Day: May 9, 2023

Binance Announces Lightning Network Withdrawal Implementation Amidst Bitcoin Network Congestion Issues – Exchanges Bitcoin News

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Binance has announced its intention of implementing Lightning Network, a layer 2 Bitcoin scaling protocol, on its platform after experiencing an episode of congestion regarding withdrawals on the Bitcoin network. The exchange had to pause bitcoin withdrawals twice due to a large backlog of operations stuck as a consequence of high transaction fees. Binance Announces It Is Working on Implementing Lightning Network Withdrawals Leading cryptocurrency exchange Binance has recently announced it is working to integrate Lightning Network, a bitcoin-based scaling solution, into its platform. The exchange made the…

Ordinal Token (ORDI) sees $93m in volume immediately after CEX listing

The Ordinal Token (ORDI) has made history by recording a staggering $93 million trading volume within just 12 hours after its first-ever centralized exchange (CEX) listing. The massive trading volume marks a major milestone for the first BRC-20 token on the market, leaving many in awe of the token’s performance and prompting questions. Listing on Gate.io Ordinals are gaining popularity in the bitcoin world as a new form of digital assets similar to NFTs. The unique feature of Ordinals is that users are inscribing images, video games, and other content…

Ordinals inscriptions approach 4.8M, nearly doubling in just over a week

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The number of Ordinals inscriptions on the Bitcoin (BTC) network has witnessed another meteoric rise, almost doubling from 2.5 million to 4.78 million in just the last eight days.  While the Ordinals protocol was initially used to mint images as non-fungible tokens (NFTs), users began to realize that they could use text-based inscriptions to create fungible tokens in a similar way to those minted via the ERC-20 token standard on the Ethereum (ETH) network. The total number of Bitcoin Ordinals inscriptions since December 14. Source: Dune Analytics. These text base…

Ron Paul States Federal Reserve’s ‘Decade of Near 0% Rates’ Caused Today’s Financial Crisis – Economics Bitcoin News

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Former House Representative Ron Paul has presented his stance when it comes to the financial crisis that the U.S. is currently facing. Paul stated that the continued application of quantitative easing (QE), a policy used to increase the money supply, and the decades of almost null interest rates, are what nurtured the current financial crisis the U.S. is facing. Ron Paul Believes Federal Reserve’s Policies Created Today’s US Financial Crisis Ron Paul, former representative and presidential candidate, has recently talked about the financial crisis the U.S. is facing. According to…

‘Unjustly enriched:’ Core Scientific knocks back $4.7M claim from Celsius

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Bankrupt Bitcoin (BTC) mining firm Core Scientific has objected to paying a $4.7 million administrative claim put forward by crypto lender Celsius Network, leading to a battle between the firms over contractual obligations. According to the objection, which was filed in Texas bankruptcy court on May 5, Core Scientific has asked that Celsius Network’s $4.7 million administrative claims be rejected as the firm cannot prove it is entitled to one. “Celsius’ request for allowance and immediate payment of the Celsius alleged admin claim ignores that Core has substantial claims against…

Estonia squeezes out 400 crypto firms after new laws

Almost 400 Virtual Asset Service Providers (VASPS) have voluntarily shut down or had their authorizations revoked in Estonia following the government’s recently enhanced Terrorist Financing Prevention and anti-money laundering laws (AML) that came into effect in March. The amended laws expanded the defined scope of VASPs, required firms to have legitimate links to Estonia, increased licensing fees, and capital and information reporting requirements, along with introducing the Financial Action Task Force Travel Rule. According to a May 8 statement from the Estonian Financial Intelligence Unit (FIU), the amendment to the AML…

‘War on crypto’ — Newly filed letters lambast proposed SEC custody rules

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A proposal by the United States securities regulator to tighten rules around crypto custody has been met with opposition from at least two proponents of the industry, according to recently filed letters. On May 8 — the deadline for comments on the proposal — crypto industry advocacy body Blockchain Association filed its letter to the Securities and Exchange Commission (SEC) criticizing its proposal to amend its custody rule. Three days earlier, a similar letter was sent by Web3 venture capital fund Andreessen Horowitz (a16z). Marisa Tashman Coppel, a policy lawyer…

Threats to US Dollar’s Dominance Largely Domestic — Not BRICS Currency or Chinese Yuan – Economics Bitcoin News

Bank of America has warned that the key threats to the U.S. dollar’s dominance are largely domestic, as opposed to competition from other currencies, including a BRICS currency. “U.S. fiscal brinkmanship, with risks for government shutdown, or even worse a default, keeps coming up during debt ceiling discussions,” the bank’s analysts stressed. Bank of America on Threats to U.S. Dollar’s Dominance Bank of America reportedly said in a note Thursday that despite recent de-dollarization headlines, the U.S. dollar is not in danger of losing its dominance anytime soon. However, the…

Concern over banking crisis reaches levels unseen since 2008 — Poll

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Public opinion of banks appears to be dwindling according to an April survey, as the industry struggles to contain the collapse of several high-profile financial institutions in recent months. A Gallup poll conducted across the United States in April with at least a thousand respondents revealed that 48% of them said that they were concerned about their money in the bank, with almost 20% who indicated they were “very concerned.” Concern over banking safety question: Gallup It should be noted however that the poll was conducted after the collapse of…