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According to the latest Coingecko report, during the second quarter (Q2) of 2023, the U.S. dollar value of BTC grew by nearly 7% while that of the entire crypto market capitalization only went up by 0.14%. In contrast, BTC’s average daily trading volume during the period fell by 58.7% from the $33.4 billion seen in Q1 to $13.8 billion. Effect of Blackrock’s Bitcoin ETF Filing Announcement During the second quarter of 2023, the fiat price of bitcoin (BTC) grew from $28,517 to $30,481, a gain of 6.9%, data from the latest Coingecko Crypto Industry Report has shown. The top crypto asset’s Q2 gain dwarfs the entire crypto market’s marginal growth of 0.14%. According to the industry report, the June 15 announcement by giant asset management Blackrock that it had filed a spot bitcoin exchange-traded fund (ETF) was a key factor behind BTC’s surge. However, despite trending upward for much of that quarter, the crypto asset’s traded volumes in U.S. dollar terms were significantly lower. “Average daily trading volume declined 58.7% on a quarterly basis, from $33.4 billion in Q1 to $13.8 billion in Q2. This is despite the fact that BTC prices trended upwards throughout Q2,” the report said. Contrasting Fortunes of ETH Staking Providers Meanwhile, unlike BTC and the entire crypto market which trended upwards, the market capitalization of stablecoins shrank by $4.6 billion. USD Coin (USDC) and Binance USD (BUSD) lost $5.18 billion (-15.9%) and $3.43 billion (-45.4%) in market cap respectively. In contrast, USDT, which is the most dominant stablecoin, saw its market cap grow by $3.48 billion during the same period. Other stablecoins that registered gains include True USD which added $1.02 billion to its market cap. Gemini Dollar, Flex USD and Paxos all their respective market caps grow by double-digit figures. In the same period, the total staked ethereum (ETH) increased by 5.6 million to end the quarter at 23.6 million. As noted in the report, staking providers like Lido and Kraken had contrasting fortunes during the period. The report explained: Lido remained the dominant staking provider, with 31.9% of all staked ETH. This represents a slight increase from its 31.4% market share in Q1. Meanwhile, Kraken’s dominance fell to 3.4% as it winds down its staking product in the U.S. following a settlement with the SEC. The exchange had a -36.2% drop in staked ETH QoQ [quarter-on-quarter]. Coinbase’s dominance also fell by -3.5% in Q2, ending the quarter with a 9.6% market share. Concerning non-fungible token (NFT) traded volumes, the data in the report indicates that Bitcoin ordinals accounted for just over 20% of May’s volumes. However, Ethereum was still the most dominant platform for NFT trading during that month and over the entire period. What are your thoughts on this story? Let us know what you think in the comments section below. View the full article

A Turkish court has sentenced Faruk Fatih Özer, the founder of the collapsed cryptocurrency exchange Thodex, to an effective seven months and 15 days in prison. During the trial, Özer denied being an executive of the crypto exchange when the platform allegedly failed to furnish the Tax Inspection Board with the documents requested. Appointment of Trustee Reportedly Made Submission of Requested Documents Impossible A court in Turkey has sentenced Faruk Fatih Özer, the founder of the defunct cryptocurrency exchange Thodex, to just over seven months in prison for failing to furnish the Tax Inspection Board with the documents it requested. However, according to a report in the Hurriyet Daily News, the Anatolian 17th Criminal Court of First Instance has since agreed to delay announcing the verdict as well as the implementation of the sentence. As explained in the report, Özer, who was arrested in Albania in Aug. 2022, claimed that he was not a company executive when the alleged crime was committed. He also argued that the appointment of a trustee had made it impossible for him to submit the requested documents. Özer’s pleas nevertheless failed to sway prosecutors who were reportedly seeking a five-year jail sentence. According to the report, the court initially ruled that the founder of Thodex should spend one year and six months behind bars. However, after considering the founder’s reported behavior before and during the trial, the Turkish court eventually ruled that Özer should only be in jail for seven months and 15 days. Meanwhile, in addition to failing to submit tax documents, Özer is also accused of defrauding investors via his crypto platform. As reported by Bitcoin.com News, the Thodex founder was arrested in Albania several months after he fled from Turkey with $2 billion which belonged to investors. What are your thoughts on this story? Let us know what you think in the comments section below. View the full article

French banking giant Societe Generale’s subsidiary, Forge, has been issued with the first crypto services license issued under the country’s crypto assets laws. According to France’s Autorité des Marchés Financiers, the license allows Forge to offer services which include crypto custody, trading, and sales. License Said to Enable Forge to Meet Institutional Demand for Digital Assets Forge, the crypto division of France’s banking giant Societe Generale, recently received what is being described as the first crypto services license issued under the country’s crypto assets laws, a report has said. French market regulator Autorité des Marchés Financiers (AMF) stated on its website that the license allows Forge to offer services which include crypto custody, trading, and sales. According to a Reuters report, the license given to Forge does not subject the Societe Generale’s subsidiary to the same onerous rules faced by other crypto entities, particularly in the areas of corporate governance, information technology, and compliance. Jean-Marc Stenger, the CEO of Forge, said the license enables his company to meet demand from institutional clients for digital assets. “This step will allow us to continue supporting our institutional clients wishing to benefit from services on digital assets that meet the highest standards of compliance and banking security,” Stenger said. What are your thoughts on this story? Let us know what you think in the comments section below. View the full article

PRESS RELEASE. BitKeep, a leading multi-chain wallet, has joined forces with the Solana Foundation in an exciting collaboration aimed at promoting the growth and evolution of the blockchain landscape. This strategic partnership combines BitKeep’s robust wallet solution with Solana’s high-performance blockchain platform, providing a comprehensive solution to existing scalability and throughput concerns in the industry while placing users at the forefront of industrial innovation and evolution. BitKeep, with its secure and convenient asset management services, has integrated with the Solana mainnet, allowing users to safely store, transfer, and conduct both single-chain and cross-chain transactions on the Solana network in a seamless manner. Additionally, BitKeep users can also expect to leverage Solana’s vibrant ecosystem and interact with popular decentralized applications (DApps) all from the convenience of their BitKeep Wallet. BitKeep Wallet is also listed on the official Solana ecosystem home page. To celebrate this partnership and show appreciation to the community, BitKeep has launched the “Solana Epic Airdrop Journey” campaign. The event features a reward pool of 10,000 USDC and exclusive Solana Non-Fungible Tokens (NFTs) symbolizing the revolutionary spirit of Solana’s blockchain technology. During the event’s first phase, participants will have the opportunity to win airdrop prizes ranging from $2 to $500 USDC through the Solana Pop-up Airdrop. To qualify for the airdrop, new and existing BitKeep users will simply need to key in their valid Solana wallet address. Further, new users who engage in social tasks on the Galxe platform using their BitKeep Solana wallet address will also earn an exclusive commemorative NFT on the Solana mainnet. Holding the NFT together with at least $10 worth of assets in their BitKeep Wallet will additionally grant participants a chance to win guaranteed airdrop rewards. “We are thrilled to partner with the Solana Foundation to foster the further growth and evolution of the Web3 landscape. The ‘Solana Epic Airdrop Journey’ represents an exciting opportunity for blockchain enthusiasts to shape the future of this transformative technology, and is a testament to our dedication to broader Web3 community. Together with Solana, we invite both experienced veterans and new Web3 users to embark on this exciting expedition and explore the limitless possibilities that BitKeep and Solana bring to the table.” – Moka, COO of BitKeep. The “Solana Epic Airdrop Journey” event is the first phase of a larger campaign, with more exciting events to be revealed in the second stage of the Solana Ecosystem Month. Act swiftly, as the event runs from July 14th to August 3rd. About BitKeep BitKeep Wallet, the ultimate Web3 multi-chain wallet, offers a comprehensive platform for Swap, Asset Discovery and Management, NFT Marketplace, DApp Browser, and Launchpad. Established in 2018, it has attracted over 10 million users across 168 countries worldwide, supporting more than 255,400 cryptocurrencies and 20,000 DApps across over 90 mainnets. BitKeep NFT Market is among the largest on BNB Chain and Polygon, boasting over 220,000 NFT collections and $40 million in trading volume. With a host of cutting-edge security features such as a unique DESM encryption algorithm, risk alerts, and strong partnerships with leading external smart contract audit firms, users can be assured of their transaction security while using BitKeep Wallet. About Solana Solana is a high-performance blockchain platform designed to address scalability and speed limitations faced by traditional blockchains. Its combination of proof of history (PoH) and proof of stake (PoS) algorithms enables unparalleled transaction throughput, making it a preferred choice for decentralized applications, DeFi, and NFT projects. Follow BitKeep to stay up-to-date with all of our latest events, findings, and promotions, and let BitKeep be your premier gateway into the Web3 space. For more information, visit: Website | Twitter | Telegram | LinkedIn | Discord For media inquiries, please contact: media.web3@bitget.com For business inquiries, please contact: business.web3@bitget.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. View the full article

The CEO of investment management firm Ark Invest, Cathie Wood, has explained why her firm’s confidence in bitcoin’s price reaching $1.5 million has increased. Citing the crypto’s performance during the regional bank crisis earlier this year, she stressed, “That was the flight to safety,” emphasizing that bitcoin is the insurance her team believes “everyone will want at the end of the day.” Ark Invest’s Bitcoin Price Predictions Ark Investment Management (Ark Invest) is now more confident in bitcoin’s price reaching $1.5 million per coin. The firm’s CEO, Cathie Wood, said in an interview with Bloomberg Monday: Our confidence has increased toward the bull case. The bull case Wood referred to was one of the three scenarios Ark Invest outlined in its annual Big Ideas 2023 that was published in February. In the firm’s base case scenario, the price of bitcoin is projected to reach $682,800 by the end of December 2030, while the bull case scenario envisions BTC soaring to $1.48 million in the same time period. Wood attributed the increased bullishness in bitcoin to the regional bank crisis in March, when several major banks failed, including Silicon Valley Bank and Signature Bank. “As regional banks are going bankrupt, and stocks are imploding across the board … bitcoin rallied from $19,000 to $30,000,” the Ark Invest CEO noted, emphasizing: That was the flight to safety. That is the insurance policy … that we believe everyone will want at the end of the day. Multiple people have warned that more banks are about to fail, including Rich Dad Poor Dad author Robert Kiyosaki. Economist Peter Schiff, however, believes that all banks will fail and people will suffer massive losses as the banking crisis unfolds. Wood highlighted that bitcoin is an “insurance policy against two things.” Firstly, she emphasized its role in protecting against wealth confiscation, whether through direct means or inflation. Secondly, in a deflationary environment, bitcoin serves as a hedge against counterparty risk. Emphasizing the decentralized and transparent nature of BTC, the Ark Invest executive believes that a repeat of the financial crisis of 2008-2009 will not happen. “We won’t have an ‘08-‘09 with bitcoin. Everything is decentralized and transparent — no obfuscation,” she stressed. Do you agree with Ark Invest CEO Cathie Wood about bitcoin? Let us know in the comments section below. View the full article

U.S. presidential candidate Robert F. Kennedy Jr. (RFK Jr.) has unveiled two new reforms for bitcoin if he is elected president. He plans to back the U.S. dollar with the cryptocurrency and eliminate capital gains taxes on the conversion of bitcoin to USD. RFK Jr. stressed that his administration’s mission is to make America “the global hub of cryptocurrency, particularly bitcoin.” Kennedy Administration Plans to Back US Dollar With Bitcoin U.S. presidential candidate Robert F. Kennedy Jr. unveiled several bullish plans for bitcoin if he is elected president during his speech at a Heal-the-Divide event on Tuesday. Kennedy is a son of former U.S. Attorney General and Senator Robert F. Kennedy and nephew of former U.S. President John F. Kennedy. The presidential hopeful began by outlining the reforms he previously promised regarding BTC, stating that his administration’s mission is to make America “the global hub of cryptocurrency, particularly bitcoin, as a means of incentivizing greater investment in green and renewable energy production, attracting engineering, investment, and innovation to our country.” He also promised to “put an end to the current policies of the Biden administration that are invited by Chokepoint 2.0 to punish banks for dealing in bitcoin, and also to make strong barriers against the issuance of central bank digital currencies [CBDCs].” “I want to talk today about two additional reforms that we’ve given a lot of thought to, and are going to be part of our package,” Kennedy said Tuesday. One of the reforms is to back the U.S. dollar with BTC. He detailed: The Kennedy administration will be backing the U.S. dollar with real, finite assets, such as gold, silver, platinum, and bitcoin, which is the world’s hardest liquid asset, to strengthen the U.S. dollar and guarantee its continued success as the world’s reserve currency. “This will include U.S. Treasury bills, notes, and bonds. My plan would be to start very, very small — perhaps 1% of issued T-bills would be backed by hard currency, by gold, silver, platinum, or bitcoin. And then, depending on the outcome, we would increase that annually,” he described. “What this will do is … ironically, we will be able to use bitcoin to help save the U.S. dollar.” Capital Gains Tax Exemption Another bitcoin reform Kennedy revealed on Tuesday concerns capital gains taxes from converting the cryptocurrency to U.S. dollars. The pro-bitcoin presidential candidate, who recently revealed that he holds up to $250K in BTC, stated: Like Singapore, Germany, Switzerland, Puerto Rico and Portugal, the Kennedy administration will exempt the conversion of bitcoin to U.S. dollars from capital gains taxes. Kennedy explained that the benefits of this policy include “facilitating innovation and investment, ensuring citizen privacy, [and] incentivizing businesses to grow their business and tech jobs in the United States rather than in Singapore, Switzerland, Germany, and Portugal.” Moreover, he explained that one of the factors in this decision is that “non-taxable events are unreportable,” emphasizing that “it will be more difficult for governments to weaponize currency against free speech, which, as many of you know is one of my principle objectives, and other civil liberties.” What do you think about the reforms Robert F. Kennedy Jr. has planned for bitcoin if he is elected president? Let us know in the comments section below. View the full article

Former U.S. President Donald Trump has warned that the U.S. economy will face “more than a recession” if he is not elected president. Trump also made several other promises, including getting Russia’s President Vladimir Putin to make a deal with Ukraine’s President Volodymyr Zelenskyy “very quickly.” Donald Trump’s Warnings Former U.S. President Donald Trump made several promises and predictions during an interview with Fox News Sunday. He was asked about his plan to get the U.S. economy growing again and whether he thinks the U.S. is going into a recession. “If people think Trump is going to be elected, you’ll never have a recession … because people will start investing,” the former president claimed, adding: If people think I’m not, you’ll have more than a recession. You’re going to have a depression. “But, what I would do is very simple. I’ve got to get interest rates down. We have to get rid of inflation because inflation is a country killer,” he stressed, noting that the Biden administration is “putting the interest rates at a point nobody can borrow.” Trump also made a number of other promises. For example, he said: “We’ll close up the border. We’ll become energy independent, then we’re going to be energy dominant. We’ll be taking care of Europe. Energy prices are going to come down. I will get [Russian President] Putin to make a deal with [Ukrainian President] Zelenskyy very quickly. We’re going to have a great world again.” Moreover, Trump opined: “If we don’t win in ’24, this country is finished. I really believe that.” In April, the former president warned that the U.S. dollar is crashing and soon will “no longer be the world standard.” In addition, he cautioned that “we are very close” to a third world war. What do you think about the warnings by former U.S. President Donald Trump regarding the U.S. economy and the dollar? Let us know in the comments section below. View the full article

The U.S. Securities and Exchange Commission (SEC) has formally accepted the spot bitcoin ETF application filed by asset manager Valkyrie. The move, which opens the door to an official review process, follows last week’s acknowledgment of Blackrock’s bitcoin ETF application. U.S. SEC to Review Valkyrie’s Bitcoin ETF Application, Expects Public Feedback The United States’ securities regulator has given the nod to an official review of the spot bitcoin exchange-traded fund (ETF) application submitted by financial services company Valkyrie. The application was added to the government agency’s docket on Monday, July 17. The listing on the SEC’s calendar comes after this past Thursday the Commission acknowledged a similar application by Blackrock, the world’s largest asset management firm. Public comments on the proposal will be accepted for 21 days after publication in the Federal Register. Industry players are competing to launch a spot bitcoin ETF in the U.S., including Bitwise, Wisdom Tree, Wise Origin Bitcoin Trust, Vaneck, Invesco, and Fidelity, but the SEC has so far rejected a number of applications. Among them, that for Valkyrie’s “Bitcoin Strategy ETF.” Tennessee-based Valkyrie, which already offers a bitcoin futures ETF, submitted its new application for an ETF named “Valkyrie Bitcoin Fund,” ticker symbol “BRRR,” on June 21. That happened days after the filing for financial giant Blackrock’s “Ishares Bitcoin Trust” gave cause for optimism that the SEC may finally greenlight a spot bitcoin ETF. Then, in early July, Valkyrie amended its filing to add a surveillance-sharing agreement with leading U.S. cryptocurrency exchange, Coinbase, again following in the footsteps of Blackrock which did the same earlier. Both applicants chose Coinbase as a partner despite the trading platform being one of the companies targeted in the SEC’s ongoing clampdown on the crypto sector. During the 21-day comment period, the SEC will gather public feedback and suggestions on Valkyrie’s proposal before it decides on the application. The Securities and Exchange Commission is yet to approve a spot bitcoin exchange-traded fund in the U.S., a step that regulators in neighboring Canada have already taken, while Europe is preparing for the launch of its first bitcoin ETF later this month. Do you expect the SEC to officially accept other spot bitcoin ETF applications? Tell us in the comments section below. View the full article

In response to a Zerohedge article titled “The Two Causes of the Coming Great Depression,” Spencer Schiff, son of gold advocate Peter Schiff, labeled the argument “pure fearmongering.” Spencer said he has distanced himself from his dad’s views and now predicts a “hyperdeflationary economic boom.” Notably, the former staunch bitcoin supporter anticipates BTC’s price will “probably fall to near zero over the next few years.” Peter Schiff’s Son, Spencer, Appears to Have Made Complete Turnaround Spencer Schiff, son of renowned economist and gold advocate Peter Schiff, used to engage in debates about bitcoin’s value with his father in 2021. Back then, Spencer was a strong supporter of bitcoin, contradicting his father’s prediction that the cryptocurrency would plummet to zero. In March 2021, Peter publicly announced that Spencer had gone “all in on bitcoin on the last drop below $50K.” Spencer also advised his father to accumulate Satoshis during discussions about inflation. On July 18, 2023, Spencer responded to a Tuesday morning tweet from Zerohedge discussing potential causes of a “coming Great Depression.” At 10:29 a.m. Eastern Time, Spencer retorted, “This is pure fearmongering.” He further noted that “We’re about to have an unfathomably enormous economic boom, not a depression. The average American’s standard of living will skyrocket over the next 5-10 years (and it will be 100% sustainable). There’s nothing to worry about regarding the economy,” he added. Post Spencer’s declaration, a respondent suggested that the junior Schiff placed his faith in AI automation and bitcoin to be the panacea, culminating in “deflation.” Spencer clarified to this individual that his viewpoint was not influenced by bitcoin. “It’s not about bitcoin at all. I don’t think bitcoin will have a major impact on the world, and its price will probably fall to near zero over the next few years. My thesis is an AI thesis,” he said. Spencer got a great deal of replies to his statement about bitcoin. “Very weird change of views regarding bitcoin … his dad probably told him he will not get any inheritance if he didn’t get in line. This kid will get humbled like his dad,” a Twitter account called Hornet Hodl tweeted. “‘Get in line?’ I’ve moved even further away from his views,” Spencer replied. “I used to agree with him about the economy and I thought hyperinflation was coming.” Spencer added: Now I think a permanent hyperdeflationary economic boom is coming, and the USD will soar in value as productivity, economic output, and our living standards all skyrocket. Also, I don’t care about inheritance because it’s highly unlikely for there to ever be a situation where I’m alive while my dad is not alive. When someone asked Spencer what changed his mind about bitcoin, he replied “AI.” Another person asked Spencer, “Weren’t you shilling bitcoin like 2 years ago?” and Spencer replied to that comment as well, saying it’s good to change perspectives. “I’m 20, my views should be expected to have big shifts,” Spencer said. “Also, I don’t own any financial assets. Not a single penny’s worth. But if I did have extra money, I would either keep it in USD (because hyperdeflation is coming) or I’d invest in AI companies, or a mix of both.” A glance at Spencer’s Twitter timeline reveals his palpable enthusiasm for AI and software like Chatgpt, as evidenced by the numerous AI news and announcements he retweets. In a subsequent tweet on Tuesday, he reiterated his stance on hyperdeflation. “Permanent hyperdeflation will start soon because annual economic output is about to skyrocket, potentially as much as 10x, 100x, or 1,000x over the next decade,” he insisted. “The U.S. government can print $35 trillion to pay off the national debt and consumer prices will still plummet.” Spencer’s tweet about bitcoin garnered significant attention and drew criticism from supporters of the cryptocurrency. While some humorously remarked that the apple doesn’t fall too far from the tree, others raised concerns about a possible hack of his account. Not long ago, Peter himself fell victim to a Twitter account breach, prompting Spencer to issue a public warning about the incident. A suggestion arose that Spencer might be playfully trolling the crypto community on Twitter, including ardent bitcoin maxis, while secretly maintaining his bullish stance on the digital currency. After Spencer’s statements on Tuesday, the following day his father spoke about the turnaround. “My son [Spencer K Schiff] is no longer bullish on bitcoin,” Peter tweeted. “As young people typically do, he’s lost interest in a passing fad and moved on to something new. In this case, it’s AI that’s captivated his attention. As bitcoin’s young fan base matures many more will grow out of bitcoin.” What do you think about Spencer Schiff’s change of heart toward bitcoin and his enthusiasm for AI? Do you agree with his point of view or his father’s perspective? Share your thoughts and opinions about this subject in the comments section below. View the full article

Aave, a prominent lending protocol within the decentralized finance (defi) sphere, has unveiled GHO, a new stablecoin, which is now live on the Ethereum network. Aave users can now mint the stablecoin asset by leveraging Aave version three (v3). Aave’s Dollar-Pegged GHO Token Goes Live on Ethereum This week, on July 14, 2023, Aave’s community approved a governance proposal, swiftly followed by the much-awaited launch of the stablecoin GHO on the Ethereum network. GHO, initially announced in July 2022, had a test run on Ethereum’s Goerli testnet in February 2023. In line with the information from the Github repository, the newly debuted stablecoin, and its affiliated smart contract underwent multiple audits. Currently, GHO is relatively insignificant when compared with the top ten heavyweights of the stablecoin world, especially when considering circulating dollar-pegged coins. The circulating supply of GHO stands around 2,510,269 tokens, representing a meager 0.0016% of the overall $127 billion stablecoin economy. At 12:20 p.m. Eastern Time on Sunday, GHO hit a trough at $0.9813, yet so far, it has generally maintained its peg to the dollar. Emulating numerous stablecoin assets, individuals can gather interest with Aave’s freshly debuted GHO stablecoin. Users who stake the AAVE token are also rewarded with an extra 30% discount on current GHO borrowing rates. Thus far, there are approximately 234 GHO holders, and since the mainnet inception, a total of 893 transactions have been logged. Data sourced from coinmarketcap.com reveals that GHO has seen roughly $1,437,756 in worldwide trading volume over the past 24 hours. What do you think about the new Aave GHO stablecoin? Share your thoughts and opinions about this subject in the comments section below. View the full article

In a mere fortnight, the Litecoin network is poised for its third reward halving event, a seismic shift that will slash the LTC miners’ block rewards from 12.5 LTC per block down to 6.25 LTC. Data illustrates an intensified dedication of hashrate to the Litecoin blockchain as the critical halving deadline draws near. Litecoin Reward Halving Draws Near Over the last two weeks, litecoin (LTC) has seen a notable descent, depreciating approximately 17% in value against the U.S. dollar. However, casting the gaze back a full month reveals a contrasting picture, with LTC capturing a gain of roughly 18%. In just 15 days, the Litecoin network stands on the precipice of its third halving. History shows us a pattern with the first two reward reductions taking place on August 25, 2015, and August 5, 2019, respectively. This forthcoming third halving is set to shrink the miners’ rewards from a substantial 12.5 LTC per block to a more modest 6.25 LTC. In contrast to Bitcoin’s average block interval, which aims to clock in at ten minutes per block, Litecoin operates at a swifter pace, producing a new block every 2.5 minutes. At the time of writing, factoring in current LTC exchange rates, a single block rewards miners with $1,161 derived from the freshly minted 12.5 LTC. If the LTC’s price manages to maintain the same exchange rate, a block mined post-August 2, 2023, can anticipate a value of around $580. The price upswing of LTC over the recent 30-day span has sparked substantial interest, luring an abundance of Scrypt hashrate. Litecoin’s hashrate dramatically peaked on July 4, 2023, reaching a record high of 1.03 petahash per second (PH/s) at block height 2,503,485. This indicates an unprecedented level of activity on the network. At present, LTC’s total hashrate is coasting along at 804 terahash per second (TH/s). In the mining industry, Litecoin’s application-specific integrated circuit (ASIC) mining devices are currently staking a claim as some of the market’s most profitable machinery. For instance, a mining rig delivering 8.8 gigahash per second (GH/s) can amass an estimated daily profit of $7.83. Moreover, a machine operating at 9.5 GH/s could garner a slightly higher daily earning of $9.24. As of July 16, Viabtc reigns supreme as Litecoin’s leading mining pool, dedicating a formidable 268.63 TH/s of hashrate to the LTC chain. Approximately 27 dedicated mining pools are channeling their hashrate toward the LTC chain. Viabtc is followed by F2pool, contributing 136.87 TH/s, trailed by Antpool with 117 TH/s. Meanwhile, Litecoinpool adds 90.84 TH/s, Btc.com contributes 42.95 TH/s, and Poolin rounds out the field with a contribution of 30.49 TH/s. What do you think about the upcoming Litecoin halving? Share your thoughts and opinions about this subject in the comments section below. View the full article

As of July 17, 2023, fresh data indicates a concerning rise in discrepancies between Binance US’ exchange rates and the global average. Initially, at a mere 2% to 5% in late June, the disparity sharply soared to an astonishing 16% by mid-July. Even though bitcoin lingered just above $30,000 on Monday, its valuation on Binance US is roughly $5,000 lower than the worldwide average in relation to the USD pair. USD Trading Pairs on Binance US Show Significant Disparities At the week’s start, the digital economy suffered a downturn with a 1.22% drop in value, reducing it to $1.2 trillion. Bitcoin (BTC) maintains a trading value of around $30,180 per unit, while ethereum (ETH) is roughly $1,911 per coin. However, the price divergence across BTC, ETH, and select other coins exclusively paired with the U.S. dollar on Binance US — a prominent crypto exchange — continues to expand. As per July 17 data, BTC/USD trading illustrates BTC transactions at a starkly lower rate of $25,073 — a staggering 16.92% below the global mean exchange rate for BTC. Similar inconsistencies in Binance US’ exchange rates are apparent for the majority of cryptocurrency assets and stablecoins when matched with the U.S. dollar. For instance, ether, now trading above $1,900 per unit, remarkably drops to around $1,595 on Binance US when paired with the greenback. Concurrently, USDT/USD pairs exhibit a rate of $0.76 per tether on this platform — significantly lower than its anticipated dollar-pegged value. Likewise, binance coin (BNB), despite its market value of $242 per coin, exchanges for a mere $200 when compared against the dollar on Binance US. Over the past fortnight, disparities within Binance US have further deepened; by the end of June, exchange rate variances spanned between 2% and 5%. As July commenced, the gap between U.S. dollar matches and global exchange rates widened considerably. The cause behind Binance US’ current pricing discrepancies stems from the platform’s suspension of USD deposits, resulting in customers being unable to top up their accounts with fresh dollars. The residual dollars on the exchange, since Binance US halted deposits, triggered the pricing irregularities, as traders sell coins at broad discounts. The duration and extent to which these disparities will persist remain uncertain. What do you think about the price discrepancies on Binance US compared to the global average? Share your thoughts and opinions about this subject in the comments section below. View the full article

Bitcoin started the week trading around the $30,000 mark, as the cryptocurrency market continued to consolidate following last week’s gains. The global market was down 1.19% at the time of writing, as sentiment remains uncertain following a weekend of profit taking. Ethereum was also down on Monday. Bitcoin Bitcoin (BTC) narrowly avoided a drop below the $30,000 level on Monday, as market sentiment remained uncertain following recent gains. BTC/USD slipped to an intraday low of $30,045.23 earlier in today’s session, which comes a day after peaking at $30,437.56. Some expected prices to drop this week, after last week’s rally pushed volumes deep into overbought territory. Bitcoin chart by TradingView The relative strength index (RSI), which reached a high of 66.00 last week, now sits at the 52.85 mark. This is marginally above a floor at 52.00, which seems to have been the last line of defense preventing BTC from falling under $30,000. As of writing, bitcoin is trading at $30,201.14. Ethereum Ethereum (ETH) also moved lower on Monday, however traders were once again able to prevent price from dropping below the $1,900 level. Following a high of $1,942.03 during Sunday’s session, ETH/USD dropped to a bottom of $1,901.06 to start the week. This resulted in the world’s second largest cryptocurrency falling lower for a fourth consecutive day. Ethereum chart by TradingView Since reaching a multi-month high at $2,029, sellers and profit takers have moved to push price lower. Similar to BTC, this was due to price strength being overbought, with a reading above the 70.00 mark. However, it now sits at 52.94. The next visible floor appears to be at 50.00, and should it reach this point, ethereum will likely be trading below $1,900. Register your email here to get weekly price analysis updates sent to your inbox: Do you expect ethereum to rebound in the coming days? Leave your thoughts in the comments below. View the full article

Cryptocurrency-related crime is down significantly this year, according to data by Chainalysis. Specifically, the blockchain analytics firm explained that crypto inflows to known illicit entities are down 65% compared to the previous year while inflows to risky entities are down 42%. Crypto Crime Down ‘Significantly’ This Year Blockchain analytics firm Chainalysis released its mid-year update on cryptocurrency-related crime on Wednesday. Noting that crypto crime is down 65% overall, the firm wrote: Our data shows that cryptocurrency-related crime is down significantly this year. “Through the end of June, crypto inflows to known illicit entities — not including inflows to entities that have been sanctioned or subject to special measures — are down 65% compared to where they were at the same time in 2022,” Chainalysis detailed. In addition, “Inflows to risky entities (made up primarily of mixers and high-risk exchanges) are down 42%” and “Inflows to illicit addresses are down in nearly every category,” the firm noted. While crypto crime is down substantially overall, the blockchain analytics firm pointed out that ransomware was the sole type of cryptocurrency-related crime projected to grow in 2023, as attackers have extorted an additional $175.8 million more than they did during the same time period last year. Moreover, crypto scammers have experienced a significant drop in revenue compared to the previous year, with their total collections in 2023 through June being approximately $3.3 billion less than in 2022. Noting that their total earnings for the current year amounted to slightly over $1 billion, Chainalysis emphasized: Through the end of June, crypto scammers have pulled in 77% less revenue than they did through June of 2022 — and keep in mind as well that 2022 itself saw a large drop in revenue compared to 2021. What do you think about the report by Chainalysis that crypto crime is down significantly this year? Let us know in the comments section below. View the full article

The surge in online gaming platforms has marked a transformative era in the casino industry, providing gaming enthusiasts with the opportunity to experience their favorite games from the comfort of their homes. Amidst this digital revolution, JustBit emerges as a distinctive platform that has captivated a multitude of gamers with its extensive selection of games and flexible deposit methods. In this comprehensive review, we delve into the captivating world of online casinos, unraveling the reasons behind the wins and losses, unpacking the essential concept of Return to Player (RTP), and shedding light on the unique features that render Justbit an enticing choice for online gaming. The JustBit Experience: An Introduction Justbit, licensed by Curacao, has etched a space for itself in the online casino world. The platform boasts an impressive assortment of over 3000 games from various leading software providers. From traditional games like Roulette and Poker to more contemporary ones like Keno and Bingo, there’s something for every gamer on JustBit. Apart from the game catalogue, the platform’s deposit options make it stand out. JustBit accepts a wide range of both fiat currencies and cryptocurrencies, such as: EUR, CAD, AUD, BTC, LTC, ETH, DOGE, BCH, and ADA, among others. The minimum deposit limit is 20 EUR or its equivalent value in other currencies, making it accessible to a broad user base. For payouts, Justbit ensures swift processing. The payout duration varies based on the method, with eWallets and Credit/Debit Cards taking up to an hour and Bank Transfers taking up to 8 hours. You can get started on Justbit using this link: https://trackingjustbit.io/d6fa265fc . Casino Gameplay: Winning and Losing Explained To comprehend why players win or lose at casinos, we need to delve into the underlying mechanisms of casino games. Casinos, including online ones like JustBit, use a system called Random Number Generator (RNG) to ensure fair gameplay. The Role of RNG in Casinos RNG, standing for Random Number Generator, ensures a diverse array of results with every interaction in games such as slots, poker, blackjack, and roulette. The outcomes are consistently spontaneous, unaffected by any prior results, providing players with a genuinely impartial gaming encounter across websites, including JustBit. However, the element of randomness also implies that outcomes are mostly down to luck. While the player has a mathematical edge, it doesn’t guarantee that the player always wins. Players may hit winning streaks or endure losing streaks, all due to the RNG mechanism. Hence, it’s crucial for players to view casino games primarily as a form of entertainment rather than a consistent source of income. The Influence of Strategy on Game Outcomes In the realm of casino games, it’s common for players to credit victories or defeats to the caprices of fortune. However, while fortune indeed plays a pivotal role in numerous casino games, it’s crucial to understand that it’s not the solitary determinant. For some games, implementing strategic thought and thoroughly comprehending the game’s regulations can notably sway your prospects of clinching a victory. This thrilling intersection of expertise, planning, and probability constitutes the real allure of casino games across websites such as JustBit. Mastering the Art of Strategy in Casino Games A number of casino games, like Blackjack and Poker, don’t solely rely on the unpredictable hand of fate. Instead, these games open up a space for strategic decisions that can markedly impact your chances of victory. Understanding the rules of the game forms the basic foundation here. Grasping the different hand combinations in Poker or knowing when to hit, stand, or double down in Blackjack can significantly affect the game’s outcome. In addition to the rules, acquiring knowledge of basic strategies is equally critical. For instance, Blackjack strategy charts provide a mathematical breakdown of the best decisions to make based on your cards and the dealer’s face-up card. On the other hand, in Poker, knowing when to fold and when to raise, reading your opponents’ behaviors, and managing your poker bankroll are strategies that can reduce and increase your winning potential. The Role of Luck: A Constant Variable in Casino Games Despite the strategic elements, it’s important to remember that no strategy can guarantee a win in these games. The variable of luck ensures a certain level of unpredictability in every game round. This means that even the most experienced players armed with fail-proof strategies can occasionally lose to beginners. These scenarios highlight the fundamental element of chance in casino games, reminding us that while strategies can significantly enhance the gameplay and boost your winning potential, they can’t promise consistent triumphs. This unpredictability ultimately infuses these games with their sense of thrill and engagement over websites, JustBit being a case in point. Psychology’s Impact on Casino Outcomes When pondering over casino games, our thoughts frequently gravitate toward components such as fortune, probability, and tactical moves. Even though these elements definitively mold the casino gameplay arena, a nuanced yet potent facet carries significant weight in dictating outcomes – the player’s psychology. As a profound interaction of mental operations and emotional reactions, human psychology profoundly influences the actions we undertake, the choices we execute, and our responses to the results when engaged in games over web-based venues like JustBit. The Thrill of Anticipation and the Pleasure of Reward One of the most fascinating psychological aspects at play in casino gaming is the thrill of anticipation. As players place their bets and await the outcome, an intense sense of excitement builds up. This feeling is linked to the release of dopamine, a neurotransmitter in our brain associated with pleasure and reward. When we anticipate a potentially rewarding activity, such as hitting a winning combination in a slot game on JustBit, our brain releases dopamine, creating feelings of enjoyment and satisfaction. RTP (Return to Player) The world of online casinos is fascinating, brimming with colorful graphics, exciting sounds, and the constant thrill of potential winnings. While these elements make for an engaging experience, understanding some of the key terminologies used in the industry can elevate your gaming adventure, offering you insights that could potentially help your gameplay strategy. One such term is the RTP, which stands for Return to Player. Although it might sound complicated, the concept behind RTP is quite straightforward. To put it in simple terms, RTP is a measure that tells you how much a particular casino game is designed to pay back to its players over an extended period. It’s a theoretical figure calculated based on thousands, if not millions, of game rounds. Imagine you’re playing a slot game with an RTP of 96%. This percentage indicates that over a long timeline, the game will give back 96 EUR for every 100 EUR that players put into it. However, this doesn’t mean that if you, as an individual player, wager 100 EUR, you’re guaranteed to receive 96 EUR back. Some players might win a jackpot, while others might get less than 96 EUR. This scenario underscores the random nature of casino games, where winning or losing primarily depends on luck. Why RTP Matters? Grasping the concept of RTP can substantially impact your gaming choices on platforms like JustBit. Each game’s RTP is a consideration, with a Blackjack game potentially offering over 99% RTP and certain slots offering around 95%. RTP can shape your gaming approach. High RTP games might appeal to those avoiding risks, while those seeking thrill may choose lower RTP games. However, your decision shouldn’t hinge solely on RTP. Your familiarity with the game, its enjoyment level, and volatility should also play a part. Exploring the Exclusive Bonus Structure at Justbit Justbit stands out with its innovative array of bonuses and promotions designed to optimize players’ potential for success. Among its impressive offerings is an industry-leading 45% cashback benefit, acting as a protective shield, enabling players to recoup a considerable proportion of their losses. This feature creates an environment where players can delve deeper into the immersive world of online casinos while minimizing financial risks. Moreover, Justbit enhances its user experience with abundant welcome bonuses and deposit bonuses, further fueling the allure of gameplay. These promotional offers do more than just heighten the excitement; they prolong the duration of a player’s gaming session, thereby amplifying the potential for victorious outcomes. In Conclusion: Balancing Luck, Strategy, and Knowledge for an Elevated Experience Engaging in online casino games, such as those offered on JustBit, presents an intricate blend of luck, strategy, and the understanding of crucial concepts like RTP. While the adrenaline rush of a major win can be thrilling, it’s critical to approach casino games with a grasp of their inherent volatility and to practice responsible gambling. By gaining a deeper understanding of how winning and losing mechanisms work and the significant role of RTP, players can ensure their casino experience is more informed and more enjoyable on platforms like Justbit. Referral Link As you explore the exciting world of online casino games and learn to balance luck, strategy, and understanding of crucial gaming concepts, why not embark on this thrilling adventure with us? We would like to extend a warm invitation for you to join the vibrant community at Justbit. As a platform, Justbit not only offers an array of engaging games but also provides a fantastic environment for learning, growing, and, of course, enjoying the excitement that comes with each roll, spin, or draw of a card. You can directly access Justbit and begin your thrilling casino journey by clicking on the referral link below. It’s a pathway that leads to captivating gameplay and the potential for remarkable wins, a deeper understanding of casino mechanics, and an engaging community of fellow enthusiasts. So, why wait? Follow this link https://trackingjustbit.io/d6fa265fc, and take your first step into a world of thrilling online casino gameplay. We can’t wait for you to join us in this incredible journey of luck, strategy, and high-octane entertainment. See you there! This is a sponsored post. Learn how to reach our audience here. Read disclaimer below. View the full article

According to a report, the central banks of Ethiopia and Nigeria recently consummated a $100 million currency swap transaction. Under the arrangement, an Ethiopian airliner was paid local currency equivalent to $100 million while Dangote Cement is said to have received a similar amount of nairas. Ongoing U.S. Dollar Shortages The central bank of Ethiopia is reported to have performed a $100 million currency swap transaction with its Nigerian counterpart. Under the swap agreement, Ethiopia’s national airliner, which has been unable to repatriate funds trapped in Nigeria, took over the Nigeria cement company Dangote Cement’s profits which were similarly stuck in Ethiopia. According to a local report, the two central banks resorted to the swap transaction because the arrangement obviates the need for U.S. dollars when settling. As suggested in the report, the arrangement is seemingly suitable for Ethiopia and Nigeria which both face ongoing shortages of foreign exchange. As has been reported by Bitcoin.com News, the two countries are among several African states facing persistent U.S. dollar shortages. The shortages have in turn led to the growth of the foreign exchange parallel market. Attempts to rein in the parallel market by both central banks have seemingly failed to channel the flow of the greenback away from the parallel market. Under the arrangement, Ethiopian Airlines, which could not retrieve about $180 million from Nigeria, will receive the local currency equivalent of $100 million from the National Bank of Ethiopia (NBE). Likewise, Dangote Cement, which had over $200 million locked in Ethiopia’s financial system, would get paid nairas equivalent to $100 million by the Central Bank of Nigeria. Meanwhile, the unnamed sources at NBE have reportedly characterized the swap transaction as a temporary measure. Mesfin Tassew, the CEO of the Ethiopian airline, suggested that the swap agreement only applicable to the $100 million and not for the entire blocked funds. Register your email here to get a weekly update on African news sent to your inbox: What are your thoughts on this story? Let us know what you think in the comments section below. View the full article

Southern District of New York judge Katherine P. Failla called to attention the U.S. Securities and Exchange Commission’s (SEC) approval of Coinbase’s Initial Public Offering (IPO), hinting that the agency could have been more thorough. Failla expressed skepticism about the SEC’s posture that approving the Coinbase S-1 form to go public meant “nothing,” stating that the commission could have called out Coinbase’s behavior. SEC v. Coinbase: Judge Failla Was Skeptical Towards Regulator’s Posture on Coinbase IPO Approval Katherine P. Failla, judge for the Southern District of New York, has called attention to the U.S. Securities and Exchange Commission’s (SEC) behavior when approving the Initial Public Offering (IPO) of Coinbase to go through back in 2021. Failla hinted that the commission might have done more to signal the problems in the exchange’s business model before greenlighting its listing on Nasdaq. During the pre-motion conference of the case, which took place on July 13, Failla was curious about the SEC approval of the S-1 form from Coinbase, which described its business model to the commission to be listed in public markets. Failla questioned SEC attorney Peter Mancuso about this, stating: Is there some significance that I should give, or maybe there is none, to the fact that the commission issued the S-1 and didn’t say, hey, watch out, guys, you’re engaging in securities laws violations? Mancuso stated that there was “no way” that approval of an S-1 constituted a “blessing of a company’s entire business.” However, Failla pressed the subject, expressing “skepticism” towards the SEC’s stance. She declared: You never could have said to them, hey, you guys need to register as a securities exchange. That was within the power of the SEC to do, was it not? While Mancuso explained that he could not “really speak to that,” Failla explained that nothing stopped the commission from doing it. Further Criticism The approval of Coinbase’s public offering came up again further along in the discussion, with Sullivan & Cromwell’s Steven Peikin blasting the commission’s stance, stating: The fact is, other judges have had the exact same instinct that you have had and have said, in numerous instances, the fact that the commission reviews and authorizes a registration statement is of some legal weight. The approval of Coinbase’s IPO was signaled in one of the filings before this pre-motion conference as part of the exchange’s defense, stating that the commission allowed Coinbase’s shares “to be sold to millions of retail and institutional investors” and implying that the recent lawsuit contradicts this approval action, given that six of the twelve assets deemed to constitute securities by the commission were already listed on Coinbase’s trading platform at the time. What do you think about the position of Judge Failla on the SEC’s approval of Coinbase’s IPO? Tell us in the comments section below. View the full article

PRESS RELEASE. July 17th, 2023, Hong Kong. Startup Open Asset Standards has recently announced QED, the world’s first ZK 2.0 blockchain protocol. Unlike existing zero knowledge blockchain protocols, QED has a novel state model which is horizontally scalable, meaning it is no longer limited by TPS restrictions that have previously prevented adoption of blockchain technologies in Web2 use cases such as social networks, traditional finance, and gaming. Enabled by advances in fast recursive zero knowledge proofs, QED is able to achieve this scale without compromising security or decentralization and proves all transactions end-to-end using proof recursion (verifying a zero knowledge proof in a zero knowledge proof ). This process of decentralized recursive proving culminates in a single block proof which can be verified by an Ethereum smart contract, making the protocol only reliant on the Proof of Math itself, rather than an incentive based consensus system vulnerable to collusion, hacking and misaligned incentives. As the first blockchain capable of serving billions of users in a single block, QED does away with the need for a zk-VM by compiling smart contract functions directly to zero knowledge circuits, making it the first zk-Native blockchain. QED’s novel approach to ZKP allows users to prove their own transactions on their own device in milliseconds, enabling a new privacy centric internet where transactions are private by default and sensitive data never has to leave a user’s device. With its announcement of the QED Protocol, Open Asset Standards unveiled QED’s official Dapen Smart Contract IDE. With Dapen, Web2 developers can write zk Smart Contracts in the world’s 2 most popular programming languages, JavaScript and Python, which have a developer market share 357 times larger than the Solidity community which only makes up a miniscule 0.1% of the world’s developers. In addition to making blockchain accessible to more developers than ever before, Dapen has integrated support for Markdown smart contracts which allow even non-technical users to write smart contracts in English using their integration with several large language AI models (LLMs) including ChatGPT. Backed by Animoca Brands’ fund Sparkle Ventures whose General Partners include Sebastien Borget, Co-founder of Sandbox, and Yat Siu, Co-founder of Animoca Brands, QED is set to see major adoption within the gaming space which regularly support millions of concurrent gamers playing at once. Due to its horizontal scaling model, QED is able to add transaction processing capacity by simply adding more proving nodes to its network, allowing large scale gaming to integrate with blockchain technologies such as dynamic NFTs for the first time. Headed up by Founder and CEO Carter Feldman, a former childhood hacking prodigy and reverse engineer, the QED core team is made up of a diverse team from both Web2 tech giants and Web3 titans including Binance, reflecting the protocol’s mission to unite Web2 and Web3. Contact Information Website: www.qedprotocol.com Twitter: Official: @qedprotocol Founder: @cmpeq Email: news@qedprotocol.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. View the full article

The U.S. Securities and Exchange Commission (SEC) has accepted the application for a bitcoin exchange-traded fund (ETF) filed by asset manager Blackrock. The move indicates the regulator is preparing to seriously consider a bitcoin ETF and could eventually set the stage for wider adoption of crypto assets and products. SEC Adds Blackrock’s Bitcoin ETF Application to Docket, Seeks Public Comments The U.S. securities regulator has officially accepted Blackrock’s application for a spot bitcoin ETF. Once it’s published in the Federal Register, the SEC will open a 21-day window for submission of public comments on the proposal and they will be posted on its website. The application’s addition to the SEC’s docket on Thursday marks the beginning of a long review process that will be closely followed by the crypto community and industry. Blackrock is the world’s largest asset management firm and the SEC process for its bitcoin ETF sends a signal about the future of crypto-based investment products in the United States. Blackrock filed its application in mid-June amid an ongoing crackdown by the SEC on crypto platforms for alleged violations of U.S. securities laws through the offering of digital assets that the regulator considers unregistered securities. One of the targeted companies, leading U.S. cryptocurrency exchange Coinbase, was chosen by the asset manager to serve as custodian for its Ishares Bitcoin Trust, the assets of which consist primarily of bitcoin. Blackrock’s filing incorporates a surveillance-sharing agreement with Coinbase. The Securities and Exchange Commission has previously denied approval of bitcoin ETFs in the U.S. on numerous occasions, citing concerns such as the risk of market manipulation and insufficient protection for investors. Besides Blackrock, others that have also filed applications for spot bitcoin ETFs include Bitwise, Wisdom Tree, Wise Origin Bitcoin Trust, Vaneck, Invesco, and Fidelity. Bitwise’s application was accepted earlier this week as well. The number of applications, along with Blackrock’s status as a financial powerhouse, have spurred optimism in the crypto space that a bitcoin ETF will be approved in the United States, something that Canada, for example, has already done. A report by the Financial Times on Thursday unveiled that Europe expects its first bitcoin ETF by the end of July. The product, which is on track to be publicly listed by Jacobi Asset Management after a year-long delay, has been authorized in the Channel island jurisdiction of Guernsey to avoid regulatory hurdles in the EU. Do you think the SEC will approve Blackrock’s application for bitcoin ETF? Share your expectations in the comments section below. View the full article

XRP soared by as much as 70% higher on Friday, as markets continued to react to a court ruling that the token is not a security. On Thursday, U.S. judge Analisa Torres ruled that XRP is not “necessarily a security on its face.” Solana also surged on the news, climbing by nearly 30%. XRP XRP, formerly ripple, was undoubtedly one of the biggest movers in the market on Friday, surging by nearly 70%. Following a low of $0.4728 on Thursday, XRP/USD raced to an intraday peak of $0.8875 during today’s session. Traders continued to long for the token as exchanges like Coinbase and Kraken moved to relist XRP on their platform. Overall, this rally has pushed XRP to its strongest point since Christmas day of 2021, when price peaked at $0.9975. From the chart, the move began after the relative strength index (RSI) moved past a ceiling at 75.00. The index went on to reach a high of 88.00, however as traders have begun to secure gains, price strength is now at 80.59. Solana (SOL) In addition to XRP, solana (SOL) also soared higher in today’s session, rising by nearly 30% in the process. SOL/USD moved to a peak of $30.06 earlier in the day, which comes less than 24 hours after the price was at a low of $22.23. As a result of this, solana hit its highest level since last November, following a breakout of a ceiling at $26.00. The token is now trading at $27.78, which appears to be a result of profit takers closing previous positions. Additionally, the RSI is deep in overbought territory, which will likely tempt further short selling in the coming days. Register your email here to get weekly price analysis updates sent to your inbox: Do you expect solana to move above $30.00 again this week? Let us know your thoughts in the comments. View the full article

In an unforeseen chain of events that unfolded between May and July 2023, the CEO of Multichain, Zhaojun, was apprehended by Chinese authorities, destabilizing the blockchain project. The situation escalated when user assets began to be transferred to unknown addresses. From Seizure to Shutdown: The Multichain Saga According to the Multichain team’s testimony, the first wave of shock for the Multichain community came on May 21, 2023, when CEO Zhaojun was apprehended by Chinese police. This news left the global team in disarray as they discovered their operational access keys to the Multichain Processing Component (MPC) node servers had been revoked. Complicating matters further was the realization that these servers were managed under Zhaojun’s personal cloud server account, to which no one else had access. The situation continued to spiral when the team made contact with Zhaojun’s family. All of Zhaojun’s devices, hardware wallets, and mnemonic phrases had been confiscated, along with the control of all operational funds and investments. The severity of the situation hit home as it became clear that all the team’s funds and access to servers were in the hands of Zhaojun and, now, China’s police. With scarce information on Zhaojun’s case, the team was left in a precarious position, trying to maintain operations through the limited access they had left. Adhering to local laws and the family’s wishes, the team chose to withhold information from the public for days. Still, by May 30, they took the responsible step of informing the community about Zhaojun’s disappearance and the ensuing technical issues. The beginning of June saw a ray of hope when Zhaojun’s family managed to log into the cloud server platform, albeit with restrictions on the engineers’ access. With the family and their lawyer in constant communication with the authorities, the team was assured of Zhaojun’s imminent release. They were urged to continue maintaining the system, but the information about the case details remained scant. The Multichain protocol, however, continued to function as designed, at least according to the team’s account of the situation. Even with limited resources, the team claimed it worked tirelessly to keep operations running smoothly and resolve user issues that continued to mount. This period of uncertainty also saw an abnormal transfer of user assets locked on the MPC addresses to unknown destinations, raising more questions about the system’s integrity. Furthering the state of crisis, Zhaojun’s sister transferred the remaining assets in the router pool to her own control on July 9. While she kept the team and project parties informed, this asset preservation action added another layer of complexity to an already bewildering situation. Unknown to them, this was a harbinger of the next wave of shock. On July 13, Zhaojun’s sister was taken into custody by the police, cutting off yet another point of contact. The team was left in the dark about the status of the preserved assets, leading them to inform the community about the deteriorating situation. With no alternative information sources or operational funds, they were left with no choice but to cease operations. The Multichain saga underscores the fragility of centralized operational practices in projects advocating for decentralization. The team, now left without access to their domain account, urges users not to use Multichain services and seeks assistance from the domain firm Godaddy to bring down the platform. As the dust settles, this incident serves as a stark reminder of the inherent risks in the crypto-sphere and the need for robust security measures. What do you think about the Multichain issues? How can companies like Multichain better prepare for such unforeseen events? Share your thoughts and opinions about this subject in the comments section below. View the full article

Bitcoin rose towards the $32,000 mark late on Thursday, as markets reacted to the news that a U.S. judge ruled that XRP was “not necessarily a security on its face.” The ruling was well received by the crypto world, and raised optimism that other crypto companies who are currently in legal battles with the Securities and Exchange Commission (SEC) could also prevail. Bitcoin Bitcoin (BTC) was on the cusp of hitting $32,000 in the past 24 hours, following the news that XRP was not necessarily classified as a security by a U.S. judge. BTC/USD peaked at $31,814.51 late on Thursday, after trading at a low of $30,486.69 earlier in the day. Yesterday’s peak is the strongest point bitcoin has hit since late-May last year, which is the last time price was over $32,000. Bitcoin chart by TradingView Overall, BTC has since declined, as traders move to secure gains, resulting in the price now trading at $31,208.15. This comes as the relative strength index (RSI) failed to break a ceiling of 66.00, and is now tracking at 62.62. Today’s move also averted a downward crossover between the 10-day (red) moving average, and its 25-day (blue) counterpart. Ethereum Ethereum (ETH) was another big mover, surging above $2,000 in today’s session, which came as a result of the Ripple news. Following a low of $1,878.81 on Thursday, ETH/USD jumped to an intraday high of $2,026.20 earlier in the day. As a result of the rally, the world’s second largest cryptocurrency recorded its strongest level since April 19. Ethereum chart by TradingView A downward crossover of moving averages also failed to materialize, with momentum now back in the hands of bulls. However, similar to BTC, ethereum’s RSI failed to break out of a ceiling at 65.00, with the index now at a reading of 63.02. At the time of writing, ethereum is trading at $1,991.99. Register your email here to get weekly price analysis updates sent to your inbox: Could ethereum move back above $2,000 today? Leave your thoughts in the comments below. View the full article

While bitcoin enthusiasts anxiously await the Securities and Exchange Commission’s (SEC) decision on Blackrock’s spot bitcoin ETF proposal, it’s worth delving into the bigger picture. The following opinion editorial was written by Joseph Collement, General Counsel at Bitcoin.com. Spot Bitcoin ETF: American Investors Left Waiting as SEC Procrastinates The rise of cryptocurrency has reverberated globally, presenting a financial revolution that many American investors feel they have been side-stepped from joining. The crypto market’s rapid expansion, coupled with increasing investor interest, has not yet convinced the SEC to approve a spot bitcoin ETF. Simultaneously, other nations have welcomed such ETFs, leading to profitable returns for investors and solidifying their position in this burgeoning market. Take Canada, for instance. The Purpose Bitcoin ETF (BTCC), approved by the Canadian Securities Administrators in February 2021, yielded over 200% returns in its first year of operation. This outstanding performance placed it amongst the most successful ETFs within the Canadian market. Similarly, the 21Shares bitcoin ETP (ABTC) found favor with the Swiss stock exchange in December 2021, securing strong returns of 162% and outpacing traditional financial instruments in the same timeframe. The SEC did provide a glimmer of hope in 2021, greenlighting the first “long bitcoin” futures contract ETF (BITO) and its “short bitcoin” counterpart (BITI). However, these options lack the direct access and cost efficiency provided by a spot Bitcoin ETF, forcing investors to grapple with the additional costs and leverage associated with futures contract ETFs. The SEC’s consistent refusal to allow a spot bitcoin ETF seems contradictory, given that its concerns about market manipulation also apply to traditional markets. Additionally, the absence of a spot bitcoin ETF in the U.S. has pushed retail investors towards unregulated exchanges, increasing their susceptibility to fraud and cybersecurity threats. So, what are the underlying reasons for the SEC’s denial of a spot bitcoin ETF, beyond the justifications provided in their official refusal notices? Some speculate that known anti-crypto U.S. law markers may be putting pressure on the SEC to delay a spot bitcoin ETF. After all, an ETF approval would confer a sense of legitimacy to bitcoin (BTC), promoting its image as a mainstream financial asset. Additionally, the introduction of a spot bitcoin ETF could unintentionally lead Americans towards altcoins, which the SEC categorizes as securities. It could also familiarize them with the concept of self-custody—a notion that, understandably, doesn’t sit well with the government. Ultimately, the SEC’s hesitant approach towards cryptocurrency begins to resemble the well-known tale of “the boy who cried wolf.” As more countries adopt cryptocurrency and demonstrate its worth as a viable investment opportunity, it’s high time the SEC ceases its procrastination and allows American investors to partake in this financial revolution. What are your thoughts on the SEC’s reluctance to approve a spot bitcoin ETF in the U.S.? Share your thoughts and opinions about this subject in the comments section below. View the full article

PRESS RELEASE. BNB Chain, the world’s largest smart contract blockchain in terms of daily active users, has today announced Hackvolution, its global 7-week Hackathon, starting on July 13th and running until September 1st. Hackvolution gets support from COMBO, Google Cloud, CyberConnect, Hooked Protocol, and Ultiverse as key partners with mentors joining from leading universities. Interested participants can register here to take part in the upcoming hackathon. The hackathon aims to bring the Web3 community, developers, researchers and scientists together to contribute to the advancement of blockchain technology. The core focus will be on opBNB and BNB Greenfield within the BNB Chain ecosystem, whereby developers will have the opportunity to build decentralized applications (dApps) that leverage the functionality and modularity of these platforms. To bolster innovation across a diverse set of sectors, dApps will be categorized into four domains including, Infra, DeFi, Gaming, and AI. In addition, this event also opens up potential opportunities to access grants and the Most Valuable Builder (MVB) program under Binance Labs incubation. All applicants can expect four days of online workshops and an opportunity to engage with the BNB Chain developer community of 10,000+ developers. They will also receive 24/7 tech support, early access to BNB Chain updates and and exclusive access to the BNB Chain team A panel of judges made up of experts from the Web3 media, community and education sector will evaluate projects based on five key aspects: Technical innovation, Business model and Team configuration. The best 12 projects s from four domains will be selected to participate in the demo day and be eligible for rewards including: $10000 prize for 1st place winners of each track Bonuses based on ranking 1-month trial participation in the BNB Chain Gas Grant program A tailored marketing support package with BNB Chain Access to the discounted tools and services from the BNB Chain Kickstart program ● $2000 worth of credits and a POC trial coupon valued at $5000 from Google Cloud and Alibaba Cloud There will also be a separate $7500 prize pool for winners of the Local Hacker Stars awards. The hackathon will have a global reach, with offline meet-ups planned across different regions, including Asia-Pacific, CIS, Europe, Middle East & North Africa and Latin America. “We are thrilled to invite participants from all over the world to join us in the BNB Chain Hackvolution,” said Victor Genin, Senior Solution Architect at BNB Chain. “This hackathon is a fantastic opportunity to not only benefit from the rewards on offer but to play a part in shaping the future of blockchain technology and contribute to the growth of the BNB Chain ecosystem.” The key dates for the BNB Chain Hackvolution are as follows: Launch Date: July 13 Registration Period: July 13 – August 22 Greenfield Code Demo: July 21 and July 25 opBNB Code Demo: July 24 Online Workshops: July 28, 31, August 1, and 2 Submission Period: August 2 – August 22 Local Offline Meetups: Dates will be announced on BNB Chain’s social media channels ● Reviewing Period: August 22 – August 27 Winner Confirmation: August 28 12 Best Projects Demo Day: September 1 To learn more about the hackathon and to register to take part, please visit here. Join us for the BNB Chain Hackvolution and let your ideas, skills, and passion ignite while leveraging the potential of opBNB and BNB Greenfield to create meaningful dApps. ——-END—— About BNB Chain BNB Chain is a community-driven and decentralized blockchain, powered by BNB. It consists of BNB Beacon Chain, its staking and governance layer, BNB Smart Chain (BSC), which is EVM compatible and facilitates a multi-chain ecosystem with its Layer-2 solutions, and BNB Greenfield, its decentralized data storage network. It is the world’s largest smart contract blockchain by daily active users. It has processed 3 billion transactions to date from 232 Million unique addresses making it the largest layer 1 blockchain globally and bringing developers massive user access with ultra-low gas fees, higher transactions per second and has experienced zero crashes since its inception. The ecosystem has more than 1,500 estimated active dApps at any given time across multiple categories such as DeFi, Metaverse, Blockchain Gaming, SocialFi, NFT, Infrastructure, and more. There are numerous programs available to support the Web3 ecosystem including the Gas Grant, Builder Grant, Kickstart, Most Valuable Builder (MVB) and AvengerDAO. 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. View the full article

All-in-one infrastructure solutions may be what is needed to drive the adoption of Web3, but such solutions might turn out to be complex and not as flexible, Rob Viglione, the co-founder and CEO at Horizen Labs, has argued. In addition, Viglione believes that such comprehensive infrastructure solutions “may not be as compatible with tools that sit outside of the services tech stack.” Making Infrastructure Solutions ‘More Interoperable and Composable’ Furthermore, all-in-one infrastructure solutions are likely to make it difficult for developers to adapt their applications to new programming standards, the CEO of the blockchain solutions group added. Meanwhile, when asked why sidechains are needed, Viglione pointed to their ability to expand the functionality of existing blockchains “requiring significant modifications to their core codebase.” In written answers sent to Bitcoin.com News, the co-founder also argued that sidechains can play a critical role in Web3 by “providing the scalability and flexibility needed for real-world applications.” With respect to ways that the so-called Web3 backbone can be strengthened, Viglione said this can be done by making infrastructure solutions like blockchain software development kits (SDKs), wallet SDKs and dapp development tool kits “more interoperable and composable.” In the rest of his answers to questions sent to him via Telegram, Viglione also offered thoughts about the future of application or enterprise-specific custom chains. Bitcoin.com News (BCN): When looking at the existing Web3 infrastructure, one can see that it is dominated by specialized players in various areas — such as node providers, indexers, SDKs, and wallets. Do you think all-in-one infrastructure could improve the developer experience to accelerate Web3 adoption? Rob Viglione (RV): A key determinant for the adoption of Web3 is ease of use. Developers must be able to build and scale blockchains and dapps, and users must be able to interact with them with minimal friction. Infrastructure providers like Ankr, Thirdweb, and others help reduce the barrier to entry for developers looking to launch new projects. All-in-one infrastructure providers allow developers to develop tools more easily and quickly, shortening the time required to go to market and test out ideas. An all-in-one infrastructure could benefit developers by eliminating any compatibility issues between wallets, smart contracts and nodes as all components would be offered as a single packaged service. While these companies offer plenty of supporting tools for developers launching web3 applications, it remains to be seen how well each tool performs relative to competitors that are focused entirely on one type of infrastructure. BCN: What would be the downside, if any, for developers and enterprises relying on an all-in-one infrastructure solution? RV: The main drawbacks of all-in-one infrastructure solutions are complexity and lack of flexibility. Developers will need to contend with UX/UI designs that may be suboptimal for their applications, while customization may be expensive or limited due to standardized setups. Furthermore, comprehensive infrastructure solutions may not be as compatible with tools that sit outside of the services tech stack. This could make it difficult for developers to adapt their applications to new programming standards. BCN: With the era of multi-chain Web3 now seemingly upon us, what do you think are some of the challenges to ensuring better cross-chain privacy and security? RV: Challenges include poor smart contract auditing practices that lead to bridge hacks, and the nascent implementation of zero-knowledge proofs to ensure privacy. Maintaining cross-chain security requires robust and universal auditing practices, which is difficult to achieve in an industry where new programming standards and cryptography methods are constantly being implemented across different blockchains. When these blockchains become connected via a bridge, there is often very limited communication between them beyond authenticating the existence of assets on either side of the bridge. Upgrades to different areas of the protocol could have an impact on the bridge contract and expose new vulnerabilities if not carefully monitored. BCN: In the last few years, sidechains are said to have become essential for helping pre-existing blockchains acquire the capabilities they lacked. Can you tell our readers the fundamental value proposition of sidechains and their role in taking Web3 mainstream? RV: The fundamental value proposition of sidechains lies in their ability to expand the functionality of existing blockchains without overloading them or requiring significant modifications to their core codebase. Sidechains are essentially independent blockchains that are interoperable with the main blockchain and allow for the transfer of assets between chains. This interoperability allows for a network of blockchains to operate as a single blockchain, thereby addressing issues of scalability and interoperability. For example, Horizen EON is an EVM-compatible sidechain launching on the Horizen blockchain, which will bring smart contract functionality to Horizen. Sidechains can be optimized for specific traits like speed, security, privacy, and decentralization, and can be made private and permissioned or public and permissionless. This flexibility allows developers to build applications that are tailored to specific use cases, without being constrained by the characteristics of the main blockchain. In terms of taking Web3 mainstream, sidechains can play a crucial role by providing the scalability and flexibility needed for real-world applications. They allow developers to build on top of existing projects without needing to achieve consensus for protocol changes, which can be a cumbersome process. This gives developers more freedom while maintaining the advantages of the main blockchain. BCN: Your company Horizen is said to have recently introduced the EVM-compatible EON sidechain. What does EON mean for developers and users? RV: Horizen’s EON is a public proof-of-stake sidechain and a fully EVM-compatible smart contracting platform. It takes Horizen’s focus on interoperability to a new level. For developers, this means they can easily build and deploy decentralized applications (dapps) within the security-focused Horizen ecosystem while also taking advantage of the programmability afforded by the Ethereum standard. This compatibility with Ethereum’s Virtual Machine (EVM) allows developers to leverage the existing tools, infrastructure, and community of Ethereum, which can significantly reduce development time and costs. For users, EON offers the potential for more decentralized applications to be built on the Horizen platform. These could include decentralized finance (defi) applications, games, NFT marketplaces, loyalty programs, voting systems, and more. Moreover, Horizen’s sidechain deployment protocol, Zendoo, allows developers to deploy their own independent blockchain like Horizen EON to meet their specific needs. This provides developers with greater control and flexibility over the speed, security, and decentralization of their blockchain. BCN: While users may not interact with the underlying infrastructure, there’s no denying that infrastructure solutions form the backbone of Web3. What, in your opinion, still needs to be done to strengthen this backbone? RV: Infrastructure solutions like blockchain SDKs, wallet SDKs and dapp development tool kits need to become more interoperable and composable in order to strengthen the backbone of Web3. Given the competitiveness of the web3 market, there’s often little motivation for these projects to establish common standards or work together in a manner that decreases difficulties for end users operating on-chain. As a result, we’ve seen fragmented liquidity, suboptimal user interfaces and security vulnerabilities as developers have tried to achieve interoperability between systems. BCN: What are your thoughts on the future of the application or enterprise-specific custom chains? RV: We see a bright future for app-specific chains (app chains). It’s clear that different use cases prioritize different blockchain features. A game, for instance, might value throughput more than decentralization; a financial application, meanwhile, might sacrifice some speed for higher security. A platform like Horizen enables this flexibility by offering a way for developers to spin up sidechains optimized for specific types of applications and offering interoperability between those blockchains, the Horizen mainchain, and even other blockchain ecosystems. The future will not be “one size fits all;” instead, flexibility and interoperability will be defining features. What are your thoughts on this story? Let us know what you think in the comments section below. View the full article