Day: December 18, 2023

Ordinals boom sent Bitcoin fees to record

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The average commission on the Bitcoin (BTC) network exceeded $37, reaching a yearly high. The increase in blockchain fees was caused by another wave of activity in the Ordinals segment. This has led to increased demand for block space. Source: Bitinfocharts A similar situation happened in April-May 2023. At that time, after the popularization of inscriptions — notes that can be inscribed onto the Ordinals blockchain — the average commission reached $19. Then, the demand for Bitcoin NFTs fell, but grew again in Q3 2023. Commission increases occurred due to…

Hut 8 agrees to develop mining site to build equity with Celsius creditors

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The Canadian Bitcoin mining firm Hut 8 has signed an interim agreement to launch a new mining site in Cedarvale, Texas, in connection with the Celsius Network bankruptcy proceedings. Announcing the news on Dec. 18, Hut 8 said that the mining site will house almost 66,000 miners and will be powered by more than 215 megawatts (MW) of energy. Hut 8 president Asher Genoot said that the agreement targets a “twofold” goal, which is to build equity with creditors of Celsius while also growing the strength of the managed services…

Spot Bitcoin ETF will be ‘bloodbath’ for crypto exchanges, analyst says

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While the crypto community eagerly awaits the possible approval of a spot Bitcoin (BTC) exchange-traded fund (ETF) in the United States, some analysts are warning this could potentially trigger unwanted consequences for cryptocurrency exchanges. Several industry observers have predicted that a spot BTC ETF could start trading in early 2024, in an event that, when paired with Bitcoin’s upcoming block reward halving expected in April, Blockstream CEO Adam Back believes could propel BTC to $100,000. Bitcoin proponents such as Jan3 CEO Samson Mow have said that approval of a spot Bitcoin…

Crypto Stocks Down during Pre-market Hours as BTC Price Drops to $41K

COIN, MSTR, HOOD and crypto mining stocks MARA and RIOT are down today during pre-market hours while Bitcoin price is below $41,000. Today Bitcoin price is down. The major crypto asset is treading below $41,000 this morning. The main crypto stocks in the pre-market are also in the red zone. Coinbase Global Inc (NASDAQ: COIN) is down 3% and is trading at around $143. MicroStrategy Inc (NASDAQ: MSTR) stock is down over 3%, trading at $551. Marathon Digital Holdings Inc (NASDAQ: MARA) is trading at around $17, which means that…

Changelly Releases Updated Predictions For XRP Price, When Will It Cross $10?

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Cryptocurrency exchange Changelly has released an updated prediction for the XRP price that spans almost a decade from now. The prices in the new predictions deviate heavily from their previous predictions, and this time around, the predictions include when the XRP price will cross $10. XRP Price Will Cross $10 In 2030 While the XRP community members remain very optimistic that the XRP price will cross $10 in the next few years, with a number of crypto analysts presenting chart data to support this, Changelly does not believe that this…

Ordinals-based Tap Protocol Raises $4.2M to Advance Bitcoin Adoption

Tap Protocol seeks to continue building new Bitcoin applications, ranging from fractionalization of Ordinals art and token functions for gaming applications.  Trac Systems, a German-based company and the parent entity of Tap Protocol, recently announced the completion of a funding round where it pulled the sum of $4.2 million from investors. The funding round was led by Sora Ventures and the capital raised is earmarked for the continued development of the company’s initiatives, particularly in the Bitcoin (BTC) ecosystem.  Trac Systems Funding: Ultimate Goal Trac Systems has been gaining attention…

Solana’s Saga Phones Selling at Premium $5,000 on eBay as Bonk Price Rally Continues

The Saga phone comes with extra benefits, including a complimentary month of access to Helium Mobile and a free toy. Moreover, apps on Saga’s dApp Store offer special benefits and rewards for Saga holders. Saga phones, initially experiencing sluggish sales, are now fetching over $2,000 in resale on platforms like eBay, according to completed listings. Recent transactions include two phones reportedly selling for $5,000 and another for $3,361. The phones, which come with 30 million BONK tokens, a Solana-based meme coin, quickly sold out as traders identified an arbitrage opportunity.…

Bitcoin Price Consolidates Above $41K as Memecoins Bombard L1 Chains

Bitcoin (BTC) is starting the new trading week on a slightly high note while there has been an increased amount of activity on many L1 chains. Bitcoin (BTC) is starting the new trading week on a slightly high note after it was seen trading above $41,000. The move was replicated by Ether (ETH), which also opened trading above $2,100. According to Coinglass data, about $103.5 million worth of token-tracked futures have been liquidated in the last 12 hours. However, $95 million out of the total liquidations were bets on higher…

FTX Files Proposal to Exit Bankruptcy and Repay Billions to Creditors

FTX highlighted its intention to repay billions of dollars in cash to affected customers.  Beleaguered cryptocurrency exchange FTX has announced plans to exit bankruptcy and resolve its year-long financial troubles with victims of the troubled digital asset trading platform, Bloomberg reported Monday. According to the report, FTX is in final discussions with the official creditors committee regarding the resolution of the Chapter 11 bankruptcy proceeding and the potential return of customers’ funds. FTX Creditors to Vote on New Restructuring Plan Next Year The company submitted a fresh proposal for its…