The U.S. House of Representatives has approved the Financial Innovation and Technology for the 21st Century (FIT21) Act for the regulation of crypto assets despite opposition from President Joe Biden and SEC Chair Gary Gensler. This landmark legislation secured a bipartisan approval with a vote of 279 to 136. “FIT21 is the first legislation of […]
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NFT Sales Slide Continues Amid Record Crypto Volumes, Marking Fourth Week of Decline
Over the past week, sales volume for non-fungible tokens (NFTs) experienced another week-on-week decrease, marking a 13.72% reduction. This downturn marks the fourth consecutive week of declining NFT sales, a stark contrast to the record-breaking achievements witnessed throughout other sectors in March. During this period, the splendor of trading volumes did not extend to digital […]
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Bitcoin Climbs Above $70,000, Marking a Stellar Recovery
On Monday, bitcoin’s value soared back to the ,000 mark after a decline to just under ,000 the previous week. Over the last 24 hours, its value against the U.S. dollar has increased by 7%, reaching a peak of ,645 for each unit. Bitcoin’s Swift Comeback For the first time since March 14, 2024, bitcoin […]
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Microstrategy’s Bitcoin Portfolio Value Soars to $13.2 Billion, Marking a 116% Gain
According to the latest figures, Microstrategy’s investment in bitcoin has doubled, showing a 116% increase after the cryptocurrency’s value experienced a significant rise this past week. The company, specializing in business intelligence, has acquired a total of 193,000 bitcoins at an expenditure of .122 billion, with the current market value of their holdings soaring to […]
Bitcoin News
Precious Metal Peaks — Gold Surpasses $2,140, Marking Historic Price High
As bitcoin climbed beyond its previous 2021 peak, the value of an ounce of pure gold similarly hit a lifetime high on March 5. The globally acknowledged safe haven asset soared to ,140 per ounce on Tuesday, marking a 4.97% increase against the U.S. dollar over the preceding week. Price of Gold Climbs to Unprecedented […]
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Headband-Wearing ‘Alien Punk’ NFT Sells for $16 Million, Marking Second Highest Cryptopunk Sale
As the value of cryptocurrencies continues to climb, the second-highest sale of a Cryptopunk non-fungible token (NFT) has been recorded at million, as per onchain records. This sale significantly exceeds its previous purchase price of .67 million, which was just three years prior. Ethereum Sees Spike in NFT Transactions as ‘Alien Punk’ Cryptopunk #3,100 […]
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Unprecedented Downturn: Over 5,700 Crypto ATMs Decommissioned in 2023, Marking First Annual Decline
Crypto automated teller machines (ATMs) have experienced a decline this year, marking the first downturn since October 2013, with the total count dipping from 39,350 to the present 33,620. Approximately 5,730 cryptocurrency ATMs have been decommissioned, constituting a 14.56% decrease from the peak in December 2022.
Over 5,700 Crypto ATMs Vanish in Historic 2023 Downturn
This year marks an unprecedented shift in the landscape of crypto-centric ATMs, witnessing their first annual reduction since their inception. Data from coinatmradar.com shows that in December 2022, there existed 39,350 machines distributing crypto assets such as bitcoin (BTC) and ethereum (ETH). From that peak, the landscape has changed, with more than 14% of the original 39,000 units, totaling 5,730 machines, being subtracted, culminating in the current tally of roughly 33,620 crypto ATMs.
The year 2023 witnessed the removal of machines continuously over the first four months with no uptick. January saw the elimination of approximately 1,523 devices, February followed with 210 machines being discontinued, and a significant 3,555 ATMs were decommissioned in March. April continued the trend with an additional 340 machines taken out. However, May marked a turn with 1,711 machines being installed, followed by 857 more coming online in June.
July emerged as the most severe month of the year for withdrawals, with an estimated 4,218 machines being decommissioned, leading to the most substantial monthly decline ever recorded. Subsequent months experienced net additions, yet none sufficed to offset the earlier losses. Global figures reveal Bitcoin Depot as the leading crypto ATM operator, boasting 6,311 machines, followed by Coinflip with 3,880 devices.
As of Dec. 30, 2023, Bitstop operates 2,854 machines, Rockitcoin oversees 2,227 units, and rounding off the top five, Athena Bitcoin operates 1,891 crypto ATMs. Approximately 82.2% of the total crypto ATMs are situated in the U.S., with Canada hosting 8.4% of the machines. Europe accounts for 4.6% of the global count of crypto ATMs, and Australia is home to 2.3% of these devices. As the year draws to a close, the precise reasons behind the notable decline in crypto ATMs remain unclear.
While the dramatic downturn in numbers might suggest a dwindling interest in these machines, it’s equally plausible that the tumultuous ‘crypto winter’ of 2022 adversely impacted the businesses operating them. As both crypto ATM operators and consumers adapt to this evolving environment, the destiny of crypto ATMs themselves, akin to the market itself, continues to be an area of watchful anticipation.
What do you think about the loss in crypto ATMs in 2023? Share your thoughts and opinions about this subject in the comments section below.
Block’s Q3 Earnings Show $2.42 Billion Bitcoin Revenue, Marking 37% Annual Growth
Block Inc. reported an increase in third-quarter earnings, with total net revenue climbing to .62 billion, marking a 24% year-over-year growth. Setting aside its bitcoin operations, the company’s revenue saw a jump to .19 billion, up 16% from the previous year. The firm’s shareholder letter discloses that bitcoin revenue rose to .42 billion, underscoring the crypto asset’s swelling impact on the company’s profits.
Block Targets ‘Rule of 40’ by 2026 After Reporting Q3 Earnings and Cash App User Expansion
Jack Dorsey’s Block, Inc. published a shareholders’ letter disclosing the firm’s Q3 earnings. The letter reveals that the Block has advanced its investment blueprint, noting an uptick in third-quarter profitability. The Block has revised its full-year 2023 forecasts upward for both Adjusted Operating Income and Adjusted EBITDA.
The Block has also shared that Cash App Pay transactions have risen in recent months. By September, the service recorded over two million monthly active users, a figure that has doubled since June. The report reveals a substantial rise in bitcoin revenue for Q3, climbing to .42 billion, a 37% increase from the previous year.
Likewise, Bitcoin’s gross profit ascended to million, marking a 22% year-over-year gain. The company is initiating a first-time authorization to buy back billion of its shares, countering some dilutive effects of share-based compensation. The Block’s Q3 shareholder letter states:
We believe we will reach Rule of 40 in 2026, with an initial composition of at least mid-teens gross profit growth and a mid-20% Adjusted Operating Income margin.
The Block’s Q3 earnings follow Coinbase’s third-quarter financial disclosures which show the firm also prospered with net profit. Microstrategy also unveiled its Q3 earnings, revealing additional bitcoin purchases made in October.
The Block’s shareholder letter further mentions a cap of staff members as the firm will not hire any more than 12,000 employees. The Block will not hire any more staff members until they feel the business has “meaningfully outpaced the growth of the company.”
The Block maintains bitcoin (BTC) as an asset on its balance sheet and disclosed investments of million in the final quarter of 2020 and 0 million in the initial quarter of 2021 into bitcoin.
Since bitcoin is classified as an indefinite-lived intangible asset, it’s susceptible to impairment losses when its market value dips below its book value within the evaluation period. However, in the third quarter of 2023, the Block reported no impairment losses on its bitcoin holdings.
What do you think about the Block’s Q3 earnings report? Share your thoughts and opinions about this subject in the comments section below.
Value Locked in Defi Surpasses $40 Billion, Marking a Significant Recovery
Amid the recent gains in the crypto economy, the total value locked, or TVL, in decentralized finance, or defi protocols, has risen above the billion threshold. This is after remaining below that level since mid-August. The top 100 defi coins by market capitalization are just below the billion mark.
Defi Market Bounces Back as TVL Hits .42 Billion
Since October 23, the TVL in defi has surpassed billion. As of Thursday, it stands at .42 billion, according to defillama.com. All ten of the leading defi protocols by TVL have experienced double-digit gains in the past week.
Summer Finance and Aave are at the forefront with gains exceeding 20% during this time. Other significant gainers include Rocket Pool and Lido Finance. The TVL in defi was last around this level on August 15, 2023.
Over a 30-day period, nine of the top ten defi protocols by TVL size posted gains. Uniswap, however, recorded a monthly loss of 15.94%. The leading gainers for the month were Aave and Justlend, each securing gains of about 17.15%.
Of the .42 billion total, .62 billion is in ethereum, or ETH liquid staking protocols. This represents 49.78% of the current TVL in defi, stemming from ethereum’s liquid staking market. Additionally, four of the top ten defi protocols focus on lending.
While the TVL in defi has shown improvement, the top 100 defi coins are valued at .95 billion. In the past 24 hours, these defi tokens have seen .97 billion in global trade volume. Out of the top ten, chainlink, or LINK, experienced the largest increase this week, rising 43.1% against the U.S. dollar.
Lido’s DAO token, LDO, went up by 22%, and Injective, or INJ, increased by 37.7%. Tokens such as SURE, TRB, BOND, and KWENTA also saw notable gains in the past week. Conversely, STPT, BNT, NRV, and RBN experienced losses ranging from 4% to 13%.
In total, 17 coins from the top 100 defi coins recorded losses this week, despite the broader upward trend in the crypto market.
What do you think about the latest action in the world of decentralized finance? Share your thoughts and opinions about this subject in the comments section below.
PYUSD Supply Skyrockets by 49%, Marking a Shift in Distribution as New Holders Emerge
According to current metrics, Paypal’s stablecoin PYUSD has increased its supply by more than 49% since the end of September, rising from 94.39 million to 140.86 million. Moreover, the number of PYUSD holders has risen by 55% since September 30, 2023. Concentration, however, is still evident in PYUSD, with the top 100 holders owning 99.95% of its current supply.
Paypal Stablecoin Witnesses Redistribution Among Top Holders
Paypal’s stablecoin ecosystem experienced growth in October. The number of unique addresses and transfers has risen, and more PYUSD has been issued. On September 30, 2023, 924 unique wallets held PYUSD. Today, that number stands at 1,438 holders. Additionally, PYUSD had only 180 transfers 25 days ago, but that count has now reached a total of 8,307 transactions. Still, this count is extremely modest when set against USDT’s 204 million transfers and USDC’s 73 million transactions.
In terms of issuance, PYUSD’s supply has jumped by 49.22% since September’s close. Back then, 94.39 million of Paypal’s stablecoins were in circulation, and now that figure stands at 140.86 million. Boasting a market capitalization of 0 million, it secures the 13th spot among USD stablecoins by market value and ranks 206th among over 10,000 crypto assets. While a lion’s share of the 140.86 million PYUSD is held by a handful of addresses, its distribution landscape has undergone a few notable changes.
Crypto.com has risen to become the top PYUSD holder, wielding 98.21 million tokens, equivalent to 69.72% of the total supply. Paxos follows closely, securing the second and third largest wallets with holdings of 28.81 million and 4.83 million PYUSD, respectively. Kraken possesses the fourth largest PYUSD wallet, containing 1.5 million tokens, while Curve Finance boasts the fifth, housing approximately 998,658 PYUSD.
A noteworthy 966,936 PYUSD finds its home on Uniswap, paired with USDC, making it the sixth-largest PYUSD account. Intriguingly, the identity of the seventh largest PYUSD holder remains a mystery; however, their wallet is brimming with 859,335 PYUSD. This mystery address also shelters .08 million in various digital assets, including a substantial .4 million in wall street memes (WSM) and 5K in worldcoin (WLD).
Coinbase and Uniswap lay claim to the eighth and ninth-largest PYUSD wallets, respectively. Rounding out the top ten, another anonymous entity emerges as the tenth largest PYUSD holder, with approximately 500,000 PYUSD in their possession, having received the funds directly from Coinbase.
What do you think about the increase in PYUSD’s overall supply? Share your thoughts and opinions about this subject in the comments section below.