Day: May 1, 2023

Biden Reassures Public Amid First Republic Bank Collapse, but Warns of National Debt Default – Bitcoin News

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Amid the collapse of the second, third, and fourth largest banks in American history, U.S. president Joe Biden reassured the public that the country’s banking system remains sturdy. However, the president also acknowledged the “threat by the speaker of the House to default on the national debt.” Biden Expresses Confidence in American Banking System Despite First Republic Bank Collapse Biden’s recent statements were made following California’s financial regulators seizing First Republic Bank and placing it under the control of the U.S. Federal Deposit Insurance Corporation (FDIC). After the bank’s seizure,…

Blur introduces NFT perpetual lending protocol

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On May 1, nonfungible tokens marketplace Blur launched Blend, a peer-to-peer perpetual lending protocol that supports NFT collateral. Developed with venture capital firm Paradigm, developers cite Blend’s rationale as a means of “financialization to scale.” 4/ Every trillion dollar market relies on financialization to scale. NFTs are no different. Instead of paying $1m for a house, buyers put $100k down and pay the rest through their mortgage. Without this mechanism, almost no one would be able to afford homes. pic.twitter.com/4J96G3pGnJ — Blur (@blur_io) May 1, 2023 Blend has neither oracle…

Bitcoin pulls back to start May as First Republic Bank saga comes to an end

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Bitcoin is under pressure as the Federal Reserve has indicated that rates could go higher than expected and after a major crypto-focused lender, Silvergate Capital, collapsed. Jonathan Raa | Nurphoto | Getty Images Cryptocurrencies took a dip on Monday to start the week and new month as investors bet the takeover of First Republic Bank could put an end to the financial crisis, which has been the biggest driver of this year’s bitcoin rally. Bitcoin fell about 4.2% to 28,137.76 to start the week and new month, according to Coin…

On the shutdown of Bittrex in the US and SEC actions — Bittrex Global CEO at Consensus 2023

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Oliver Linch, chief executive officer of cryptocurrency exchange Bittrex Global, has pushed back against the United States Securities and Exchange Commission (SEC), claiming the company never had a clear opportunity to discuss a potential enforcement action. Speaking to Cointelegraph at the Consensus 2023 conference in Austin, Texas on April 28, Linch said there had been “precisely zero” communication between Bittrex Global and the SEC prior to the financial regulator issuing a Wells notice to the company’s U.S. counterpart in March. The SEC charged Bittrex in April for operating as an…

Ethereum Network Fees Surge 153% in 30 Days, While Arbitrum Daily Transactions Outpace ETH Following Shapella Upgrade – Bitcoin News

Ethereum network fees have experienced a significant upswing following the implementation of the Shapella upgrade on April 12th. In the last 30 days, onchain fees have soared by over 153%, from a prior rate of $4.65 per transfer to a current average of $11.80 per transaction. The data highlights a substantial surge in the costs associated with Ethereum network transactions, indicating a notable increase in onchain activity. Onchain Fees on Ethereum Network Soar by 153% in a Month, While Arbitrum’s Daily Transactions Exceed ETH Post-Shapella Upgrade Over the past month,…

Bitcoin will have more time to shine later this year, Bernstein says

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Crypto dipped to begin May as investors bet that First Republic’s failure and subsequent takeover by JPMorgan Chase would bring an end to the regional banking crisis. However, the havoc in the banking sector that has been pushing bitcoin higher for the past two months is “nowhere near an end,” and bitcoin should stay resilient for many months to come, according to Bernstein analyst Gautam Chhugani. “Bitcoin and the crypto financial system were made exactly for times like today,” he said in a note Monday, highlighting the “breakdown of traditional…

Users inscribing as many as 5k ‘NFTs’ on every bitcoin block

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Share Share on Twitter Share on LinkedIn Share on Telegram Copy Link Link copied At peaks, there can be as many as 5,000 unique inscriptions on every bitcoin block, fresh data from Dune Analytics on May 1 shows. The rise and rise of Bitcoin Ordinals Bitcoin inscriptions have been exploding in recent months.  By offering a special way for users to store inscriptions, which can be files, similar to non-fungible tokens (NFTs), at the satoshis level, Bitcoin, the transactional network, has turned out to be a cheaper, more convenient alternative…

Bitcoin sets new record for daily transactions

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Share Share on Twitter Share on LinkedIn Share on Telegram Copy Link Link copied Bitcoin sets new transaction record with more than 568,300 processed in a single day, surpassing the previous peak during the 2017 bull run. Data from Glassnode, the on-chain market intelligence platform, suggests this increase is in part due to the 307,000 Ordinals transactions that made up over 50% of bitcoin’s daily transactions. Bitcoin Transaction Count Momentum | Source: Glassnode Glassnode reported that since its launch in January, more than 2.39 million Ordinals have been inscribed, allowing for…

Bitcoin (BTC) Set New Record of Daily Transactions the Same Day the U.S. Government Quietly Engineered a Bank Buyout

“Our government invited us and others to step up, and we did,” JPMorgan CEO Jamie Dimon said. Crypto fans may know Dimon as one of the highest-profile advocates of “blockchain” and long-time bitcoin critic. First Republic’s failure is second only to Washington Mutual, which failed during the Great Financial Crisis that also gave rise to bitcoin. While some amount of blame could be put on First Republic’s management, economists are largely aligned in thinking its collapse is at least partially due to rising interest rates and the Federal Reserve’s hawkish…