Day: October 30, 2023

Bitcoin mining difficulty reached new ATH

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On Oct. 30, Bitcoin (BTC) mining difficulty increased by 2.35%, setting a new all-time high. This is the fourth increase in a row, according to BTC.com. At the time of writing, Bitcoin mining difficulty is 62.46 T. The average Bitcoin hashrate (the total computing power of equipment mining cryptocurrency) at the current difficulty is expected to be 449.68 EH/s, the maximum value. The previous maximum average hashrate was recorded at 436.89 EH/s on October 16. Source: BTC.com The last change in the indicator occurred on Oct. 16. At that time,…

XRP Price Breakout Soon? Analyst Points To Structural Signs

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In a detailed analysis shared on social media today, renowned crypto analyst Egrag points to several bullish indicators in the XRP price structure, suggesting the potential for an imminent breakout. Egrag evaluated various timeframes, identifying a series of technical patterns and formations that bolster the bullish outlook. XRP Shows Strong Bullish Structural Signs “Last week’s candle closed within the confines of the Yellow structural formation,” Egrag tweeted with regard to the weekly XRP/USD chart, emphasizing the significance of recent movements within the timeframe. This observation is instrumental in understanding the…

Singapore plans joint crypto pilots with Japan, Switzerland and UK

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The Monetary Authority of Singapore (MAS), the country’s central bank and financial regulator, is planning to start crypto-related cooperation with some European countries and Japan. The MAS officially announced on Oct. 30 that it is partnering with the Financial Services Agency of Japan (FSA), the Swiss Financial Market Supervisory Authority (FINMA) and the United Kingdom’s Financial Conduct Authority (FCA) to promote joint digital asset pilots. The authority specifically seeks to carry out such pilots in relation to fixed income, foreign exchange and asset management products. The initiative builds upon Singapore’s…

CME becomes second-largest Bitcoin futures exchange, surpassing Binance

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CME’s notional open interest has surged to $3.57 billion, securing its position as the second-largest exchange in the trading of standard Bitcoin and perpetual futures. The Chicago Mercantile Exchange (CME), a regulated entity, is ascending the ranks among the largest exchanges for Bitcoin (BTC) futures and perpetual futures trading by open interest, evoking memories of the initial phases of the 2020-2021 bull market. According to Coinglass, CME has seen its notional open interest (OI) rise to $3.57 billion, elevating it to the second-largest Bitcoin futures exchange from its previous fourth-place…

Bitcoin Network Sets New Mining Hashrate Record in View of Upcoming Halving and Spot ETF Approval

The Bitcoin network has set a new historic mining hashrate record as the market prepares for next year’s halving. The hashrate for Bitcoin hit a record high on Saturday, cresting at 543 EH/s at 8:00 am GMT. This beat the 525 EH/s recorded on the 7th and 10 of October. The current high puts the Bitcoin network in perspective, especially as the market anticipates the halving event expected in April 2024. Bitcoin’s hashrate is a number that estimates hashes Bitcoin miners generate as they solve computational problems to create blocks.…

USDT Accounts for 80% of All Crypto Transactions in Brazil in 2023

In 2023 so far, USDT transactions totaled $271 billion Brazilian reais (approximately $55 billion) and surpassed Bitcoin (BTC) transactions, which accounted for $151 billion reais ($30 billion). Tether (USDT) stablecoin has become the most widely used cryptocurrency in Brazil, with its adoption incredibly soaring this year. According to the report from Brazil’s Receita Federal (the Special Department of Federal Revenue), USDT has made up as much as 80% of all the crypto transactions settled in 2023 so far. As per the agency’s report, USDT transactions totaled $271 billion Brazilian reais (approximately…

Ethereum Resilient Above $1,800 Pre-FOMC Meeting

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Ethereum (ETH), one of the leading cryptocurrencies, is displaying remarkable resilience in the face of recent market fluctuations. Despite experiencing relatively modest gains compared to Bitcoin (BTC) and other major altcoins, ETH has managed to consolidate its position above the $1800 mark. The big question on everyone’s mind is whether Ethereum can sustain this level or if it will succumb to the prevailing market sentiment. In the world of cryptocurrencies, prices are highly susceptible to market sentiment. Cryptocurrencies often exhibit dramatic price swings based on the emotions and perceptions of…

Saudi’s NEOM partners with Animoca Brands for regional Web3 development

Web3 games developer Animoca Brands and Saudi Arabia’s NEOM Investment Fund announced a new partnership on Oct. 30 to drive Web3 development in the region.  According to the announcement, the new deal will have Animoca working with NEOM to build Web3 enterprise service capabilities. The planned Web3 services are intended to be applied globally, though they will first be deployed to support advancements in emerging tech in the Saudi capital, Riyadh and the NEOM region. NEOM is a region in northwest Saudi Arabia that is being built into what the…