PRESS RELEASE. The enigmatic artist Mr. Black, known for his cryptic street art and ambitious 21,000-piece ordinal collection on the Bitcoin blockchain, claims that the Messianic Age will be revealed once the collection is fully minted. However, recent developments suggest that Mr. Black might be facing censorship on the social media platform X, formerly known […]
Bitcoin News
Unveiling the Titans of Crypto Mining: A Deep Dive Into 5 Consensus Algorithms
In the intricate world of cryptocurrency, not all algorithms are forged equal. The proof-of-work (PoW) consensus algorithms like Kheavyhash, Scrypt, Blake3, SHA-256, and Ethash are the linchpins that not only secure but also empower the blockchain with the integrity and trust that underpin several of today’s leading digital currencies. Understanding Proof-of-Work and Its Variants Proof-of-work […]
Bitcoin News
Unveiling Bitcoin’s Drop To $65,000: Here’s How Much BTC Miners Sold
Bitcoin has faced a significant amount of selling pressure over the past week, according to the latest on-chain data. Expectedly, this bearish pressure has had a notable impact on the price of the premier cryptocurrency.
According to data from CoinGecko, the value of Bitcoin has declined by nearly 5% in the past seven days. On Friday, June 14th, the BTC price fell to around the ,000 level — its lowest level in nearly a month.
Bitcoin Miners Offload Over 1,200 BTC In One Day
In a recent post on the X platform, crypto analyst Ali Martinez revealed that Bitcoin miners have been active in the open market in recent days. Specifically, these network entities have been trimming their BTC holdings, and selling their assets for profit.
Martinez mentioned in his post that the Bitcoin miners offloaded more than 1,200 BTC (worth roughly million) in a single day. According to the crypto pundit, this increased selling activity by the miners might have played a significant role in the premier crypto’s recent correction to ,000.
This on-chain observation is in tandem with CryptoQuant’s latest weekly report. The blockchain analytics firm noted that miners were transferring their coins to exchanges and over-the-counter (OTC) desks for sale, as the Bitcoin price hovered between ,000 and ,000.
According to CryptoQuant, the recent decision of miners to offload their holdings Is associated with the declining revenues following the halving event. With reduced transaction fees and persistently high network hashrates, miner revenues have continued to dwindle over the past few months.
Furthermore, CryptoQuant mentioned that historical patterns suggest that sustained low revenues and high hashrate could imply a potential market bottom. Ultimately, this means that the Bitcoin market could be stabilizing or getting ready for upward movement.
Whales Join The Sell-Off, Dump 50,000 BTC
Further on-chain observations show that miners are not the only entities responsible for the recent selling pressure. In another post on X, Martinez revealed that Bitcoin whales have also been offloading significant BTC amounts in recent days.
Based on data from Santiment, whales have sold 50,000 BTC (equivalent to about .3 billion) in the past 10 days. Bitcoin whales – in this particular data point – refer to holders that own between 1,000 – 10,000 BTC.
While the price of BTC fell as low as 65,000 in the past day, it is beginning to show some signs of recovery. As of this writing, Bitcoin is valued at ,266, reflecting a 0.7% decline in the past 24 hours.
Ethereum Blockchain’s Q1 2024 Success: Unveiling The Factors Behind The $370M Profit Surge
Not only has Ethereum (ETH) seen an impressive rise of nearly 100% in the first quarter of 2024 in terms of price action, but the Ethereum blockchain has also generated substantial profits of up to 9 million during this period. This unexpected profitability has raised questions about how a blockchain like Ethereum can be profitable.
Ethereum Revenue Potential
As noted in a recent analysis by the on-chain data platform Token Termina, the collection of transaction fees is a critical aspect of Ethereum’s business model.
All network users are required to pay fees in ETH when interacting with applications on the blockchain, which serves as an important source of revenue for Ethereum.
Once transaction fees are paid, a portion of the ETH is burned and permanently removed from circulation. This process, commonly referred to as “ETH buyback,” benefits existing ETH holders, as the reduction in supply increases the scarcity and value of the remaining ETH tokens. Thus, the daily burning of ETH contributes to the economic benefit of those holding Ethereum.
In contrast to the burning of ETH, Ethereum also issues new ETH tokens as rewards to the network’s validators for each new block added to the blockchain.
These rewards are similar to traditional stock-based compensation and are designed to incentivize validators to secure and maintain the network’s integrity.
Nonetheless, it’s important to note that the issuance of new ETH tokens dilutes the holdings of existing ETH holders.
According to Token Terminal, the difference between the daily USD value of the burned ETH (revenue) and the newly issued ETH (expenses) represents the daily earnings for existing ETH holders, essentially the Ethereum blockchain owners. This calculation allows for the determination of Ethereum’s profitability on a day-to-day basis.
Reduced Transaction Costs Drive .3 Billion Growth
In addition to the overhauled revenue model implemented by the Ethereum blockchain, the launch of the much-anticipated Dencun upgrade to the Ethereum ecosystem at the end of the first quarter of 2024 brought significant changes, including the introduction of a revolutionary data storage system called blobs.
This upgrade has reduced congestion on the Ethereum network and significantly reduced transaction costs on Layer 2 networks such as Arbitrum (ABR), Polygon (MATIC), and Coinbase’s Base.
Implementing the Dencun upgrade, alongside the adoption of blobs and Layer 2 networks, has significantly impacted Ethereum’s revenue.
According to Token Terminal data, the blockchain’s revenue has witnessed an 18% annualized increase, amounting to an impressive .3 billion. These revenue gains can be attributed to reduced transaction costs, making Ethereum a more attractive platform for users and developers.
Despite the positive revenue growth, it is essential to acknowledge the impact of market corrections and dampened investor interest in the second quarter of 2024.
Over the past 30 days, Ethereum’s revenue has declined by over 52%. This downturn can be attributed to the broader market dynamics and the temporary decrease in investor enthusiasm.
Examining the data over the past 30 days, Ethereum’s market cap (fully diluted) has decreased by 15.2% to 8.47 billion. Similarly, the circulating market cap has declined by 15.2% to reach the same value.
Additionally, the token trading volume over the past 30 days has declined 18.6%, totaling 6.14 billion.
ETH is trading at ,042, up 0.4% in the last 24 hours. It remains to be seen whether these changes and the reduction in fees will have the same effect in the second quarter of the year, and how this, coupled with a potential increase in trading volume, can push the ETH price to higher levels.
Featured image from Shutterstock, chart from TradingView.com
Unveiling ‘Dark Machine’: AAA Mech Themed 7V7 TPS
PRESS RELEASE. Dubai, UAE – April 9th, 2024 – META-X, a Web3 competitive game specific publisher and developer is thrilled to announce the release of “Dark Machine,” a AAA team-based dark mech third-person shooter (TPS) backed by a strong team of Japan’s gaming industry veterans. Dark Machine is a mech themed max 7V7 arena shooter […]
Bitcoin News
Unveiling ‘Mr. 100’ — The Mystery Bitcoin Wallet Linked to Upbit’s Cold Storage
In the last two months, the crypto community has been buzzing about a wallet affectionately named ‘Mr. 100.’ This moniker originates from its pattern of receiving 100 bitcoin deposits every few days, leading to speculation that it might belong to a wealthy individual from the Middle East. However, onchain analysts from Arkham Intelligence suspect that […]
Bitcoin News
Unveiling Bitcoin Reserves — A Deep Dive Into Holdings of 6 New Spot Bitcoin ETFs
In the initial forty-eight hours following the launch of the United States’ first spot bitcoin exchange-traded funds (ETFs), data has emerged regarding the number of bitcoins held by these funds. Currently, Blackrock stands at the forefront among all funds, Grayscale’s GBTC excluded, with a significant holding of 11,439 bitcoin. Additionally, the Fidelity Wise Origin Bitcoin Fund (FBTC) and the Bitwise Bitcoin Trust (BITB) also possess substantial bitcoin reserves.
Unpacking the Holdings: A Glimpse Into Emerging Spot Bitcoin ETFs
Recently, the U.S. Securities and Exchange Commission (SEC) authorized 11 spot bitcoin ETFs for the inaugural time. Among these, a fund operated by digital currency manager Hashdex isn’t a spot BTC ETF currently. On Jan. 11, Hashdex clarified in a public announcement that their offering is presently a futures product, with plans to evolve into a spot BTC ETF. This implies that, at this stage, the fund does not include bitcoin in its portfolio.
On Saturday, Bitcoin.com News highlighted Blackrock’s position boasting ownership of 11,439 BTC. Among the funds approved by the SEC, Blackrock’s reserves are the most substantial, second only to Grayscale’s GBTC, which currently possesses 617,079 BTC as of Jan. 13, 2024. This indicates that Blackrock’s recently amassed BTC represents 1.85% of Grayscale’s extensive holdings.
Data from the Bitwise ETF reveals that the fund’s net assets under management (AUM) amount to 2,940,653. According to insights provided by bitcointreasuries.net user @girevik, dividing the AUM by the cfbenchmarks reference price noted on the preceding Thursday and Friday indicates that Bitwise is likely in possession of 5,550 BTC. Nevertheless, the specific quantity of BTC is not officially detailed on the Bitwise web portal, which only displays the AUM in U.S. dollars.
Trailing just behind Bitwise is the Fidelity Wise Origin Bitcoin Fund (FBTC), which, as of the latest update on Jan. 12, 2024, is in possession of 5,290 BTC. Vaneck’s spot bitcoin ETF, named HODL, transparently displays its BTC holdings, revealing that the firm owns 1,640.92 BTC. Another player, Franklin Templeton’s ETF labeled EZBC, also maintains a bitcoin reserve. Its web portal indicates that as of Friday, the fund has 1,131 BTC.
Furthermore, the ARK 21shares Bitcoin ETF (ARKB) website reveals that the fund possesses an estimated 1,625 BTC, which corresponds to an AUM of ,833,696. Valkyrie, recently acquired by Coinshares, has 1,102.87 BTC, as indicated on the BRRR fund’s website. However, the Invesco Galaxy ETF, known as BTCO, currently does not showcase its BTC holdings on its website, as the “holdings” page awaits an update. Similarly, Wisdomtree and its BTCW fund have yet to display a full BTC count of holdings on their website.
Among all the aforementioned funds, including Blackrock’s holdings, the ETFs collectively have approximately 26,152 BTC in their possession, which translates to a value of .11 billion at the current BTC exchange rates. This amount, though significant, is relatively modest when compared to Grayscale’s vast reserve of 617,079 BTC, comprising just 4.23% of GBTC’s total holdings. Furthermore, other non-U.S. exchange-traded products (ETPs) surpass the newly introduced spot bitcoin ETFs in bitcoin holdings. For example, Bitwise’s BITW fund holds 11,003 BTC.
In the international arena, Canada’s Purpose ETF boasts a holding of 34,007 BTC, while the ETC Physical Bitcoin fund on the Xetra trading platform secures 26,858 BTC. Coinshare’s fund, XBT.ST, traded on the Nasdaq Stockholm stock exchange, maintains 18,783 BTC. Additionally, as of January 14, 2024, Grayscale’s Digital Large Cap fund holds 6,391 BTC.
What do you think about the assets held by the newly introduced spot bitcoin ETFs? Share your thoughts and opinions about this subject in the comments section below.
The Dogecoin Surge: Unveiling The Catalyst Behind Rising Transactions
In the last month, Dogecoin (DOGE) has observed a notable upswing in transactions surpassing the 0,000 mark, coinciding with a substantial surge in the price of this meme-based cryptocurrency.
The abrupt increase in both transaction volume and price suggests a heightened level of interest in Dogecoin, particularly from major financial entities recognized as “whales” and institutional investors.
Billy Markus, an IT engineer, co-created the prominent meme-based cryptocurrency alongside Jackson Palmer in 2013. Originally conceived as a satirical imitation of Bitcoin, Markus has recently offered his perspective on the significant surge in daily DOGE transactions, which surpassed 1 million earlier this week.
Dogecoin Transactions Grow
The increase in transactions on the Dogecoin blockchain has been formally ascribed to an upsurge in trading of meme coins and an escalation in activity associated with Doginals, as verified by Markus, known as Shibetoshi Nakamoto on X.
In response to a community member’s concern over the abrupt surge, Markus provided clarification that the upswing in blockchain transactions is causally connected to the heightened trading activity of meme coins and the active participation of Doginals inside the Dogecoin ecosystem.
Dogecoin transactions are going parabolic
Does anyone know why? pic.twitter.com/qBRQGiLhOp
—
(@itsALLrisky) November 24, 2023
#Dogecoin | There’s a notable surge in $DOGE transactions exceeding 0,000 in the past month, consistently hitting new highs.
This uptick suggests increased interest in #DOGE from institutional players and whales, potentially gearing up for a significant price spike. pic.twitter.com/UpxVkfu9hW
— Ali (@ali_charts) November 23, 2023
Meanwhile, the data presented by Blockchair substantiates the record achieved by DOGE. Markus suggested that the primary rationale behind this phenomenon is the active utilization of the Dogecoin blockchain for the purpose of transferring Ordinals and low-value cryptocurrencies.
The Doginals experiment was initially introduced in the month of May. During that period, the developers expressed their intention for it to function as a faithful replication of Bitcoin Ordinals. The experiment yielded successful results, which is of notable interest. Users possessed the capability to engrave both images and textual content onto the Dogecoin blockchain.
Doginals refer to the constituent components of Dogecoin, wherein every element represents a distinct entity known as a “Shibe” within the underlying Dogecoin network. These components are further distinguished by the inclusion of additional data, such as textual information or visual imagery.
Overview Of The Doginals DRC20 Standard
The recently introduced Doginals DRC20 standard enables Dogecoin nodes to encode data onto individual Shibe entities, resulting in the creation of a Doginal. The term “Shibe” has a parallelism with the Bitcoin counterparts “Satoshi” or “Sat”.
In contrast to Doginals, DRC-20 tokens possess the capability to be exchanged in a manner consistent with conventional cryptocurrencies. The aforementioned S-coins were the subject of Markus’ discourse in his online publication.
The initial development of enabling non-fungible tokens (NFTs) and tokens through the ERC-21 and ERC-20 standards by Ethereum was a significant milestone in the blockchain industry.
This innovative capability has since been embraced by other blockchain networks, such as Solana.
At the time of writing, DOGE was trading at .080, up 2.8% in the last day, and gained 0.2% in the last seven days, data from Coingecko shows.
(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 Pexels
Unveiling the ReadON and MOBOX Partnership: Elevating the Web3 Gaming Community
PRESS RELEASE. ReadON, a leading Web3 content layer and application chain, and MOBOX, a pioneer in the Web3 gaming community, are excited to announce a strategic partnership. This collaboration aims to unify the Web3 gaming content community, enhance user experience, and transcend the boundaries of on-chain assets.
Content Meets Gaming: A Unified Community
Gaming and content are complementary domains. As users engage with games, they consume content that enhances their experience. This partnership integrates these two spheres, with ReadON’s decentralized content community providing foundational support for MOBOX’s impact in the Web3 gaming sector.
The Ambitions of the Alliance
Through this alliance, ReadON and MOBOX aim at:
- Expanding Cultural-Geographical Boundaries: ReadON DAO’s strong presence in Northeast Asia provides a platform for MOBOX to influence this market with diverse cultural insights.
- Building Organic Gaming-Content Infrastructure: ReadON’s mature, decentralized content curation, aggregation, and distribution mechanism will provide robust infrastructural content support for MOBOX.
- Innovating on Asset Utility: The collaboration aims to break down existing silos of NFT functionality, allowing for deeper engagement and personalization across various application scenarios.
MOBOX & ReadON: United for the Upcoming Topic Raffle Season 3
To demonstrate our commitment to building and empowering our communities, ReadON will join forces with MOBOX in launching the Topic Raffle Season 3, featuring the release of co-branded Catto NFT topic parts. This upcoming season expands upon the traditional offerings with an extended prize pool that will include massive READ tokens and MBOX Tokens. To further engage our communities, the probability of winning awards will be both random and dynamically adjusted in relation to the number of participating tickets. Don’t miss out on the MOBOX Topic Raffle Season 3, set to launch at the end of November. Be part of this thrilling event!
About ReadON
ReadON is a decentralized Web3 content layer and application chain that focuses on addressing revenue sharing and content moderation issues of Web2. Today, ReadON has over 100 B2B clients, including leading cryptocurrency exchanges and growth platforms. It runs several proprietary content services and launched a Web3 content aggregation and distribution community, ReadON DAO, which has already been adopted by over 700,000 users.
About MOBOX
MOBOX, a beacon of innovation in decentralized gaming, is redefining the landscape by fostering innovation and nurturing the Web3 gaming community. As a community-driven platform, MOBOX offers a unique metaverse experience with interoperable assets and a multitude of thriving games. With MOBOX, you’re not just a player; you’re a pioneer in the revolutionary future of decentralized gaming. Mobox was listed through Binance Launchpool in 2021 and boasts a vibrant and dynamic gaming ecosystem.
Related Links
ReadON Official Website: https://readon.me/
ReadON Official X: https://twitter.com/ReadOnMe3
ReadON Discord: https://discord.com/invite/readon
ReadON Telegram: https://t.me/ReadONCommunity
MOBOX Official Website: https://www.mobox.io/
MOBOX Official X: https://twitter.com/MOBOX_Official
MOBOX Telegram: https://t.me/mobox_io
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.
Exploring The Resurgence Of BNB: Unveiling The Force Behind Renewed Interest
Binance Coin (BNB) has experienced a notable resurgence in the last few weeks, sparking a renewed interest in the cryptocurrency market. With its versatile applications and growing popularity, BNB has captured the attention of influential investors, leading to a surge in on-chain activities that have stirred the digital asset community.
The latest developments surrounding BNB reveal intriguing movements within the crypto space, particularly with the recent actions of a prominent whale investor.
Whale’s Strategic BNB Acquisition And Deployment
According to a recent report shared by Lookonchain, a significant whale recently acquired a substantial amount of BNB, totaling 22,319 coins valued at a staggering .6 million. In an unexpected move, the whale swiftly withdrew the acquired BNB from the Binance exchange over the course of the last three days.
Rather than holding the assets, the whale strategically injected these tokens into liquidity pools on both Biswap and PancakeSwap, aiming to generate additional revenue through trading fees.
The #BinanceBlockchainWeek is coming soon!
The price of $BNB has increased by 10% in the past week.
A whale withdrew 22,319 $BNB(.6M) from #Binance in the past 3 days and provided liquidity on #Biswap and #PancakeSwap to earn trading fees.https://t.co/dQTc7OUNp2 pic.twitter.com/GIzxVT9mvF
— Lookonchain (@lookonchain) November 6, 2023
The implications of this large-scale BNB movement have been manifold, triggering notable fluctuations in the coin’s price and market positioning.
At the time of reporting, BNB is trading at 5, experiencing a minor dip of 2.2% in the last 24 hours. However, this dip comes amidst a significant seven-day rise of nearly 10%, indicating the ongoing dynamic nature of BNB’s value within the market.
While these fluctuations are not uncommon within the volatile crypto sphere, the recent whale activity has certainly played a pivotal role in shaping BNB’s current trajectory.
Market Impact: BNB’s Price Volatility
The significance of the whale’s strategic investment and subsequent actions on Biswap and PancakeSwap cannot be understated. By adding a substantial amount of BNB to the liquidity pools, the whale has effectively contributed to the overall liquidity and trading volume of these platforms, potentially enhancing the overall ecosystem for BNB and other associated tokens.
This move not only demonstrates the growing confidence in BNB’s potential but also highlights the increasingly diverse strategies that influential investors are employing within the cryptocurrency landscape.
Amidst these developments, BNB recently faced a temporary setback as XRP, the cryptocurrency associated with Ripple, briefly surpassed BNB in terms of market capitalization, relegating BNB to the fifth position.
However, the setback proved to be short-lived as Binance Coin swiftly reclaimed its fourth spot from XRP, underscoring its resilience and enduring appeal within the competitive cryptocurrency market.
With growing investor interest and strategic maneuvers shaping its trajectory, BNB’s chart in the coming months is poised to be a compelling narrative within the ever-evolving world of cryptocurrencies.
(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 Shutterstock