Month: February 2023

What is a supernet, and how does it work?

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Supernets enable communication among distinct blockchain networks, considerably improving the usefulness of the overall system by enabling the transfer of assets and data among different blockchains. Furthermore, shared infrastructure and resources can be made possible by interconnected networks, which can lower costs and boost overall effectiveness. By making assets accessible across numerous networks, they can significantly improve their liquidity, which will raise the assets’ value. This article will discuss the concept of a supernet, how to implement supernetting, the advantages and disadvantages of supernetting, and how it’s different from a…

A ‘snap back’ to $20K? 5 things to know in Bitcoin this week

Bitcoin (BTC) starts the last week of February in a volatile mood as a crucial area of resistance fails to break. After a classic “fakeout” during low-volume weekend trading, BTC/USD is back below $25,000 with bulls still lacking momentum. The largest cryptocurrency saw what looked like the next stage of its 2023 recovery last week, making swift gains and even tapping new six-month highs. The good times were not to continue, however, and February’s progress has been much slower and hard won than January’s 40% gains. How will the rest…

Chinese Tech Giants Tencent and Bytedance Plan Cuts in Their Metaverse Divisions – Metaverse Bitcoin News

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According to reports, Tencent and Bytedance, two Chinese tech giants, are planning to execute a significant number of job cuts in their metaverse divisions. Tencent recognized it is making some staff adjustments, amidst rumors of hundreds of layoffs in its extended reality division, while Bytedance is also planning to cut staff in Pico, its metaverse headset subsidiary. Tencent and Bytedance Reportedly Shedding Metaverse-Dedicated Staff Tencent and Bytedance, two of the biggest Chinese tech companies, are planning to execute hundreds of layoffs in their metaverse development groups according to various reports.…

South Korea’s Kimchi premium turns to discount

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South Korea’s “Kimchi premium” has flipped to a discount again, meaning cryptocurrencies such as Bitcoin are now cheaper to buy on South Korean exchanges. The phenomenon is named after the Korean dish kimchi. The Kimchi premium refers to when the price of Bitcoin (BTC) trades higher on South Korean exchanges than in other markets. According to data from blockchain analytics provider CryptoQuant, the Korea Premium index has been shifting between the -0.24 and 0.01 range between Feb 17 and 19. The Korea Premium index has been shifting between the -0.24…