Bitcoin Onchain Fees Dive Below $1, Pending Transactions Drop, and Miners Experience Difficulty Reduction

According to recent Bitcoin data, the count of pending transactions, still awaiting confirmation, has plummeted beneath the 300,000 mark, while onchain fees have seen a reduction over the past week. Starting from July 29, the average onchain fees have fallen below the $1 threshold for each transaction, and as of July 31, 2023, the average fee stands at 0.000026 BTC or $0.778 per transfer.

Bitcoin’s Reduced Onchain Fees and Falling Unconfirmed Transactions Mark the Start of the Week

On Monday, July 31, 2023, figures from bitinfocharts.com reveal that the average onchain fee on the Bitcoin blockchain has tumbled below $1 for each transaction. As it stands, the average fee on Monday measures at 0.000026 BTC or $0.778 per transaction, and the median-sized fee is 0.0000085 BTC or $0.251 per transfer.

Back on July 27, the average onchain fee stood at $1.482, and from that point, it has declined 47.5%, while median-sized transfer fees on the Bitcoin blockchain have decreased by 57.88% since that day.

Data captured on Monday reveals that the number of unconfirmed transactions has fallen beneath the 300K threshold, with precisely 291,721 pending transactions as of 8:08 a.m. Eastern Time on July 31. In addition, metrics from mempool.space indicate a decline in fees to $0.33 per transaction.

To clear the entire backlog of 291,721 pending transfers, equivalent to 185 megabytes (MB), around 100 blocks must be mined. The average block time has hovered close to or even under the ten-minute average, standing at 8 minutes per block.

Miners have recently witnessed a 2.94% reduction in difficulty, simplifying the process of uncovering BTC blocks compared to the time before block height 800,352. As of Monday, current statistics demonstrate that the hashrate is smoothly cruising at 425.65 exahash per second (EH/s).

Leading the pack in mining pools today is Foundry USA, commanding a robust 111.18 EH/s, closely trailed by the second-largest pool in terms of hashrate, Antpool, with 88.42 EH/s. Throughout this week, approximately 44 mining pools are contributing their SHA256 hashrate to the Bitcoin blockchain.

What do you think about Bitcoin’s fees dropping and the number of unconfirmed transactions? Share your thoughts and opinions about this subject in the comments section below.

via Jamie Redman

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$31,000 Per Reported Bug Up For Grabs In Swisstronik’s New Bug Bounty Program

PRESS RELEASE. Swisstronik, the layer-1 network for developing scalable dApps which safeguard and maintain privacy for users’ data while remaining regulatory compliant, is excited to announce the launch of its first testnet. Swisstronik Testnet 1.0 is now available, offering dApp developers powerful encryption and enterprise-grade transaction security through Intel SGX technology. Simultaneously, Swisstronik’s first Bug Bounty is launching, with rewards reaching up to $31,000 per bug found.

Why join Swisstronik’s Bug Bounty?

With 750+ applications already received for early access to Swisstronik’s Testnet 1.0, it seems clear that this is a great opportunity any Web3 developer should explore. But earning rewards of up to $31,000 per reported bug (paid mostly in USDT) is not the only reason to join.

By supporting Swisstronik, developers also help the crypto community stay true to the decentralization spirit while adapting to the new crypto regulations that transform the industry as we speak. They can contribute to a more balanced Web3 where KYC and other user verifications don’t lead to personal data losses or dependence on centralized parties; where dApps can truly be integrated into the real world by using Swisstronik as a compliant bridge. And since this is their first Testnet ever, chances are even newbies could find some bugs.

After the Bug Bounty 1.0 closes on September 15, 2023, developers can expect the second Testnet and Bug Bounty to go live in the autumn with an even higher reward pool. Later, a Grant program for developers will also be launched to encourage app development within the Swisstronik ecosystem.

What will Testnet 1.0 achieve?

This release establishes the groundwork for creating compliant yet private decentralized applications (dApps) that are also Ethereum-friendly and provide developers with ease of access. Testnet 1.0 focuses on the core blockchain, without the Decentralized Identities block, but with the first of two planned data security levels.

The adoption of Intel SGX technology is central to Testnet 1.0, ensuring top-tier encryption and security within the Swisstronik ecosystem. All interactions with nodes, including transactions and queries, are kept secure through encryption, safeguarding data integrity and privacy throughout the network. By leveraging Intel SGX enclaves, transaction details remain protected even from the nodes, significantly enhancing the privacy and security of the Swisstronik blockchain. This feature is extremely important, especially when dealing with sensitive user information like KYC data which has often been the subject of many digital exploits in the past.

Moreover, Swisstronik focuses on interoperability from day one. Its Testnet 1.0 supports the Ethereum Virtual Machine (EVM) for seamless transitioning of Ethereum-based applications and smart contracts to the Swisstronik ecosystem. As the platform evolves, it aims to also integrate with the Cosmos network using the Inter-Blockchain Communication (IBC) protocol, ensuring a more scalable and interconnected decentralized experience. This strategic integration opens up new horizons for blockchain innovation, promising technical possibilities and seamless cross-chain interactions.
Understanding Swisstronik

Swisstronik is the first blockchain platform that enables anyone to create compliant yet private dApps with no legal knowledge and minimum coding required. This is made possible by a previously unseen combination of two functionalities.

The first one is Swisstronik’s Web3 Compliance Suite: the first of its kind. Swisstronik Compliance Suite is a self-regulating network that brings together international regulators, KYC issuers, and other legal service providers, similar to a DAO. They collaborate to adapt the Swisstronik system to local regulations in real time and consult the builders on internal compliance issues. As a result, Swisstronik-built apps are inherently compliant, even as regulations change.

Secondly, thanks to zk-SNARKs and Intel SGX, KYC, AML, and other user verifications can be performed on the Swisstronik blockchain in a private and secure manner.

As a result, by launching on Swisstronik or integrating one of its utilities in their apps on other chains, Web3 companies can become KYC, AML, and DPR compliant at a low cost. Finally, users can be confident that their data will remain private and secure even during identity verification.

Visit Swisstronik’s official website and Github for more information on the Bug Bounty program. Also, follow their Twitter for timely updates.

 

 

 

 

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This is a press release. Readers should do their own due diligence before taking any actions related to the promoted company or any of its affiliates or services. Bitcoin.com is not responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in the press release.

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SEC Files Lawsuit Against Richard Heart and Companies Hex, Pulsechain, and Pulsex

The U.S. Securities and Exchange Commission (SEC) filed a lawsuit Friday against Richard Schueler, known as Richard Heart, and his companies Hex, Pulsechain, and Pulsex, alleging they raised more than $1 billion through unregistered securities offerings.

SEC Lawsuit Accuses Richard Heart of Running Unregistered Securities Offerings

The SEC complaint alleges that beginning in December 2019, Heart offered and sold Hex tokens and promised investors incentives and bonuses while marketing Hex as a high-yield blockchain certificate of deposit. Between December 2019 and November 2020, Heart accepted more than $678 million worth of ether from investors in exchange for Hex tokens, the complaint states. The SEC lawsuit states:

Through their actions, defendants Heart and Pulsechain violated, and unless enjoined will continue to violate, the antifraud provisions of the federal securities laws.

Additionally, the complaint alleges that between July 2021 and April 2022, Heart conducted unregistered offerings of investments called Pulsechain and Pulsex, allegedly urging investors to deposit crypto assets into public wallet addresses in exchange for tokens that would be delivered in the future. SEC highlights that more than $354 million was invested in Pulsechain and more than $676 million in Pulsex in this fashion, according to the complaint.

The SEC states that the offerings from Hex, Pulsechain, and Pulsex were securities offerings that were not properly registered. Furthermore, the complaint alleges that Heart and Pulsechain defrauded investors by misappropriating at least $12.1 million to pay for Heart’s personal luxury purchases including a 555-carat diamond, luxury watches, and cars rather than for developing the Pulsechain network as promised. The SEC is seeking to bring this case to trial.

What do you think about the SEC lawsuit against Richard Heart, Hex, Pulsechain and Pulsex? Share your thoughts and opinions about this subject in the comments section below.

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Biggest Movers: SHIB Stays Close to Recent 2-Month High on Monday

Shiba inu remained close to a two-month high to start the week, as sentiment in the meme coin remained mostly bullish on Monday. This comes despite the global cryptocurrency market cap mostly consolidating in today’s session. Bitcoin cash was another notable exception, as the price rose by over 4%.

Shiba Inu (SHIB)

Shiba inu (SHIB) was close to a two-month high on Monday, as momentum in the meme coin remained bullish.

Following a low of $0.000008171 on Sunday, SHIB/USD jumped to an intraday high of $0.000008688 earlier today.

This has pushed SHIB close to its highest point since May 29, when price peaked at $0.000008888.

Monday’s move came as the relative strength index (RSI) bounced from a recent support point at the 60.00 mark.

At the time of writing, the index is tracking at 64.41, with the next visible point of resistance at 68.00.

Should it reach this point, SHIB will likely hit a ceiling of $0.00000885.

Bitcoin Cash (BCH)

Another notable gainer on Monday was bitcoin cash (BCH), which rose by as much as 4% to start the week.

BCH/USD peaked at $258.30 earlier in today’s session, following on from Sunday’s low at $243.34.

The move saw the cryptocurrency continue to trade near yesterday’s two-week high at the $266.29 point.

Earlier gains have since slipped however, as price strength collided with a resistance level at 56.00.

Currently the RSI is at a reading of 53.23, and appears to be heading for a floor around the 50.00 zone.

A destination of $240.00 may be the target for bears should this decline continue.

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Do you expect bitcoin cash to move above $300.00 in August? Let us know your thoughts in the comments.

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Bitcoin, Ethereum Technical Analysis: BTC Slightly Higher Ahead of This Week’s US Economic Data

Bitcoin started the week trading higher, as markets prepared for a big week of economic data in the United States. The headline announcement will be Friday’s nonfarm payrolls, in addition to services and manufacturing activity data. Ethereum continued to trade above a key support point on Monday.

Bitcoin

Bitcoin (BTC) was in the green to start the week, with the price trading at its highest point since last Friday.

Traders are optimistic heading into August, which has historically been a bullish month for the cryptocurrency.

BTC/USD hit an intraday high of $29,489.87, which comes following a low at $29,059.50 during Sunday’s session.

Bitcoin chart by TradingView

Bitcoin bulls rejected a breakout below the $29,000 mark, just as the relative strength index (RSI) closed in on a collision with a resistance level at 46.00.

This ceiling appears to be a major obstacle preventing price from moving towards its obvious target at the $30,000 mark.

At the time of writing, the RSI is tracking at 45.97 with bitcoin at $29,362.66.

Ethereum

Ethereum (ETH) remained above a key support level at $1,850 on Monday, as traders continued to target the $1,900 level.

Following a low of $1,851.73 on Sunday, ETH/USD jumped to a peak of $1,884.14 earlier in the day.

The world’s second largest cryptocurrency has now gone ten days since it last traded above the $1,900 mark.

Ethereum chart by TradingView

Like with BTC, in order for ETH to make further upward strides, it will first need to break out of a current ceiling on the RSI.

The index is currently tracking at 47.72, which is marginally below a key resistance level at the 48.00 mark.

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What is the peak point ethereum could reach in August? Leave your thoughts in the comments below.

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UK Court Slaps Telecoin Crypto Scam Masterminds With 6-Year Jail Terms

Two masterminds of the Telecoin cryptocurrency scam will each serve more than six years in jail after a court in the United Kingdom found them guilty of fraud. According to Lee Parish, the detective chief inspector, the duo used the allure of crypto investment to dupe prospective investors.

Fraudulent Sale of Shares

A court in the United Kingdom has convicted and jailed masterminds of the Telecoin cryptocurrency scam Ross Jay and Michael Freckleton to more than six years in prison each. In sentencing the duo, the Southwark Crown Court said Jay and Freckleton had orchestrated a fraudulent sale of shares and used the proceeds for personal gain.

According to a statement on the City of London Police website, the duo perpetrated the scam between 2015 and 2017. During this period, the two scammers successfully convinced their victims to deposit a little over $650,000 into a bank account which they controlled via their company Digi Ex.

Commenting on how Jay and Freckleton were able to dupe victims for more than three years, Detective Chief Inspector Lee Parish said:

It’s easy for investors, and sadly victims in this case, to be sucked into what they think is an area of potential and growth for their hard-earned cash due to how new the area of crypto investment is. Jay and Freckleton exploited this mindset and knowingly chose to simply take the victims’ money for their own financial gain, with no intention whatsoever of providing a service that even resembled a credible investment.

Parish also suggested that the jail terms handed to the duo should highlight to prospective investors the importance of doing research before committing to investing.

Meanwhile, the statement also revealed that Jay and Freckleton had paid themselves salaries amounting to more than $178,000. They also withdrew more than $186,000 from Digi Ex’s bank account.

What are your thoughts on this story? Let us know what you think in the comments section below.

via Terence Zimwara

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$20 Million Crypto Mining Farm to Be Built at Hydropower Plant in Kyrgyzstan

Kyrgyzstan intends to build a new facility for cryptocurrency mining at one of the country’s hydroelectric stations. The project aims to minimize the power plant’s electricity losses by utilizing its full generating capacity that currently exceeds that of the transmission network.

Kyrgyzstan to Power Crypto Mining Hardware With Surplus Green Energy

President of Kyrgyzstan, Sadyr Japarov, told local media this week he had approved the construction of a mining farm digital assets with a planned capacity of up to 30 MW at the site of the country’s Kambar-Ata hydroelectric power plant (HPP).

The building of the coin mining facility will require $20 million and the funds will be provided by an investor, Kyrgyzstan’s head of state added, speaking to the Kabar news agency. All processes will be automated and controlled by power engineers, Japarov noted.

The president also stated that the Kambar-Ata HPP has been in operation since 2010. It’s capable of producing 120 MW of electricity but only 90 MW can be currently used by consumers as the transfer is limited by the electric grid’s capacity.

As a result, in the past 13 years, the Central Asian nation has lost 6.816 billion kWh of electricity worth approximately 3.275 billion Kyrgyzstani som (over $37 million), Sadyr Japarov said. He emphasized that once it starts running, the crypto mining farm will eliminate these losses.

The region attracted numerous mining enterprises following China’s crackdown on the industry two years ago. In neighboring Kazakhstan, the influx of miners was blamed for the country’s growing power deficit and a law limiting their electricity consumption entered into force this year.

Kyrgyzstan has previously shut down illegal mining facilities and in late 2021 raised electricity rates for miners. In 2022, a dedicated law provided a legal definition for virtual assets, including cryptocurrencies, banned crypto payments, and introduced taxation for investment income and mining proceeds. The legislation also imposed a registration regime for mining businesses.

Do you expect Kyrgyzstan to expand its crypto mining operations in the future? Tell us in the comments section below.

via Lubomir Tassev

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US Representatives Bilirakis and Schakowsky Inquire About Apple’s Policies on Blockchain and NFTs

Representatives Gus Bilirakis and Jan Schakowsky, part of the House Innovation, Data, and Commerce Subcommittee, have sent a letter to Apple requiring information and documents regarding Apple’s iOS Appstore policies on blockchain, non-fungible tokens (NFTs), and distributed ledger technologies. The representatives believe Apple’s policies might “limit innovation and American technology leadership” in these areas.

Bilirakis and Schakowsky Inquire About Apple’s Blockchain Policies

Representatives Gus Bilirakis and Jan Schakowsky have sent a letter to Tim Cook, CEO of Apple, requiring information about the rules on the iOS App Store regarding emergent technologies such as blockchain, non-fungible tokens (NFTs), and other distributed ledger technologies.

In the letter, they express their concern about Apple’s walled garden policies’ effect on the development of apps using these tools, which might hurt innovation from American companies in this area. Furthermore, they also state Apple appears to have used “its App Store guidelines to increase its own profits and reduce the utility of apps in blockchains, NFTs, and other blockchain-related technology.”

To illustrate this point, Bilirakis and Schakowsky remember Apple’s position while enforcing its policies against Coinbase Wallet in December. At the time, Apple disabled NFT transactions in the Ios version of the app, requiring blockchain fee payments to go through their in-app purchase system to collect 30% of each transaction.

Coinbase Wallet rejected this rule due to feasibility problems. At the time, it declared:

For anyone who understands how NFTs and blockchains work, this is clearly not possible. Apple’s proprietary in-app purchase system does not support crypto so we couldn’t comply even if we tried.

This 30% cut was part of the legal battle between Apple and Epic Games when the latter tried to sidestep the payment of this fee by offering direct purchases of Fortnite’s V-bucks, the game’s official token, through means different from Apple’s system. The anti-payment steering rules issue is still being litigated.

The representatives also touched on the case of Axie Infinity, a popular play-to-earn game that had to launch a limited version of its app on Ios. This “lite” version excluded core NFT functionality and is still unavailable for U.S.-based users.

Finally, Bilirakis and Schakowsky stated:

It is essential that Congress fully understand the App Store guidelines and the extent to which these guidelines limit innovation and impact American technological leadership. We want to create a level playing field within the industry so that American ingenuity can continue to thrive.

Apple’s Tight Crypto Rules

Apple announced this set of tight blockchain rules in October, detailing that apps “may not use their own mechanisms to unlock content or functionality,” including crypto and NFTs. Also, all of the NFT sales offered by these apps might go through Apple’s in-app purchase system, so long as these don’t present “buttons, external links, or other calls to action that direct customers to purchasing mechanisms other than in-app purchase.”

What do you think about Apple’s blockchain and NFT policies? Tell us in the comments section below.

via Sergio Goschenko

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Kenyan Data Regulator Issues Warning as Residents Rush to Get Worldcoin’s ‘Free Money’

The Kenyan data regulator said it is conducting an “assessment of Worldcoin’s practices to ensure compliance with the law.” The data regulator has urged “increased vigilance” by Kenyans who are signing up to receive Worldcoin’s “free money.” Immaculate Kassait warned of the consequences to token recipients and issuers should the data regulator fail to ensure Worldcoin and others’ compliance with the law.

Kenya’s Data Protection Laws

The Kenyan data regulator, the Office of the Data Protection Commissioner (ODPC), has called for “increased vigilance” by residents seeking to get their hands on Worldcoin’s “free” tokens. In a statement issued via Twitter on July 28, ODPC stated that Worldcoin’s activities in the East African nation are governed by the country’s 2019 Data Protection Act.

STATEMENT: @ODPC_KE Calls for Vigilance from the Public as It Engages WorldCoin on Compliance with Data Protection Act, 2019. pic.twitter.com/xoY7uOqcNG

— OFFICE OF THE DATA PROTECTION COMMISSIONER (@ODPC_KE) July 28, 2023

According to the data regulator, the Kenyan protection data law gives the ODPC the authority to conduct assessments or request information which helps it ascertain if Worldcoin is adhering to the law. The ODPC added:

As the ODPC conducts its assessment of Worldcoin’s practices to ensure compliance with the law, Kenyans are urged to ensure they receive proper information before disclosing any personal or sensitive data. Individuals are advised to thoroughly inquire about how their data will be used.

In the same statement, Kenya’s Data Commissioner, Immaculate Kassait is quoted warning of the consequences for the token recipients and issuers should the ODPC fail to ensure Worldcoin and others’ compliance with the law.

Worldcoin Free Money

The warning by the Kenyan data regulator follows reports that hundreds of residents had rushed to get their eyeballs scanned by Worldcoin orbs located at the supermarket chain Quickmart’s 13 outlets in Nairobi. According to a report in The Nation, residents who signed up and had their eyes scanned by the Worldcoin orb received 25 WLD tokens. Some of the token recipients reportedly converted their WLD tokens to USDT before eventually converting the stablecoins to Kenyan shillings.

Some of the young Kenyans who rushed to get their eyeballs scanned only did so after learning of the opportunity to get easy money via the WLD tokens.

“I was here by 5 am because there has been a lot of talk on Tik Tok and Instagram about the free money Worldcoin is giving all those who download their app and subscribe, we are for the iris scanner so that we can be sorted,” Brian Mwangi, one of the WLD token recipients, said.

The Kenyan data regulator’s investigation comes after the French National Commission for Informatics and Liberty (CNIL) launched a similar inquiry into Worldcoin’s practices.

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What are your thoughts on this story? Let us know what you think in the comments section below.

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Maine Senator Urges Biden to Consider Clemency for Ross Ulbricht During President’s Auburn Visit

On July 28, 2023, U.S. president Joe Biden made a trip to Auburn, Maine, where he delivered a speech at Auburn Manufacturing and subsequently attended a private fundraising gathering. Eric Brakey, the Republican senator representing Maine, greeted Biden upon his arrival in Auburn and handed him a note. In the message, he suggested that the president should consider granting clemency to the Silk Road creator Ross Ulbricht.

Plea for Justice: Senator’s Push for Ulbricht’s Clemency During Biden’s Maine Tour

When Joe Biden, the 46th and sitting president of the United States, made his way to Auburn, Maine, he marked the first presidential visit to the town in an entire 110-year span. Speaking at the Auburn Manufacturing site, Biden proudly proclaimed his conviction that ‘Bidenomics‘ is yielding success. “We now have more jobs than we had before the pandemic,” Biden explained during his visit. “People are coming off the sidelines — unemployment is down and so is inflation.”

As Biden paid a visit to Auburn, the Republican senator Eric Brakey took the opportunity to personally welcome the president and subsequently chronicled the event on the social media platform X (formerly known as Twitter). “Today, I met @POTUS, welcomed him to Auburn, and gave him this note,” Brakey shared. The note itself contained the following plea:

Mr. president, welcome to Auburn ME! Please consider clemency for Ross Ulbricht. Life in prison for building a website is cruel and unusual punishment. Sincerely, Eric Brakey.

Ross Ulbricht is the founder of Silk Road, a now-defunct online darknet marketplace. In 2015, he was sentenced to a double life imprisonment without parole for various charges related to the website. Many supporters argue that his sentence is unjust due to flaws in the investigation, trial, and sentencing. They highlight concerns about misconduct by law enforcement, the disproportionate punishment compared to other similar cases, and the belief that non-violent offenders deserve a chance at rehabilitation.

A petition beseeching the U.S. president to bestow clemency upon Ulbricht has gathered momentum since its inception, with 563,708 signatures at the time of this writing. “There is a strong, bipartisan consensus that Ross’s sentence is unjust and that he deserves a second chance,” declares Ulbricht’s mother, Lyn Ulbricht, in the petition letter. “Over 250 organizations, eminent individuals, and leaders have voiced their support for Ross’s clemency.”

Thomas Massie, the Republican representative from Kentucky, echoes Brakey’s sentiments on the issue in a statement featured on freeross.org. “This is the greatest violation of the 8th Amendment that I am aware of in the United States today,” Massie stated in his endorsement for a second chance for Ulbricht. “What Ross Ulbricht did from a computer screen does not deserve 2 life sentences + 40 years without the chance of parole … This is cruel and unusual punishment … This guy should not rot in jail and die there. He deserves a second chance.”

In October 2022, Ulbricht penned a heartfelt letter to president Biden, imploring him for a second chance at life. “I know I could be—and yearn to be—a positive influence in the free world,” Ulbricht conveyed in his plea to the president. “Please give me a second chance so I can prove that I can be an asset to my community and country. If you see fit to commute my sentence, I will owe you my life, and I will never let you down.” Besides Ulbricht’s personal appeal last year, the senator from Maine is also urging Biden to contemplate granting him clemency.

What do you think about the letter the senator from Maine gave to Biden? Share your thoughts and opinions about this subject in the comments section below.

via Jamie Redman

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Ordinals Reach 20 Million Milestone, But Bitcoin-Based NFT Sales Slide

This week marked a milestone as the number of Ordinal inscriptions minted on the Bitcoin blockchain crossed the impressive 20 million threshold. But despite this achievement, Bitcoin-based non-fungible token (NFT) or Ordinal marketplace sales have witnessed a downturn since mid-July. Once consistently taking the second spot week after week in the NFT sales ranking, Bitcoin-based NFT sales have now stumbled, finishing seventh in the last seven-day stretch.

Amid 20 Million Ordinal Inscriptions, Bitcoin’s NFT Sales Nosedive

On July 28, 2023, the tally of Ordinal inscriptions achieved a significant milestone, exceeding 20 million. These Bitcoin Ordinals, digital asset inscriptions within the Bitcoin blockchain, enable users to affix information to individual satoshis, the smallest fraction of BTC. Pioneered by Casey Rodarmor and facilitated by Bitcoin’s Taproot upgrade, this technology catapulted the blockchain into prominence. As the numbers swelled into the millions, Bitcoin Ordinal inscriptions contributed to making the blockchain the second-largest in weekly NFT sales, time and time again.

The week from July 22 to July 29, 2023, however, painted a different picture. Bitcoin-centric NFT sales slumped by 35.22%, as per the statistics on cryptoslam.io. Data revealed that Bitcoin-based NFT sales amounted to $4.54 million during the past seven days, relegating the blockchain to a seventh-place position, below Polygon. Meanwhile, Solana (SOL), with $6.61 million in NFT sales, clinched this past week’s second-place spot. Among the top 20 priciest sales, a mere two Ordinals secured positions in this week’s rankings.

Data from Dune Analytics further illustrates a decline in volumes since mid-July concerning marketplaces engaged in Ordinal trades, including Okx, Unisat, Magic Eden, Gamma, Open Ordex, Ordinals Wallet, Ordswap, and Ordinals Market. Following a pronounced drop since May, there was a fleeting surge on June 29. However, the situation worsened after July 14, as volumes by Ordinal marketplaces slumped to even lower levels. Both transactions by marketplace and unique daily users within those marketplaces have experienced a decline.

While Bitcoin NFT sales have witnessed a downtrend, other blockchains have experienced a rise, and this week’s seven-day sales figures as a whole have jumped 8.43% higher than the week prior. This contrast in performance is a striking illustration of the dynamic and often unpredictable nature of NFT markets. No one knows for sure if Bitcoin’s falling NFT sales will continue or turn around in the next few weeks.

What do you think about Ordinal inscriptions crossing the 20 million mark? What do you think about Bitcoin-based NFT sales dropping this past week? Share your thoughts and opinions about this subject in the comments section below.

via Jamie Redman

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US House Committee Passes ‘Keep Your Coins Act’ to Protect Right to Self-Custody Crypto

The U.S. House Committee on Financial Services has passed the Keep Your Coins Act of 2023 to protect the self-custody of crypto. “Those attacking self-custody oppose individual freedom. They want someone they control to control your assets,” said Congressman Warren Davidson who introduced the bill.

Keep Your Coins Act of 2023 Advances

The U.S. House Committee on Financial Services passed the Keep Your Coins Act of 2023 (H.R. 4841) on Thursday. The bill, sponsored by Rep. Warren Davidson (R-OH), “would ensure that consumers are allowed to maintain custody of their digital assets in self-hosted wallets,” ⁦the committee described.

Congressman Davidson tweeted Friday:

Last night, U.S. House Committee on Financial Services⁩ passed my bill to protect self-custody. Those attacking self-custody oppose individual freedom. They want someone they control to control your assets. Defend Freedom.

Keep Your Coins Act of 2023 prohibits federal agencies “from restricting the use of convertible virtual currency by a person to purchase goods or services for the person’s own use, and for other purposes,” according to the text of the bill.

In addition, federal agencies may not prohibit, restrict, or otherwise impair a person’s ability to “self-custody digital assets using a self-hosted wallet or other means to conduct transactions for any lawful purpose,” the bill adds.

Many people took to Twitter to thank Congressman Davidson for protecting self-custody. Rep. Davidson “is America’s NUMBER ONE protector of self-custody and a person’s fundamental right to individual financial freedom,” lawyer John E. Deaton wrote.

“The debate on Rep. Warren Davidson’s self-custody bill was important. He speaks powerfully about foundational questions regarding the relationship of the individual & the state & why public policy shouldn’t begin with a presumption of surveillance. We are lucky to have his leadership,” Coinbase’s chief policy officer, Faryar Shirzad, opined.

Besides the Keep Your Coins Act of 2023, the U.S. House Committee on Financial Services also passed three other crypto-related bills this week. They are the Financial Innovation and Technology (FIT) for the 21st Century Act, the Blockchain Regulatory Certainty Act, and the Clarity for Payment Stablecoins Act.

What do you think about U.S. lawmakers advancing the Keep Your Coins Act of 2023? Let us know in the comments section below.

via Kevin Helms

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SEC Chair Gary Gensler Says Crypto Is a Highly Speculative Field ‘Rife With Fraud’

U.S. Securities and Exchange Commission (SEC) Chair Gary Gensler has called crypto “a highly speculative asset class” and a field that is “rife with fraud.” He stressed that there are far too many bad actors in crypto, noting that crypto platforms often commingle funds and trade against their customers.

Gary Gensler Says Crypto Field Rife With Fraud

The chairman of the U.S. Securities and Exchange Commission (SEC), Gary Gensler, slammed crypto in an interview with Bloomberg on Thursday.

“In this field of crypto investing, a lot of investors should be aware it’s not only a highly speculative asset class, it’s also one that they currently should not assume that they are getting the protections of the securities law, even though the securities laws apply to many of those tokens without prejudging anyone. But, you as investors are not getting the full, fair, and truthful disclosure,” the SEC chair cautioned.

Gensler added:

The platforms, the intermediaries are doing things that we would never in a day allow or think the New York Stock Exchange or Nasdaq would do.

“The platforms often are co-mingling and trading against you and have market makers that are on the other side of your trades. And we don’t allow that in the rest of our securities markets,” he continued.

The chairman of the SEC asserted:

Right now, this is a field rife with fraud, rife with hucksters … there are good-faith actors as well but there are far too many that aren’t.

The securities regulator recently requested a budget increase to address the risks posed by the crypto market. Gensler said in March that the SEC needs new tools, expertise, and resources to regulate the crypto industry.

Many people have criticized the SEC chairman for regulating the crypto industry by enforcement. U.S. Congressman Warren Davidson (R-OH) even introduced legislation to remove Gensler as the chairman of the SEC “to correct a long series of abuses.” The lawmaker said: “U.S. capital markets must be protected from a tyrannical chairman, including the current one.”

What do you think about SEC Chairman Gary Gensler’s statements regarding the crypto industry? Let us know in the comments section below.

via Kevin Helms

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China Faces Opposition to Rapid BRICS Expansion From India and Brazil, Report

BRICS member states India and Brazil stand in the way of China’s bid to quickly expand the bloc, unveiled a media report. The two nations have different reasons to have reservations about Beijing’s plan to soon increase the organization’s geopolitical influence while they both seem to want to slow down the enlargement, sources have indicated.

India and Brazil Push Back Against China’s Attempt to Expand BRICS, Officials Say

Officials familiar with the discussions on the future composition of the BRICS bloc of developing economies have revealed that India and Brazil are pushing back against a Chinese bid to rapidly expand the group, which currently also includes Russia and South Africa.

According to a report by Bloomberg, New Delhi and Brasília have raised their objections in preparatory talks for the organization’s upcoming summit in Johannesburg. During the forum on Aug. 22 – 24, the five nations will discuss the induction of new members.

China has repeatedly lobbied for expansion during those meetings, said the officials who chose to remain anonymous. Indonesia and Saudi Arabia have been mentioned as candidates while dozens of other nations are either applying or showing interest in joining.

The large number of potential members has fueled concerns in the West that the alliance may become a counterweight to the U.S. and the EU. Brazil hopes to avoid enlargement partly because of such worries while India seeks strict rules for the association of other countries without formally expanding BRICS. Both want to discuss granting observer status to candidates at the summit, the quoted officials added.

The hosting nation, South Africa, supports considering different membership options but doesn’t necessarily oppose expansion, two of the officials noted. “The BRICS leaders meeting last year authorized the expansion of membership, adding more members to BRICS is the political consensus of the five BRICS countries,” China’s foreign ministry pointed out in a statement.

Decisions in Johannesburg Will Require Consensus Among Members

Russia does not hold a firm position on expanding BRICS, according to Fyodor Lukyanov, head of the Council on Foreign and Defense Policy which advises the Kremlin’s administration. Commenting on the matter, he elaborated:

It’s broadly in favor of BRICS expansion, but without any huge enthusiasm. It’s following the others’ lead. We won’t block any decision.

And any decision at the August summit will require consensus among the current member states who meet at a time of heightened tensions between Washington and Beijing as well as a geopolitical clash with Russia with unprecedented Western sanctions imposed over its invasion of Ukraine.

Last week, the office of South Africa’s president Cyril Ramaphosa announced that his Russian counterpart, Vladimir Putin, will not attend the meeting in person as a result of an indictment and an arrest warrant issued for him by the International Criminal Court (ICC) over the Ukraine war.

The report also revealed that following India’s opposition to China’s push for expansion, rules for admission were drafted and these will be discussed at the leaders’ summit next month, according to two Indian officials.

While trying avoid confrontation in BRICS, Brazil is working to resist Chinese pressure to make it an antagonistic body that challenges the G7, a Brazilian official said. The country is proposing to establish “observer” and “partner country” categories for candidates that will precede full membership.

Do you expect BRICS to invite new members at the summit in Johannesburg? Tell us in the comments section below.

via Lubomir Tassev

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Decade-Old Wisdom: Unpacking Satoshi Nakamoto’s Definitive Quote on Bitcoin Transaction Challenges, 13 Years On

Thirteen years ago to the day, the enigmatic creator of Bitcoin, Satoshi Nakamoto, pronounced a quote that has since reverberated across various contexts. This prominent aphorism: “If you don’t believe me or don’t get it, I don’t have time to try to convince you, sorry,” was Nakamoto’s curt response to questions surrounding the potential solutions for Bitcoin’s transaction speeds and double spending issues.

The 13th Year Anniversary of Nakamoto’s Iconic Quote

In the summer of 2010, Satoshi Nakamoto was a palpable presence in the nascent world of digital currency, busily shaping Bitcoin’s path and engaging in lively dialogues online. Within a span of two weeks – from July 2 to July 17, 2010 – Nakamoto found the time to articulate 73 thoughtful responses on specific discussions hosted on the forum bitcointalk.org. It was in this buzzing hub, on July 29, 2010, that Nakamoto memorably posted his now-famous line, “If you don’t believe me or don’t get it, I don’t have time to try to convince you, sorry,” in a thread aptly titled: “Scalability and transaction rate.”

Nakamoto’s comment was in response to the statement from another crypto proponent who said: “10 minutes is too long to verify that payment is good. It needs to be as fast as swiping a credit card is today.” Nakamoto replied by saying:

See the snack machine thread, I outline how a payment processor could verify payments well enough, actually really well (much lower fraud rate than credit cards), in something like 10 seconds or less. If you don’t believe me or don’t get it, I don’t have time to try to convince you, sorry.

The Snack Machine Thread

Bitcoin’s creator left a link to the “snack machine thread,” which discusses the problem of how to enable fast transactions for small purchases like from a vending machine using BTC. The issue is that BTC transactions take some time to confirm on the blockchain, so someone could double-spend before the transaction is confirmed and get a product from a vending machine without actually paying for it. The participants discussed ideas like debit accounts, escrow services, and prepaid accounts to enable fast transactions without waiting for blockchain confirmations.

The core problem is that the Bitcoin network takes about ten minutes on average to confirm transactions, but vendors need transactions to process instantly to deliver products right away. But if transactions aren’t confirmed, people could double-spend BTC to cheat the system or vendor. In the bitcointalk.org thread, an escrow service is suggested to enable instant transfers between accounts while still doing blockchain confirmations, but this adds costs through a third party.

Nakamoto suggests a solution where a payment processor listens for double-spend attempts and alerts if it detects any before a transaction propagates across the whole network. This would prevent most double-spend attacks. Nakamoto then provides a simple example of how fast a transaction can spread throughout the network.

In this example, if one transaction has even a small head start, it will spread throughout the network faster than the other one (the double-spend). It illustrates the exponential growth of transaction propagation – an early lead can result in an overwhelming advantage due to the geometric (exponential) nature of network propagation.

“So if a double-spend has to wait even a second, it has a huge disadvantage,” Nakamoto wrote at the time. “The payment processor has connections with many nodes. When it gets a transaction, it blasts it out, and at the same time monitors the network for double-spends. If it receives a double-spend on any of its many listening nodes, then it alerts that the transaction is bad.” Bitcoin’s inventor added:

A double-spent transaction wouldn’t get very far without one of the listeners hearing it. The double-spender would have to wait until the listening phase is over, but by then, the payment processor’s broadcast has reached most nodes, or is so far ahead in propagating that the double-spender has no hope of grabbing a significant percentage of the remaining nodes.

The “snack machine thread” has played a recurring role in a multitude of discussions over time. After Nakamoto’s initial response and a subsequent, seemingly rushed reply in a separate post, his comment was notably brief. Perhaps the architect of Bitcoin felt a robust certainty in the solution previously provided in the “snack machine thread” or, quite possibly, Nakamoto was inundated with other commitments that day, leading to a more clipped response.

The exact motivations remain shrouded in mystery, but the remark about lacking the time to explain has since been conjoined with the broader narrative of Bitcoin. It’s celebrated as a poignant aphorism, encapsulating the inherent challenge in truly grasping the intricate mechanics of Bitcoin.

How do you interpret Satoshi’s wisdom today? Share your thoughts and opinions about this subject in the comments section below.

via Jamie Redman

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Report: French Privacy Regulator Probes Worldcoin’s Biometric Data Practices

The French oversight agency, National Commission on Informatics and Liberty (CNIL), has raised doubts about the legality of Worldcoin’s biometric data collection methods. Besides questioning the legitimacy of its data acquisition processes, CNIL is also delving into how this biometric data is stored. Notably, Worldcoin has collected this data for over two million registrants who have participated in its project.

French Regulator CNIL Questions Worldcoin’s Biometric Data Storage

Worldcoin debuted last Monday, and based on available data and footage of individuals enrolling, the venture has been amassing momentum and recognition. In an email conversation with Reuters, CNIL disclosed to the media outlet that it was scrutinizing Worldcoin’s data gathering and has initiated inquiries. “The legality of this collection seems questionable, as do the conditions for storing biometric data,” CNIL informed the news platform.

Ahead of launching its worldcoin (WLD) token, Worldcoin asserted it had already enlisted more than 2 million users. As of now, over 300,000 WLD token holders exist, and on July 29, 2023, WLD documented upwards of 1 million transactions. Moreover, the CEO of Openai and co-founder of Worldcoin, Sam Altman, presented a video revealing Worldcoin registrants queuing up to undergo iris scans and shared that an individual was being scanned “every 8 seconds.”

Even prior to Worldcoin’s introduction, the project encountered backlash, and an article published by MIT Technology Review detailed accusations of deceit and exploitation. In October 2021, former NSA contractor and whistleblower Edward Snowden criticized the iris scanning initiative telling Altman they should abstain from cataloging people’s eyeballs. In correspondence with Reuters, the French regulator disclosed its commencement of investigations into Worldcoin.

CNIL also highlighted that Bavarian authorities are collaborating with the regulator in examining Worldcoin’s data collection practices. The Worldcoin Foundation responded to Reuters’ request for comment concerning the investigation. The foundation noted that it falls under the jurisdiction of the European Union and Bavarian authorities such as the Bavarian State Office for Data Protection Supervision. “[Worldcoin] is designed to protect individual privacy and has built a robust privacy program,” the Worldcoin Foundation stated in its email.

Additionally, the group emphasized that the project adheres to all laws and regulations within every jurisdiction where Worldcoin operates. “The project will continue to cooperate with governing bodies on requests for more information about its privacy and data protection practices,” the Worldcoin Foundation added.

What do you think about the French privacy regulator investigating Worldcoin’s practices? Share your thoughts and opinions about this subject in the comments section below.

via Jamie Redman

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Navigating the Wrapped Bitcoin Landscape: 86,000 WBTC Exit Circulation in One Year

Data reveals that since the start of the year, the count of circulating wrapped bitcoins (WBTC) has diminished, plunging by more than 22,000 WBTC. Notably, a year-long assessment reflects an even more significant contraction, with over 86,000 WBTC evaporating from circulation since last July.

A 12-Month Decline of 86,000 WBTC in Circulation

The Wrapped Bitcoin project has been around for over four years, originating as WBTC on the Ethereum blockchain at the dawn of 2019. As of now, WBTC stands as the 16th most valuable asset among a sea of alternative cryptocurrencies, boasting a market value of approximately $4.73 billion. Despite its ranking as the most prominent wrapped bitcoin (BTC) derivative token, a notable contraction in circulating coins has been observed since the previous year.

To illustrate, rewind to July 13, 2022, when the circulating supply of WBTC stood at an estimated 247,832 WBTC. Today, that number has tapered off to 161,460 WBTC. This translates into a reduction of over 86,000 WBTC, or a significant 34% pullback in circulating supply over the past year. Additionally, a comparison of WBTC’s market valuation reveals substantial growth – ascending from a tad above $3 billion on January 2, 2023, to a markedly more impressive figure of $4.73 billion today.

However, this augmentation in value primarily stems from the appreciating price of BTC, which was exchanging hands at $16,662 per unit on January 2. Now, each BTC coin commands a price of $29,328, marking a surge of over 65% since the year’s commencement. Given that WBTC’s prices are tethered to BTC on a 1:1 basis, WBTC’s market capitalization followed suit, even though its circulating supply contracted by 22,088 WBTC in the same period. Thus, of the total 34% reduction since last year, 12.03% of the cutback unfolded in 2023.

Specifically within the Ethereum network, WBTC boasts a total of 74,191 holders. However, the lion’s share of the supply—51.5% to be exact—resides under the control of the top ten addresses. These ERC20-based WBTC tokens are spread across a multitude of decentralized finance (defi) platforms such as Aave, Compound, and Arbitrum. In fact, the top 100 Ethereum-based addresses command 75.16% of the total WBTC supply. Beyond Ethereum, WBTC also finds utility on other blockchains including Arbitrum, Cronos, Fantom, Polygon, Solana, and Avalanche.

What do you think about the number of WBTC removed from circulation over the past 12 months and in 2023? Share your thoughts and opinions about this subject in the comments section below.

via Jamie Redman

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Biggest Movers: DOGE Rebounds, as SHIB Surges 5% Higher on Saturday

Dogecoin snapped a three-day losing streak on Saturday, as the meme coin found a point of support. The move came as X, formerly Twitter, continued its re-brand by showcasing its new logo over the San Francisco skyline. Shiba inu surged by over 5% today.

Dogecoin (DOGE)

Dogecoin (DOGE) rebounded on Saturday, as the token ended a recent three-day losing streak in today’s session.

DOGE/USD hit an intraday peak at $0.07828 earlier in the day, following Friday’s drop to a bottom at $0.07653.

Yesterday’s decline saw the meme coin move near a support point at $0.07600, however bulls rejected a full on collision.

Although DOGE is now up by almost 2% from Friday’s low, price might have hit a wall, due to the current position of the relative strength index (RSI).

The index is hovering below a ceiling at 63.00, which would need to be broken, if DOGE bulls intend to secure further gains this weekend.

At the time of writing this, price strength is tracking at 62.53.

Shiba Inu (SHIB)

Shiba inu (SHIB) continued to trade close to a two-week high in today’s session, after yesterday’s strong surge in price.

Saturday has seen SHIB/USD peak at $0.00000840, which comes after Friday’s low of $0.00000783.

This is marginally below the $0.00000845 level recorded yesterday, which was its highest point since July 14.

Looking at the chart, the rally comes as the RSI broke past a ceiling at 60.00, and is now tracking at 64.29.

Overall, this is the highest point price strength in SHIB since February 7, when the price reached a high of $0.00001449.

If momentum remains bullish this weekend, $0.00000890 is the realistic target for traders.

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Will the X platform offer meme coin payments? Let us know your thoughts in the comments.

via Eliman Dambell

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‘Community-Based IP’ — Yuga Labs CEO Describes Web3 Evolution of Licensing to Japanese Government Official

In a recent “fireside chat” with the deputy director of the Web3.0 Policy Office of Japan’s Ministry of Economy, Trade, and Industry, Yuga Labs CEO Daniel Alegre noted: “We’re not even in the first inning” of where Web3 “evolution” is going to go. During the interview with the politician, Alegre described new models of IP (intellectual property) that transcend national borders and break down barriers traditional IP models impose.

Bored Apes: A New Paradigm for IP

CEO of Yuga Labs Daniel Alegre recently sat down with deputy director of the Web3.0 Policy Office at Japan’s Ministry of Economy, Trade, and Industry to discuss the future of Web3 and product licensing, describing a new model of “community-based IP.”

Speaking to Waka Itagaki about the power of the Bored Ape Yacht Club global community at the Webx conference on Tuesday, Alegre described: “Whether it’s a Bored Ape brewing company, that the team introduced me to yesterday, or whether it’s new artists that want to create [gaming content] on their other side platform … it’s really creating and connecting culture on the blockchain, but at a global level.”

The executive, formerly COO of Activision Blizzard, went on to note that “Web3 brings creators and consumers and communities together, and they build these brands together,” emphasizing, “It’s a fundamental rethink of IP and IP rights.” Alegre detailed:

In a normal media environment, if you own IP, you license it very exclusively and for a very finite use case … when you buy a Bored Ape NFT, we are giving you an unlimited license to do with that IP what you want … If you want to start a restaurant chain, if you want to have a brewing company, if you want to create t-shirts that you want to sell, it enables that.

Alegre didn’t directly address one portion of Itagaki’s prompt when she asked “How are you planning to align with the government’s regulation?” He did, however, suggest a way for regulators to view Web3, noting: “And this is where I love your point of view from a government perspective — how do you think about enablement so that more people can actually leverage what Web3 can bring to bear.”

Animoca Rep and Other Speakers Share Similar Views on New, Decentralized Models of Business and Finance

Similar to Alegre’s enthusiasm for fresh ways of viewing intellectual property, later the same day, Evan Auyang of Animoca Brands also described a new way to look at competition in the marketplace, noting:

The whole point about this ecosystem … is that we’re trying to see if we can grow the pie bigger rather than dominating it ourselves, which is more Web2 thinking. If the pie grows bigger, then we will benefit … on the assets that we have at the same time.

In another talk at Webx, Ken Deeter, partner at crypto-focused VC fund Electric Capital in the United States, explained he was interested in defi as an extension of the Bitcoin ethos, which arose from a mistrust of central banks and traditional monetary policy. Like with the evolution in perspective on IP described by Alegre, Deeter and others at Webx expressed interest in setting up new models.

What do you think? Is Web3 leading a positive evolution away from outdated, coercive models of business, law, and finance, or is more regulation needed? Let us know in the comments section below.

via Graham Smith

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69% of Meme Coin Investors Buy for Fun — Study Delves Into Investor Sentiments on Meme Coins

A new study conducted in May 2023 sought to uncover insights, perspectives, and outlooks on meme coins from crypto investors around the world. The online survey of 1,503 participants aimed to gauge meme coins’ potential in the cryptocurrency market. It revealed several findings about investor sentiments, behaviors, and perceptions surrounding these unique digital assets.

Meme Coins: Gamble or Investment?

The study by chainplay.gg titled “State of Meme Coin” revealed a divide between investors who have purchased meme coins (63.9%) and those avoiding them (36.1%). Of the investors purchasing meme coins, a majority (69%) do it for fun. Yet, 79% still perceive them as long-term investments with the potential for profit, even though 70% suspect most meme coins are fraudulent. Additionally, 73% equate investing in meme coins to mere gambling.

The primary concerns about meme coins, according to nearly 64% of the study’s respondents, are scams and rug pulls. Over half (55.13%) also expressed skepticism about the future of these assets. The study found that 92% dedicate less than 25% of their cryptocurrency portfolio to meme coins. Moreover, 51% spend less than an hour researching before investing, primarily focusing on meme popularity, social media activity and community engagement.

At present, the leading meme coins, gauged by market capitalization, command a combined net value exceeding $17 billion. Taking the lead this week among the quintet of top meme coin assets is dogecoin (DOGE), posting a gain of 9.9% against the U.S. dollar. Shiba inu (SHIB) has also seen growth, albeit at a lesser rate of 1.6%. Meanwhile, the third most prominent meme coin, pepe (PEPE), has experienced a downturn, losing 10.9% over the past week. As of July 27, 2023, the meme coin market reported $904.36 million in 24-hour worldwide trading volume.

In the study, one in five cryptocurrency investors surveyed globally said they were introduced to digital currencies because of meme coins. Of those purchasing them, 32% have less than a year of experience in the market. This suggests that the hype around meme coins is drawing some newcomers, though it’s not the predominant entry point.

When asked about potential growth drivers if meme coins prosper, the top responses were celebrity endorsements, partnerships with major brands, and integrated utility. However, over half of the respondents were skeptical or indifferent about artificial intelligence (AI)-generated meme coins. The study says that if the meme coin economy “thrives” going forward, investors suggest it will be attributed to four factors.

About 12% of respondents suggest that AI-related adoption and application could be a factor, while 22% believe it will be due to more practical use cases or real-world applications. Meanwhile, 23% attribute it to popularity among younger generations, and 26% stated they expect growth from the overall explosive growth of cryptocurrency.

What do you think about the meme coin study and its findings? Share your thoughts and opinions about this subject in the comments section below.

via Jamie Redman

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Worldcoin’s Launch Propels Optimism to Record-Breaking Daily Transaction Volume

With the recent launch of Worldcoin’s token, worldcoin (WLD), Optimism has experienced a surge in daily transactions, reaching an all-time high on July 27. Data reveals that 944,000 Optimism transactions were processed on Thursday, with WLD transfers closing in on 1 million.

WLD Token Arrival Spurs Transaction Surge on Optimism: New Milestone Reached

The Ethereum layer two (L2) network, Optimism, is reaping the benefits from Worldcoin’s (WLD) debut as the token integrated with the L2 blockchain before its introduction. As of 11:03 a.m. Eastern Time on Friday, archived records show that 285,527 distinct addresses possess WLD, and thus far, WLD has recorded 887,482 transactions. As a result, Optimism’s daily transfers have soared to new levels.

For example, according to Dune Analytics data, Optimism’s daily transactions reached 808,942 transfers on July 26, 2023. Taken together, the L2 networks Optimism and Arbitrum surpassed the number of Ethereum transactions; however, Ethereum processed more than a million and outperformed them individually. Archived statistics for July 27, 2023, demonstrate that 944,668 transfers were completed on Optimism, setting a new all-time daily record for the chain.

Transacting on Optimism is significantly more cost-effective compared to Ethereum. Currently, the average transfer fee on Optimism stands at $0.334 per transaction. Meanwhile, Ethereum’s average cost exceeds $2 per transfer. Initially, WLD was slated to be hosted on Ethereum; however, the Worldcoin team announced Optimism integration shortly before the token’s launch.

Although Optimism has yet to surpass Ethereum’s daily transaction rate, its L2 counterpart Arbitrum did outpace Ethereum last February. Arbitrum’s transaction growth was propelled by soaring Ethereum fees that month. Similar to how WLD tokens boosted Optimism transactions, Arbitrum’s native cryptocurrency launch also helped drive its daily transfers to record-breaking heights.

What do you think about Optimism breaking records in terms of daily transfers? Share your thoughts and opinions about this subject in the comments section below.

via Jamie Redman

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Ethereum Price Set to Reach $2,500 by Year-End, Predicts Finder’s Panel

The price of ethereum (ETH), the world’s second-largest cryptocurrency by market cap, is anticipated to hit a high of $2.7K before settling at around $2.5K by the end of 2023, according to the latest report from Finder. The report is based on predictions by a panel of 29 cryptocurrency and fintech experts who also expressed confidence about the long-term growth of the digital currency. Additionally, most panelists believe it’s unlikely the Securities and Exchange Commission (SEC) will classify ETH as a security.

Ethereum Price Predictions and Market Outlook

Ethereum’s price uptick can be attributed to bitcoin’s recent surge, according to Omnia Markets founder and CEO, Mitesh Shah. He noted that as bitcoin’s value increases due to factors like institutional adoption, ether’s price is also expected to rise as investors look to diversify their portfolios. Shah gave an end-of-year prediction aligning with the panel average at $2,400, in Finder’s latest ETH price prediction report.

Swyftx’s head of product, Tommy Honan, is even more bullish, predicting ether to end the year at $2,500. He attributes his forecast to the successful upgrade to a proof-of-stake (PoS) consensus mechanism. He thinks the upgrade has made Ethereum more efficient and deflationary and has boosted its appeal among both retail and institutional investors.

“Ethereum remains the standout second choice investment for both the retail and institutional investors alike. Following the successful upgrade to proof of stake, which has been akin to ‘changing a jet plane engine, mid-flight,’ ETH has become more efficient and deflationary to mention a few,” Honan remarked.

The panel’s optimistic view extends beyond 2023. They predict that by the end of 2025, ethereum’s price will reach $5,845 and rise further to $16,414 by the end of 2030. Futurist Joseph Raczynski is even more bullish, forecasting a price of $8,000 for ETH by 2025, and nearly doubling to $15,000 by 2030.

Raczynski believes that a number of regulatory hurdles will be overcome this year for ethereum, which will contribute to its overall growth. He adds that despite short-term growth, ethereum’s real price potential lies in the next 5-10 years.

Regulatory Uncertainty

A significant part of the panel discussion revolved around the SEC’s potential classification of ETH as a security. The majority (67%) of Finder’s panel do not believe that ETH will be deemed a security. However, 11% believe it is likely, while the remaining 22% are uncertain.

Seasonal Tokens founder Ruadhan O is part of the majority who believe that it’s unlikely ETH will be deemed a security. He expressed concern that such a ruling would limit the ability of U.S. residents to access smart contract technology.

“If ethereum is declared to be a security, then exchanges would not be able to offer it to U.S. residents without violating securities laws,” the Seasonal Tokens executive said. “This would make the US into the only country in the world where there is no easy access to smart contract technology.”

Digital Capital Management Managing Director Ben Ritchie, who falls within the 22% uncertainty bracket, noted that Ethereum’s decentralized nature could work in its favor. However, he expressed concerns about the increasing prominence of centralized staking solutions, which could pose a threat to the network’s decentralization.

Concluding the report, the majority (56%) of Finder’s panel believe now is the right time to buy ETH. About 41% advise holding onto the cryptocurrency, and a mere 4% suggest selling. You can read Finder’s report in its entirety here.

What do you think about the latest ether predictions by Finder’s experts? Share your thoughts and opinions about this subject in the comments section below.

via Jamie Redman

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