward movement.
Featured image from Shutterstock, chart from TradingView.com
Judge Bars Former Binance CEO From Leaving US as the Court Weighs Government’s Request
A federal judge has barred former Binance CEO Changpeng Zhao (CZ) from leaving the U.S. until the court has made a decision on the U.S. government’s motion to prevent his return to the United Arab Emirates (UAE) before sentencing. The government filed the motion in response to a release order issued by a magistrate judge, granting the former Binance chief permission to go back to the UAE while awaiting sentencing.
CZ Cannot Leave the U.S. for Now
A federal judge has issued an order restricting former Binance CEO Changpeng Zhao (CZ) from leaving the U.S. until the court determines whether to approve the government’s motion to force the ex-Binance boss to stay in the U.S. until sentencing.
“This matter comes before the Court upon the United States’ motion for review of Magistrate Judge’s ruling on defendant [CZ]’s presentencing travel restrictions,” states the order signed by District Judge Richard A. Jones on Monday. “Having considered the briefing, and the files and pleadings herein, the Court determines it will review the decision of Magistrate Judge Brian A. Tsuchida permitting Defendant to return to the United Arab Emirates pending sentencing pursuant to the conditions of his appearance bond.” The order continues:
It is ordered that the condition permitting Defendant to return to the UAE pending sentencing is STAYED until such time as this Court resolves the government’s motion for review.
Last week, Zhao pleaded guilty to failing to maintain an effective anti-money laundering program and stepped down as the CEO of the world’s largest cryptocurrency exchange. The government also filed a parallel information against Binance for failing to comply with provisions of the Bank Secrecy Act and U.S. sanctions law.
As part of the settlements with the U.S. Department of Justice (DOJ), the Treasury Department, the Financial Crimes Enforcement Network (FinCEN), and the Commodity Futures Trading Commission (CFTC), Binance and Zhao will pay a historic sum of more than .3 billion.
Magistrate Judge Tsuchida issued a release order last week with bail conditions, allowing the former Binance chief to return to the UAE while awaiting sentencing. However, the U.S. government then filed a motion to prevent Zhao from returning home before sentencing. In response, CZ has asked the court to reject the government’s motion, contending that Judge Tsuchida determined he poses no flight risk, having voluntarily appeared before the court to take responsibility and plead guilty.
The U.S. government states in its motion that the former Binance chief executive may face up to 18 months in prison. Under Magistrate Judge Tsuchina’s order, the bail conditions require that CZ “post a 5 million personal recognizance bond, secured by two guarantors with cash pledges of 0,000 and 0,000, respectively, and a third guarantor with real property located in Los Angeles, California, valued at more than million,” his legal team described.
Do you think CZ should be able to leave the U.S. and return home to the UAE while waiting for sentencing? Let us know in the comments section below.
Wallet of Satoshi Exits US Market Amidst Record-Breaking Month, Leaving Customers to Seek Alternatives
On Friday, Wallet of Satoshi, a provider of Lightning Network payment services, announced its departure from the U.S. market, though it refrained from providing specific reasons. The firm informed its U.S. clientele that they could “withdraw and transfer” their funds to a different wallet.
Wallet of Satoshi Halts U.S. Operations
A recent update on X (previously known as Twitter) revealed that Wallet of Satoshi (WoS), headquartered in Australia, is ceasing operations in the United States. WoS, an application available on iOS and Android, enables users to manage bitcoin (BTC) and Lightning Network transactions. Daniel Alexiuc established the company in 2018.
The announcement from WoS expressed, “We’ve made the difficult decision to remove our app from the U.S. Apple and Google app stores, and will not serve U.S. customers going forward.” The statement emphasized, “This decision doesn’t come lightly. Our commitment to providing a secure, user-friendly, and compliant platform globally is unwavering. Our top priority is the safety and interests of our customers and our company.”
Further, the WoS statement mentioned:
We understand this may be disappointing news and we share your frustration. We’re hopeful that future developments will allow us to revisit and possibly resume our operations in the U.S.
This move coincides with what was shaping up to be a record-breaking month for WoS, as observed by Kevin Rooke. “Wallet of Satoshi is on pace to process over 1.1 million Lightning payments in November,” stated Rooke two days prior. He attributed the surge in transactions this month largely to effective Lightning advertising.
What do you think about the Wallet of Satoshi leaving the U.S. and pulling its apps from the Google Play and Apple App Store? Share your thoughts and opinions about this subject in the comments section below.
Binance Mulls Leaving Russia, Limits Options for Russian Users
Crypto exchange Binance considers exiting Russia amid increased scrutiny over its services for users in the sanctioned nation. The news of the potential move comes after the exchange delisted several sanctioned Russian banks from its peer-to-peer (P2P) platform and restricted fiat payment options for Russian traders.
Full Russia Exit Is on the Table, Binance Representative Says
The world’s leading exchange for digital assets, , is currently reevaluating its Russian business, the Wall Street Journal reported. The process includes the possibility of a full withdrawal from what was an important market for the crypto giant. A spokesperson for the company told the publication:
All options are on the table, including a full exit.
The statement comes after a WSJ article suggested last week that Binance is facing legal risks over allegedly helping Russians move money abroad despite the platform claiming it has been abiding by Westerns sanctions rules since last year.
Following the publication of the piece, the exchange briefly renamed the bank cards of Russia’s Sberbank and Tinkoff that were listed among payment options on its P2P platform, as per Russian crypto media reports. Eventually, all sanctioned Russian banks were completely removed.
In May of this year, Bloomberg revealed that Binance is under investigation by the U.S. Department of Justice for allowing Russian customers to make transactions involving at least five sanctioned Russian banks. The financial institutions were placed under sanctions as part of penalties and restrictions imposed by the U.S. and its allies over Russia’s invasion of Ukraine.
Binance Restricts Foreign Currency Transactions for Russian Users
On Monday, RBC Crypto reported that the largest crypto exchange has also banned users based in Russia from transacting through its P2P service with any fiat currency other than the Russian ruble, including U.S. dollar, euro, and Ukrainian hryvnia.
The Russian crypto news outlet quoted a message posted on Binance’s telegram channel informing that “Users residing in Russia can only trade fiat currency in rubles on Binance P2P. Any other fiat currencies are prohibited. The fiat currency RUB is now available only to users who have RU KYC and live in Russia.”
At the same time, Russian citizens living outside of the Russian Federation, who have passed identity verification and provided confirmation of their address can continue trading on Binance P2P with any fiat currency other than ruble, euro, dollar, and hryvnia, the company pointed out.
Do you think Binance will eventually leave the Russian market completely? Tell us in the comments section below.
Shiba Inu Steals The Spotlight, Leaving Bitcoin Behind In A Week Of Price Surges
The Shiba Inu (SHIB) coin has exceeded even the top 10 established cryptocurrencies this week, posting a solid 15% increase that has captivated the attention of the cryptocurrency community.
The notable ascent in SHIB’s price is closely associated with its current rate of burning, which has witnessed a significant upturn in the last 24 hours.
Based on the Shibburn data, a total of 111,799,146 SHIB tokens have undergone incineration, leading to a substantial 57% surge as per the most recent update.
Shiba Inu Gets Price Boost From Burn Rate
Throughout the course of the week, the burn rate of SHIB has exhibited a constant upward trend, closely aligning with its favorable price trajectory.
The consistent pattern observed indicates the possibility of a steady and continuous increase in the price of the asset over a prolonged duration. This can be attributed to the natural expansion of trading volume inside the Shiba Inu ecosystem.
In the midst of current market trends, SHIB is demonstrating its ability to transcend its origins as a meme coin by exhibiting resilience, as evidenced by a significant 9.2% spike in price in the last 24 hours that resulted in its value reaching .00000940.
Bitcoin, in comparison, was trading at ,383, down a meager 0.1% in the last 24 hours, while managing to gain 1.3% in the last seven days, data from crypto market tracking site Coingecko shows, Sunday.
The current increase in value represents a noteworthy achievement for SHIB, as it has exhibited sustained development throughout the preceding week.
Shibarium Launch Also Provides Big Price Lift
Furthermore, the imminent introduction of Shibarium, a Layer-2 protocol with advanced functionality, constructed on the Ethereum network, contributes to the heightened anticipation and price lift for SHIB.
Meanwhile, data obtained from Coinglass provides a compelling depiction of a notable increase in open interest observed in Binance’s SHIB futures market.
The current surge has exhibited a tremendous growth rate, increasing by almost 100% in just one month.
The substantial rise in open interest and market capitalization of SHIB indicates a considerable influx of capital. The historical context is interesting since it often aligns with instances of Bitcoin price swings.
SHIB And Its Correlation To Bitcoin
Over the course of SHIB’s existence, there have been around seven occurrences in which its open interest surpassed the significant milestone of 0 million. Significantly, each of these instances coincided with fluctuations in the valuation of the alpha crypto, Bitcoin.
(This site’s content should not be construed as investment advice. Investing involves risk. When you invest, your capital is subject to risk).
Featured image from Advance Auto Parts
Latam Insights — Volcano Energy Bitcoin Mining Project Rises in El Salvador, Venezuelan Miners Leaving Amidst Crypto Corruption Probe
Welcome to Latam Insights, a compendium of Latin America’s most relevant crypto and economic news during the last week. In this issue, Volcano Energy rises in El Salvador, Venezuelan bitcoin miners flee amidst nationwide mining ban, and Argentina deepens usage of the Chinese yuan to pay imports.
Volcano Energy Green Mining Project Rises out of Stealth in El Salvador
Volcano Energy, a bitcoin mining project, announced the construction of a 241MW renewable power generation facility in El Salvador. The operation, which will get most of its energy using photovoltaic (solar) cells, will power what it calls “one of the world’s largest bitcoin mining farms,” with a mining processing capacity of 1.3 EH/s in its first stage.
The cost of the whole development is estimated to reach billion, with the first phase of 0 million being financed by “Bitcoin industry leaders.” Tether is among the companies participating in the project as part of its recently announced mining and renewable energy investment expansion policy.
Paolo Ardoino, CTO of Tether, stated:
Volcano Energy represents one of the most ground-breaking and strategic initiatives we are investing in and we look forward to working alongside Josue Lopez [Volcano Energy’s CEO] and his team to make El Salvador a global force in renewable energy production.
Bitcoin Miners Leaving Venezuela Amidst National Mining Ban
Venezuelan bitcoin miners are looking to relocate their operations to other countries in Latam due to the nationwide mining ban that the government enacted after the intervention of the Venezuelan crypto watchdog Sunacrip. The institution was allegedly involved in a billion corruption scheme.
An anonymous miner told Criptonoticias that he is looking to move his 2,000 ASIC mining rigs to Paraguay, stating that it had one of the “cheapest electricity rates in Latin America and it is a country that has open arms for bitcoin miners to whom it is not imposing restrictions.”
Other miners are considering moving their bitcoin mining operation out of Venezuela, taking them to Paraguay and El Salvador.
Argentina Registers Increase in Usage of Chinese Yuan for International Settlements
Argentine companies are embracing the Chinese yuan for settling cross-border payments to save U.S. dollars. According to general customs director Guillermo Michel, more than 500 companies have shifted to pay for imports with Chinese yuan after the Argentine government introduced dollar-like protections to the currency in the financial system.
Out of the almost billion available as part of the Chinese swap line, there are currently more than billion in payments awaiting approval.
To follow all the latest developments in crypto and the economy in Latin America, sign up for our Latam newsletter below.
What do you think about this week’s Latam Insights report? Tell us in the comment section below.
Reserve Right Token Spikes Leaving Many In Euphoria, Eyes $0.01
- RSR price holds above daily 50 EMA as price eyes .01
- Price continues to look bullish, holding above key support areas
- RSR price breaks out of daily asymmetric triangle with high buy orders.
Reserve Right (RSR) token price has had a rough time in recent weeks breaking out of its range but could rally to .01 as price broke out with more buy orders against tether (USDT). Despite the crypto market facing so much uncertainty as to where the market is headed, the price of the Reserve Right (RSR) token has shown a tremendous amount of strength as the price cracks double-digit gains. (Data from Binance)
Reserve Right (RSR) Price Analysis On The Weekly Chart
Weekly RSR Price Chart | Source: RSRUSDT On Tradingview.com
Despite a decline in its price from .1 to .0037, over 70% decline from its all-time high. The price of RSR showed great strength as the price bounced from its weekly low of .003, rallying to a high of .008 before facing a rejection to break above that region to higher heights.
The price of RSR has continued to move in range as the price cannot break above a weekly resistance of .008 for the price of RSR to trend higher to a region of .01.
RSR price needs to break and close above .008 to have a better chance of trading higher. The Fibonacci retracement ratio shows the price of RSR is faced with resistance at 23.6%; flipping this area of resistance into support will signal a more relief bounce for the price of RSR.
If the price of RSR fails to break this key region acting as resistance, we could see the price of RSR retesting .0055, acting as a support and demand zone for more buy orders.
Weekly resistance for the price of RSR – .008-.01.
Weekly support for the price of RSR – .0055.
Price Analysis Of RSR On The Daily (1D) Chart
Daily RSR Price Chart | Source: RSRUSDT On Tradingview.com
The daily timeframe for RSR prices continues to look strong as the price broke out of an asymmetric triangle with strong volume. Despite RSR being rejected from a high of .01, the price continued in a range forming an asymmetric triangle before breaking out with good buy volume.
On the daily timeframe, the price of RSR is currently trading at .0074, holding its price above the 50 Exponential Moving Average (EMA), acting as support for RSR price. The price of RSR is trading below 200 EMA as it eyes .01, being a major resistance. The price of $ and .0063 corresponds to the support at 50 EMA, and .01 correspond to the resistance at 200 EMA for the price of RSR.
The Relative Strength Index (RSI) for SOL is above 40 on the daily chart, indicating more sell order volume.
Daily resistance for the RSR price – .01.
Daily support for the RSR price – .0063.
Featured Image From zipmex, Charts From Tradingview
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