Tag: Bitcoins

Crypto community reacts to bitcoin’s drop below the $27k mark

boss

Share Share on Twitter Share on LinkedIn Share on Telegram Copy Link Link copied The broader crypto markets have been tumbling over the past month, with a more profound fall in the first week of May. As the markets fell, bitcoin (BTC) started to drop from its local top of roughly $30,000 in the last week of April. Bitcoin registered its deepest local price drop on May 12 — plunging to around $26,290 — as the global crypto market cap witnessed a $140 billion loss in just 24 hours. Moreover,…

How Bitcoin’s Civil War About Scaling Resonates Today

boss

The two sides, then, were known as Big Blockers and Small Blockers, and they were split over a rather small technical decision: how many megabytes of data a BTC block should handle. Big Blockers wanted to increase the block size to accompany more transactions, lowering fees and making everyday payments more viable. Small Blockers were more conservative, both in the way their name suggests, as well as in not wanting to make irreversible changes to Bitcoin’s source code. Big blocks would enable more people to use bitcoin, increasing throughput, but…

Lightning Labs unveils updated protocol to address bitcoin’s BRC-20 challenges

boss

Share Share on Twitter Share on LinkedIn Share on Telegram Copy Link Link copied Lightning Labs, a leading Lightning Network infrastructure firm, has unveiled an enhanced edition of the Taproot Assets Protocol, offering users a potentially more efficient method for minting new assets on the blockchain. The protocol addresses the current inefficiencies and network congestion associated with asset inscription on the Bitcoin (BTC) network. In a blog post published on May 16, Lightning Labs criticized the existing approaches for inscribing asset metadata on the Bitcoin blockchain, citing them as “particularly…

Lightning Labs launches rebranded ‘Taro’ amid Bitcoin’s BRC-20 bottleneck

boss

Bitcoin (BTC) users have been given a possibly more efficient way to mint new assets on the blockchain aft an updated edition of the recently-rebranded Taproot Assets Protocol was released by Lightning Labs. In a May 16 blog post, Lightning Network infrastructure firm Lighting Labs criticized the current methods by which assets are inscribed on the Bitcoin blockchain calling them “particularly efficient” and pointed to cumbersome protocols that write asset metadata “directly into block space.” Today we’re excited to announce the newest version of Taproot Assets , a scalable protocol…

From Lehman Brothers to First Republic Bank: Bitcoin’s rise in uncertainty

boss

Disclosure: This article does not represent investment advice. The content and materials featured on this page are for educational purposes only. With the recent banking turmoil, ongoing recession and ‘signs of another global economic crisis,’ cryptocurrencies are – once again – emerging as an alternative way to hold one’s assets, with bitcoin being one of the most popular ones.  As financial institutions falter, customers increasingly seek alternative monetary avenues, with bitcoin frequently reaping the rewards. Last month’s upswing of the leading cryptocurrency, for instance, followed a recent banking upheaval, which…

Bitcoin’s Ordinal Inscriptions Surpass 7 Million Mark, Fueling the Trend’s Unstoppable Momentum – Bitcoin News

boss

On May 15, 2023, the number of Ordinal inscriptions surpassed the 7 million mark and as of 9:00 a.m. Eastern Time on Tuesday morning, 7,204,882 Ordinal inscriptions have been added to the Bitcoin blockchain. Miners have collected 1,324 bitcoin in fees by confirming inscription transactions which equate to roughly $35.86 million in added onchain fees. Bitcoin’s Inscription Frenzy: Over 7 Million Ordinal Inscriptions and Counting The unstoppable momentum of Bitcoin’s Ordinal inscriptions continues to defy detractors, surging past several milestones. With over 7 million inscriptions now firmly embedded in the…

Bitcoin’s upward momentum can face short-term exhaustion

boss

Share Share on Twitter Share on LinkedIn Share on Telegram Copy Link Link copied Bitcoin (BTC) began the year on propitious grounds, rallying from $16,541 on Jan. 1 to a peak of $31,000 on April 14. However, the asset’s upward momentum faced a massive hurdle in mid-April, leading to intermittent declines that have brought it below $28,000.  A recent analysis of the prevalent market conditions suggested that bitcoin’s upward momentum could face short-term exhaustion. The analysis shared on CryptoQuant highlights three factors contributing to the opposition to the asset’s upward…

Despite Transfers Lingering in the Mempool, Bitcoin’s Daily Transaction Rate Taps All-Time High – Bitcoin News

boss

Bitcoin is on a roll in 2023, breaking records left and right. For instance, on May 2, at block height 787,895, the cryptocurrency’s hashrate soared to 491 exahash per second (EH/s). Moreover, on April 20, at block height 786,240, the difficulty hit a new high of 48.71 trillion. But that’s not the only thing that’s been skyrocketing this month. The number of daily transactions processed on the Bitcoin network has also hit an all-time high, with 682,281 transactions on May 1 and 671,668 confirmed transactions just nine days later. Bitcoin’s…

Are ZK-proofs the answer to Bitcoin’s Ordinal and BRC-20 problem?

boss

The Bitcoin network has recently faced a litmus test due to the increased demands of Ordinals and BRC-20 tokens being inscribed onto the blockchain. The resulting increase in fees and transaction congestion has frustrated the wider Bitcoin (BTC) community, considering some BRC-20 tokens involve memecoins that have attracted billions of dollars of capital in recent weeks. The Ethereum ecosystem has benefitted from the development of scaling solutions, which have brought massive improvements in network capacity and processing ability. Zero-knowledge proofs (ZK-proofs), in particular, have grabbed headlines over the past few months, with several…

Bitcoin’s recovery may trigger buying in these 4 altcoins

boss

The S&P 500 Index (SPX) closed the week with a nominal loss of 0.29% but Bitcoin (BTC) is on target to finish the week with a deeper cut of more than 5%. The weakness in Bitcoin pulled several altcoins lower, indicating weakening sentiment. A silver lining is Bitcoin’s solid bounce on May 12. Several analysts anticipate Bitcoin to start a recovery but monitoring resource Material Indicators sounded cautious. In a recent analysis, they said that the lack of a strong bid from the whales at lower levels could be a…