Multiple sources have reported that Do Kwon, the ex-chief executive officer of Terraform Labs, was set free from jail on Saturday while the high court in Montenegro decides on two separate extradition requests submitted by South Korea and the United States. Terraform Labs’ Former CEO Do Kwon Freed According to various sources, Do Kwon has […]
Bitcoin News
Coinbase Debuts Paypal’s PYUSD Stablecoin; Trading to Roll Out in Phases Pending Liquidity
Coinbase has listed Paypal’s PYUSD stablecoin, following an announcement of its support for the digital asset just a day earlier. Should liquidity requirements be satisfied, the exchange plans to introduce trading pairs for the asset in stages.
Coinbase Adds PYUSD Stablecoin
Coinbase, the prominent cryptocurrency exchange headquartered in San Francisco, has incorporated Paypal’s dollar-tied token, PYUSD, into its offerings. The firm broke the news on Wednesday, mentioning that trading would commence at 9 a.m. PT on Thursday, provided “liquidity conditions were met.”
“Once sufficient supply of this asset is established trading on our PYUSD-USD trading pairs will launch in phases,” elaborated Coinbase. “Support for PYUSD may be restricted in some supported jurisdictions.” The exchange also emphasized that PYUSD operates as an ERC20 token on the Ethereum network, cautioning users against transferring the asset through alternate networks to avoid potential losses.
According to a recent Bitcoin.com News report, PYUSD’s supply experienced a spike leaping from 26.9 million to 43.3 million PYUSD. However, despite the recent addition to Coinbase, PYUSD’s activity remains limited, recording merely 1,587 transfers and boasting 388 holders. As of 12:30 p.m. ET on August 31, the exchange’s web portal says PYUSD can be acquired via Coinbase.
Our report on PYUSD highlighted that other digital currency platforms, such as Crypto.com, Uniswap, Gate.io, Bitmart, and Bybit, also support the token. On Thursday specifically, a labeled Coinbase wallet possesses around 1,005,467 PYUSD, ranking it as the fifth-largest PYUSD wallet as of August 31. This means the Coinbase wallet accounts for approximately 2.3221% of the total supply of Paypal’s stablecoin token.
What do you think about Coinbase listing Paypal’s PYUSD? Share your thoughts and opinions about this subject in the comments section below.
Bitcoin Onchain Fees Dive Below $1, Pending Transactions Drop, and Miners Experience Difficulty Reduction
According to recent Bitcoin data, the count of pending transactions, still awaiting confirmation, has plummeted beneath the 300,000 mark, while onchain fees have seen a reduction over the past week. Starting from July 29, the average onchain fees have fallen below the threshold for each transaction, and as of July 31, 2023, the average fee stands at 0.000026 BTC or .778 per transfer.
Bitcoin’s Reduced Onchain Fees and Falling Unconfirmed Transactions Mark the Start of the Week
On Monday, July 31, 2023, figures from bitinfocharts.com reveal that the average onchain fee on the Bitcoin blockchain has tumbled below for each transaction. As it stands, the average fee on Monday measures at 0.000026 BTC or .778 per transaction, and the median-sized fee is 0.0000085 BTC or .251 per transfer.
Back on July 27, the average onchain fee stood at .482, and from that point, it has declined 47.5%, while median-sized transfer fees on the Bitcoin blockchain have decreased by 57.88% since that day.
Data captured on Monday reveals that the number of unconfirmed transactions has fallen beneath the 300K threshold, with precisely 291,721 pending transactions as of 8:08 a.m. Eastern Time on July 31. In addition, metrics from mempool.space indicate a decline in fees to .33 per transaction.
To clear the entire backlog of 291,721 pending transfers, equivalent to 185 megabytes (MB), around 100 blocks must be mined. The average block time has hovered close to or even under the ten-minute average, standing at 8 minutes per block.
Miners have recently witnessed a 2.94% reduction in difficulty, simplifying the process of uncovering BTC blocks compared to the time before block height 800,352. As of Monday, current statistics demonstrate that the hashrate is smoothly cruising at 425.65 exahash per second (EH/s).
Leading the pack in mining pools today is Foundry USA, commanding a robust 111.18 EH/s, closely trailed by the second-largest pool in terms of hashrate, Antpool, with 88.42 EH/s. Throughout this week, approximately 44 mining pools are contributing their SHA256 hashrate to the Bitcoin blockchain.
What do you think about Bitcoin’s fees dropping and the number of unconfirmed transactions? Share your thoughts and opinions about this subject in the comments section below.
Bitcoin Fees Decrease, But Over 257,000 Pending Transactions Await Confirmation
Although the Bitcoin blockchain’s average transaction fees have decreased since surpassing per transfer on May 8, there are still over 257,000 pending transactions awaiting confirmation. Furthermore, from May 1 onwards, the network has successfully verified anywhere from 355,000 to over 682,000 transactions per day. Presently, approximately 188 blocks or 0.343 gigabytes must be mined by bitcoin miners to resolve the backlog of unconfirmed transactions.
Bitcoin’s Consistent Backlog: 188 Blocks to Clear Pending Transactions
At the time of writing, there remains a significant backlog of pending bitcoin transfers awaiting confirmation. With the average block interval set at ten minutes per block, it would require approximately 1.30 days to clear this backlog. However, a substantial portion of the backlog has been resolved since May 7 and 8, 2023, when the number of unconfirmed bitcoin transactions exceeded 500,000.
On May 8, according to data from bitinfocharts.com, the average transaction fee skyrocketed to per transaction. As of June 4, 2023, the average transaction fee stands at 0.00012 BTC or .15. The same website displays a median-sized transaction fee of 0.000053 BTC or .44 per transaction. As of 3:51 p.m. Eastern Time (ET) on June 4, 2023, according to mempool.space statistics, there are approximately 257,141 pending transactions awaiting confirmation.
To address a significant portion of this backlog, approximately 188 blocks must be successfully mined. Mempool.space provides fee data categorized into four tiers, including a “no priority” transfer costing .31 per transaction, a “low priority” transfer at .69 per transaction, a “medium priority” transaction priced at .84, and a high priority transfer for .99. At the same time, a significant portion of the blame for the high throughput and the backlog can be attributed to the nearing 11 million milestone reached by Ordinal inscriptions.
When comparing average transfer fees, Bitcoin outperforms Ethereum’s network fees, with data revealing that the average ETH transfer fee amounts to 0.0029 ETH or .46 per transaction. The median-sized network fee on Ethereum is 0.0012 ETH or .30 per transaction. Interestingly, Etherscan’s gas tracker, similar to mempool.space, displays lower fees for ether transfers compared to the figures shown on bitinfocharts.com.
For instance, at 3:51 p.m. (ET) on Sunday, a high-priority ETH transaction only incurs a fee of .84 per transfer. While Bitcoin established a record of 682,000+ transactions per day on May 1, Ethereum surpasses this by clearing anywhere between 930,000 to 1 million transactions daily.
What are your thoughts on the current state of Bitcoin transactions? Are the decreasing fees and ongoing backlog a cause for concern or a temporary challenge? Share your thoughts and opinions about this subject in the comments section below.
Polygon Shows Strength As Bulls Eye $1, But There Is A Key Issue Pending
- MATIC’s price shows strength as it bounces from a downtrend range price rallied to a high of .95 with eyes set on .
- MATIC faces a major issue break and holds above 61.8% Fibonacci value and trends higher to a region of .
- MATIC’s price remains strong on the daily timeframe above the 50 Exponential Moving Average (EMA) as the price aims for more rallies.
The price of Polygon (MATIC) has been one of the standout performers during the past few weeks that saw the price of Bitcoin (BTC), Ethereum (ETH), and other altcoins struggle to hold their key Support, the price of Polygon (MATIC) showed strength holding above and bouncing off that region of .77 away from this support area. The past few days have seen the crypto market has looked more decent, with the likes of Bitcoin (BTC) and Ethereum (ETH) showing some great price movement in recent times. MATIC’s price is rallying from .83 to a region of .95 as the price aims to take the market by its horn. (Data from Binance)
Polygon (MATIC) Price Analysis On The Weekly Chart
In recent times, Polygon has struggled to regain its bullish momentum; despite the uncertainty that has befallen the crypto space, the price of MATIC held its ground as price defended its key support area of .77.
MATIC’s price had struggled to replicate its rally that took the price of MATIC to an all-time high of before it faced rejection to trend higher.
After trading in a range for weeks as the price continued to look difficult to trade due to little to no volume to push the price higher as the price continued to look stagnated, MATIC finally showed some movement, rallying from its weekly low of .75 to .85 and closing higher after several weeks.
Weekly resistance for the price of MATIC – .
Weekly Support for the price of MATIC – .77.
Price Analysis Of MATIC On The Daily (1D) Chart
In the daily timeframe, the price of MATIC continues to show a more bullish scenario as the price rallied to a high of .95 before facing resistance to the trend to a region of .
The price of MATIC needs to break and hold above .97 for the price to trend higher to a region of , which is a key supply zone for most traders.
The Fibonacci retracement (Fib) value of 61.8% indicates MATIC’s price faced a rejection to trend higher as the price tried to break above this key value. The price of .97 corresponds to the Fib value of 61.8%. If the price of MATIC closes above this level, we could see a rally to -.2.
Daily resistance for the MATIC price – .
Daily Support for the MATIC price – .85.
Featured Image From zipmex, Charts From Tradingview
NewsBTC
Buterin Blasts Ripple’s Defence Against Pending SEC Lawsuit
It finally happened. After years of uncertainty on the matter, the SEC is taking decisive action against Ripple. The point in question is whether Ripple’s native XRP token is a security or not.
Late yesterday, Ripple CEO Brad Garlinghouse said the SEC has made a determination, and they plan to bring action accordingly.
Under U.S securities law, firms must register with the SEC before selling securities. A move that Ripple did not comply with.
Tweeting about the situation, Garlinghouse called this an attack on the entire crypto industry, not just Ripple. He then went on to say that the action is inconsistent with the stance held by other G20 nations. And, as previously mentioned, he maintains the position that this is harmful to the U.S.
“The SEC – out of step with other G20 countries & the rest of the US govt – should not be able to cherry-pick what innovation looks like (especially when their decision directly benefits China). Make no mistake, we are ready to fight and win – this battle is just beginning.“
Today, the SEC voted to attack crypto. Chairman Jay Clayton – in his final act – is picking winners and trying to limit US innovation in the crypto industry to BTC and ETH. (1/3) https://t.co/r9bgT9Pcuu
— Brad Garlinghouse (@bgarlinghouse) December 22, 2020
Garlinghouse Disagrees With The SEC’s Interpretation of The Howey Test
In 2018, the former SEC Chairman Jay Clayton declared that Bitcoin and Ethereum are not securities.
The SEC classifies a security as an investment of money in a common enterprise, in which the investor expects profits primarily from the effort of others.
The effort of others means a significant central third party whose efforts are a critical factor in the enterprise.
Clayton states that both Bitcoin and Ethereum fit the bill of decentralized platforms. As such, they do not rely on significant central parties.
“when I look at Bitcoin today, I do not see a central third party whose efforts are a key determining factor in the enterprise. The network on which Bitcoin functions is operational and appears to have been decentralized for some time, perhaps from inception.
And putting aside the fundraising that accompanied the creation of Ether, based on my understanding of the present state of Ether, the Ethereum network and its decentralized structure, current offers and sales of Ether are not securities transactions.”
In the past, Garlinghouse pointed out that Chinese mining firms control the majority hashing power for both Bitcoin and Ethereum. As these are significant central third parties, the SEC ruling is unjust.
In preparation to take on the SEC, Ripple has written a summary submission on which they will base their defense.
On that, Ethereum Co-founder Vitalik Buterin blasted the document saying Ripple is clutching at straws. Buterin is adamant that Ripple’s arguments about “Chinese control” hold no weight when it comes to Ripple’s relationship with XRP.
Looks like the Ripple/XRP team is sinking to new levels of strangeness. They’re claiming that their shitcoin should not be called a security for *public policy reasons*, namely because Bitcoin and Ethereum are "Chinese-controlled". 😂😂https://t.co/ts02JqrTrB pic.twitter.com/mKwEzGIetk
— vitalik.eth (@VitalikButerin) December 22, 2020
Buterin’s response to the document has drawn criticism from many people, including Binance CEO Changpeng Zhao. Zhao echoed what Garlinghouse said by saying this stunts the entire crypto industry.
Let’s be decentralized, but not divided. Let’s help each other to grow the industry. #BTC, #ETH, #XRP, #BNB https://t.co/2jQZ48a12x
— CZ Binance (@cz_binance) December 22, 2020
Ripple’s XRP Takes a Pounding
XRP plummeted on the news, bouncing off the .45 support level, currently at .46. What’s more, having broken below key support at .53, the expectation for further downside is heightened.
The SEC case will be a long and drawn-out affair. What then for the price of XRP?
As pointed out by Alex Saunders of Nugget’s News, Ripple relies on partnerships with firms that are compliant. He said:
“I feel for $XRP investors who are hurting right now. I’ve outlined many times why things were never going to end well for@ripple. Hopefully that helped a few of you dodge this bullet. No compliant company will touch #XRP with this over their head.”
Garlinghouse spoke of fighting and winning. But being realistic, what are Ripple’s chances of coming out on top?
Source: XRPUSDT on TradingView.com
A “Massive” Bitcoin Move Is Pending: Here’s What Analysts Expect Is Next
Bitcoin has been stuck in a tight consolidation pattern over the past six to eight weeks. Prices have barely deviated from a relatively tight ,000 range, with each attempt at breaking out failing dramatically as millions of dollars worth of leveraged positions are liquidated.
Yet at long last, a big move is coming, an analyst has said.
Related Reading: Buying Bitcoin at k or k Won’t Matter in 2 Years: Fund Manager Explains
He shared the chart below, arguing that his use of a “time-based Fibonacci extension” found that a move out of the range is likely to take place in the coming seven days. And according to him, the breakout will be on a “massive” scale:
“We have spent 49 days today inside this exact range shown. The move when it comes should be massive. Position accordingly.”
With Bitcoin currently sitting in the middle of the range around ,200-9,400, it seems like the breakout could be in either direction. But as it stands, there seems to be more bearish sentiment than bullish.
Bitcoin Could Move Lower Out of the Range, Analysts Say
The analyst that in the middle of 2018 predicted that Bitcoin’s bear trend would bottom at ,200 believes that per his use of Elliot Wave analysis, a drop to ,000 is in order by early July.
Adding to this, a top trader noted that BTC has decisively failed to maintain the uptrend it formed after March’s ,700 bottom. He cited the loss of an ascending triangle support, a move below the Bollinger Bands baseline, and attempts at breaking under the 50-day simple moving average.
Yet the aggregate BTC investor is seemingly betting on the bull case. Alistair Milne, CIO of the Altana Digital Currency Fund, noted that there is an outsized number of Bitcoin bids on Bitfinex’s order book.
The data he shared on June 14th indicates that there was 2,807 BTC worth of sell orders from ,400 to ,100 while there was 6,163 BTC worth of buy orders from ,700 to ,400.
Bids are stacked on Bitfinex again … pic.twitter.com/K5oVbBjGX2
— Alistair Milne (@alistairmilne) June 14, 2020
On-Chain Outlook Could Threaten Bullish Technicals
On-chain signals could further threaten the bull case. After all, if not one is using Bitcoin, how can we expect it to appreciate?
Related Reading: BTC Hash Rate Recovers to Pre-Halving Levels, But a Chinese Mine Just Burned Down
As reported by NewsBTC previously, Charlie Morris, the founder of blockchain data firm ByteTree, suggested that BTC’s on-chain statistics are suggesting a drop to the ,000s is imminent.
“1-week network velocity down to 454%, 5-wk 556%. Tx value down, av tx size down, fees down, MRI shot to pieces. Why the lack of interest? Can’t see price holding up. Fair value <k,” Morris wrote.
ByteTree leverages on-chain transaction volume, which is arguably a derivative for Bitcoin demand, to determine a “fair price” for the cryptocurrency. The higher the economic throughput, the higher the fair price is.
Featured Image from Shutterstock Price tags: btcusd, xbtusd, btcusdt A "Massive" Bitcoin Move Is Pending: Here's What Analysts Expect Is Next
Ethereum Developer Virgil Griffith to Be Released From Jail Pending Trial
A judge ruled that the U.S. Department of Justice has enough evidence to move a case against ethereum developer Virgil Griffith to trial.
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Ontario Securities Watchdog Settles With CoinLaunch, Pending Approval
n The Ontario Securities Commission has settled with CoinLaunch, a company that it claims violated local security lawsn
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US Senator Reports to Jail Pending Verdict in Cryptocurrency Fraud Case
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