Day: March 7, 2023

Cryptocurrency Explained – From Blockchain to Bitcoin

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After doing a little research on the issue of cryptocurrency, you can be sure that no one will deny the fact that cryptocurrency has been one of the hottest topics in the financial world for the past decade. However, even though everyone is discussing it, many people still do not understand how such a cipher asset works. In this article, we will give a comprehensive overview of the cryptocurrency landscape – from the basics of blockchain technology, to the most popular digital currencies on the market. So, for those who…

Why didn’t crypto walk the walk at ETHDenver?

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Last week’s ETHDenver conference highlighted a disturbing trend in the crypto industry. While not unique to blockchain, the trend of not using the products our industry creates is something that the crypto community needs to grapple with. In more mature industries, this “dogfooding” is enforced. Microsoft employees must use Outlook, Word and so on. But in early industries such as blockchain, this dynamic is still being worked through. Why doesn’t the Web3 community walk our talk when it comes to utilizing our own technology? We say we are building better…

Yuga Labs’ Twelvefold Collection of Ordinal Inscriptions Generates 735 Bitcoin, Worth More Than $16 Million – Bitcoin News

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Yuga Labs, the creators of the blue-chip non-fungible token (NFT) collection Bored Ape Yacht Club (BAYC), announced that the team has completed its Ordinal Inscription auction with a total of 3,246 bidders. The Twelvefold collection of inscriptions generated 735.7 bitcoin, worth more than $16 million. The highest bid was 7.1159 bitcoin, equivalent to $160,000. Individuals Complain About Yuga Labs’ Auction Model Despite Record Sales of Ordinal Inscriptions Yuga Labs has concluded its Twelvefold auction after it went live at 3 p.m. PST on March 5 and ended at 3 p.m.…

More than just an airdrop? Arbitrum builds a resilient DeFi fortress with unique primitives

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The total value locked (TVL) in DeFi applications on the Arbitrum, a layer-2 Ethereum network blockchain, has doubled since the start of 2023. While investors’ hope of an ARBI token airdrop is a major factor attracting activity to the Ethereum layer-1 network, the ecosystem’s DeFi growth is also showing robust growth.  Arbitrum has become a major hub for decentralized derivatives trading and offers high yields for crypto yield hunters, reminiscent of wild west DeFi days of 2020. GMX and Gains Network takeover decentralized derivatives trading GMX is the leading DApp…

Crypto Exchange Binance Approached SEC Chair Gary Gensler in 2018 To Offer Advisory Position: Report

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The world’s largest crypto exchange, Binance, reportedly recruited current U.S. Securities and Exchange Commission (SEC) Chair Gary Gensler for an advisory role back in 2018. According to the Wall Street Journal (WSJ), Binance employees approached Gensler when he was a professor at the prestigious US university, Massachusetts Institute of Technology. Chats viewed by the WSJ show that a Binance staffer believed that Gensler would likely be “back in a regulator’s seat if Dems win the 2020 election.” Per the report, Gensler declined the advisory position but offered Binance licensing strategies.…

Argo Blockchain Increases Daily Bitcoin Production Despite Network Difficulty Spike

Publicly-listed Bitcoin (BTC) mining firm Argo Blockchain has reported an increase in its daily Bitcoin production for the month of February, despite a significant spike in network difficulty. According to the operational update released on March 7, Argo mined 162 Bitcoin or BTC equivalents during the month, translating to a daily production rate of 5.7 BTC. This is a 7% increase from the 5.4 BTC per day produced in January. Bitcoin mining difficulty is a measure that defines how hard it is to mine a BTC block. It requires more…

US lawmakers planning to reintroduce bill aimed at fixing crypto reporting requirements: Report

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A group of United States lawmakers is reportedly planning to reintroduce legislation to change the reporting requirements for certain taxpayers involved in crypto transactions. According to a March 7 report from Punchbowl News, Representatives Patrick McHenry and Ritchie Torres plan to reintroduce the Keep Innovation in America Act. McHenry was one of the leading voices behind the previously proposed bill in an effort to change the definition of a broker as defined in the U.S. infrastructure law — President Joe Biden signed the legislation in November 2021. Under a draft…