Day: April 7, 2023

Ethereum ‘re-staking’ protocol EigenLayer launches on testnet

boss

A new protocol that allows Ethereum validators and stakers to “re-stake” their assets onto other emerging networks has just launched on testnet. The mainnet launch of the EigenLayer protocol is not expected until Q3 however, and testing will be phased in three stages to onboard various participants into the ecosystem. The first stage is using Ethereum’s Goerli testing network. The project has some serious backing and announced $50 million in a Series A funding round in late March led by crypto venture firm Blockchain Capital, along with Coinbase Ventures, Polychain…

UK uses Love Island star to warn finfluencers on crypto and investment schemes

boss

The financial and advertising regulators of the United Kingdom have teamed up to send a warning to social media “finfluencers” telling them to stop promoting illegal “get rich quick” schemes or face law enforcement. The Financial Conduct Authority (FCA) and the Advertising Standards Authority (ACA) made reference to cryptocurrencies and nonfungible tokens (NFTs) in its April 6 statement in its seven-part checklist to ensure finfluencers stay within the bounds of the law. The checklist asks finfluencers to consider whether they’re the “right person” to be promoting the financial product and…

Bitcoin Difficulty Reaches New All-Time High After Fourth Consecutive Increase – Mining Bitcoin News

boss

On April 6, 2023, Bitcoin’s difficulty rose 2.23% higher at block height 784,224, touching another all-time high. It’s the fourth consecutive difficulty increase on the Bitcoin network since Feb. 24, and the protocol’s current difficulty is 47.89 trillion, which is only 2.11 trillion away from reaching the 50 trillion range. Bitcoin Difficulty Jumps 2.23% Higher Bitcoin’s current difficulty of approximately 47.89 trillion is an all-time high, meaning it has never been harder for bitcoin miners to find blocks. The current Bitcoin protocol difficulty level mandates that miners execute roughly 47.89…

Reddit positions the contracts for Gen 3 NFT avatars on Polygon

Online chat arena Reddit has announced the deployment of its third-generation NFT avatar agreements on the Polygon network, anticipating the official issue in the coming week. Reddit Gen 3 NFT avatars Reddit’s long-awaited third-generation Non-Fungible Tokens (NFT) avatars are set to come to the market in the coming few days. The online chat forum installed the contracts of its digital assets termed “Reddit Avatars” on the Polygon network on April 5. Reddit has deployed contracts for the third generation of Avatar NFT Gen 3 on Polygon and plans to officially…

Study claims 99.5% of crypto investors did not pay taxes in 2022

boss

Swedish crypto tax firm Divly has released a new report that estimates that only 0.53% of crypto investors globally paid tax on their crypto in 2022 — however tax experts have cast doubt on the figures and methodology.  The Divly report published on April 5 came up with the estimate after analyzing the relationship between the number of people who declared cryptocurrency in their tax returns, and the search volume for crypto tax-related keywords in various countries. It also used the number of crypto holders in each country according to…

Former BitMex CEO Arthur Hayes Calls His Maelstrom Capital a ‘Very Patient’ Fund

“At the time, no one cared about them due to the negativity around [initial coin offerings] and the massive bear market,” Hayes said. “This led to a surge of projects claiming to be the next Uniswap, Compound,or Aave, but many were based on something less substantial. Investors were willing to put money into these projects, knowing they could exit in a few months after getting their tokens,” Hayes added. Source

DCG’s Bitcoin Mining Subsidiary To Stop Offering Free Services

boss

Digital Currency Group’s (DCG) Foundry will soon stop offering free services to its customers.  The Bitcoin mining firm will begin charging a pool fee from its members starting April 19, 2023.  Foundry has provided its mining pool services for free since its inception in 2019.  Foundry, the Bitcoin mining firm owned by the Digital Currency Group (DCG) is set to suspend free services for its clients later this month. The decision to start charging fees is likely motivated by the losses and liquidity issues that Barry Silbert’s crypto conglomerate has…

‘We’re through the bear market’ as Bitcoin notches up 70% YTD

boss

Following Bitcoin’s (BTC) stellar start to 2023, SkyBridge Capital founder Anthony Scaramucci believes “we’re through the bear market” and expressed confidence in his firm’s crypto investments. However, “the Mooch” qualified the statement by adding, “That is a guess. We don’t know.” In an April 6 interview with Yahoo Finance, Scaramucci noted that Bitcoin has consistently outperformed every other asset class over longer periods of time, saying: “But any time that you’ve held Bitcoin in a four-year rolling interval, so you pick the day, hold it for four years, you’ve outperformed…

Binance Asked to Provide More Information as Dubai Tightens Screws Against Crypto Entities – Regulation Bitcoin News

boss

Dubai’s Virtual Assets Regulatory Authority (VARA) has reportedly asked Binance to share more information about the crypto exchange’s ownership structure and its auditing procedures. According to reports, Dubai regulators are still keen on fostering innovation but without comprising the security of users’ funds. Binance Asked to Provide More Information The collapse of the crypto exchange FTX prompted Dubai regulators to ask for more information from crypto license applicants such as Binance, a Bloomberg report has said. According to the April 5 report, officials from Dubai’s Virtual Assets Regulatory Authority (VARA)…

Bitcoin BTC Price Is Flat, Ether ETH Price in the Red as a Long Weekend Begins.

Dogecoin is apparently spiking because people believe that Elon Musk could soon integrate a permanent dogecoin payment system on Twitter, the microblogging platform he overpaid for ($43 billion). Twitter has several million daily active users, many of them high-profile, and if even just a small percentage begin transacting in DOGE – as a joke or not – it’s not completely irrational to speculate on that translating into a higher price. Mind you, Twitter already has payment/tipping features using the U.S. dollar and the Bitcoin Lightning network. The latter is rarely…