Ethereum News Daily Official TheBitTimes.com

Following 2022’s downtrend, the cryptocurrency industry was finally getting back on track. The last couple of months has been significantly beneficial for Bitcoin [BTC] and the rest of the market. Whales, in particular, have become significantly active, in comparison to 2022. Recent data noted that a majority of the largest transactions of 2023 took place in March. Earlier today, a whale reportedly transferred a total of 20,000 BTC worth about $564 million. While transactions of this magnitude are usually beneficial for the king coin’s price, it should be noted that “the big influx of coins” was being moved back into exchanges. Santiment noted how, it’s encouraging to observe that in March, both the overall number of active sharks and whales [yellow] and the number of dormant whales/exchange addresses [red] are continuously increasing. However, the yellow line—which is presumably the most valuable—is rising considerably more slowly now than it did in November and December when pri...

Leading data analytics firm CryptoQuant has analyzed the impact of FUDs and regulatory scrutiny on the Binance crypto exchange, examining the net outflows of Bitcoin (BTC), Ethereum (ETH), and stablecoins during three distinct stress-test periods in the last five months. Binance Exchange's Health After the CFTC Lawsuit CQ's research team assessed the behavior of Binance net-outflows and reserves of $BTC, $ETH, and Stablecoins in three recent stress-test periods. – Regulatory FUD after FTX Collapse – Paxos' announcement – CFTC lawsuit Thread — CryptoQuant.com (@cryptoquant_com) March 30, 2023 According to CryptoQuant, the first stress-test period was due to regulatory FUD after FTX collapsed in November, resulting in a net flow of 40,353 BTC in one day, equivalent to $660 million, and a total net flow of 78,744 BTC or $1.3 billion in a week. On the other hand, the highest net flow of ETH was only $33 million. The second stress-test pe...

Cryptocurrency and technology proponents have recently been discussing a new bipartisan bill called the “Restricting the Emergence of Security Threats that Risk Information and Communications Technology (RESTRICT)” Act. In addition to targeting firms such as Kaspersky, Huawei, and Tiktok, opponents of the bill believe one of its provisions will punish ordinary Americans for leveraging a virtual private network (VPN). However, a spokesperson for Democratic senator Mark Warner insists the “legislation is aimed squarely at companies” and “not at individual users.” Concerns Over the RESTRICT Act’s Potential Impact on Cryptocurrency and VPN Use Since the bill was introduced in March, the RESTRICT Act, sponsored by over a dozen bipartisan politicians and initiated by senator Mark Warner (D-VA), has been the center of controversy. A great deal of attention has been focused on the bill targeting Tiktok, and several reports say the legislation could be...

While trying to wrap his CryptoPunk to borrow money, an NFT investor accidentally sent the asset to a burning address, permanently removing it from circulation. In this week’s newsletter, read about Sony filing a patent for a nonfungible token (NFT) framework for games, and how executives believe that Grand Theft Auto (GTA) and Minecraft developers may change their minds on blockchain technology. Learn how an NFT collector accidentally burned a CryptoPunk worth $135,000 while trying to borrow funds, and find out about Disney reportedly sacking its metaverse division. In other news, His Majesty’s Treasury in the United Kingdom has dropped the Royal Mint NFT project.  Sony eyes NFT transfers across multiple game platforms, reveals patent Sony has recently filed a patent for an NFT transfer framework across multiple game platforms. This new addition to Sony’s preparations to enter crypto integrates NFTs into gameplay. With this, NFTs can become skins or other in-game functions and items....

BitKeep Wallet will now be known as Bitget Wallet following a $30 million investment from the namesake crypto derivatives exchange last week. On March 29, multichain wallet BitKeep announced that it had fully compensated users affected by the 7.2.9. Android Package Kit (APK) exploit that took place on Dec. 26, 2022. On the day of the incident, the 7.2.9. APK update for BitKeep was maliciously swapped by hackers, resulting in an estimated $8 million loss of funds from users who downloaded the malware. According to BitKeep, 11,090 wallets affected by the incident have been fully reimbursed as of March 29. In addition, BitKeep says its customer service channels remain open to processing several “irregular” claims and appeals. At the same time, BitKeep will re brand to Bitget Wallet following a $30 million investment last week at a $300 million valuation from the namesake cryptocurrency derivatives exchange. As part of the integration, BitKeep will have access to Bitget’s $300 million B...

Join Our Telegram channel to stay up to date on breaking news coverage In a Singapore Court hearing conducted on Monday, the embattled crypto lender Vauld has received another extension to its legal protection from creditors. The platform has until April 28 to continue working on its restructuring plan. However, according to the sources familiar with the matter, by April 14, Vauld should be wrapping up its restructuring proposal. Further, the platform should apply to the court and summon a meeting of creditors by that date. EXCLUSIVE: Vauld gets yet another creditor protection extension until April 28 By @Yogita_Khatri5 https://t.co/mzD1MbftxR — The Block (@TheBlock__) March 27, 2023 However, it is worth noting that this is the fifth time the deadline has been postponed. Vauld’s previous creditor protection was due on March 24. Last year’s crypto winter pushed various firms to the edge. It led crypto companies to file for bankruptcy, as others paused withd...

Despite Bitcoin’s difficulty reaching an all-time high at 46.84 trillion, participants in bitcoin mining have kept the hashrate running stronger than ever before. According to statistics, on March 23, 2023, the hashrate reached a high of 400 exahash per second (EH/s). The 400 exahash equates to 0.4 zettahash or four hundred quintillion hashes per second. As the hashrate continues to climb, research analyst Sam Wouters at River Financial estimates that at the current growth rate, Bitcoin could reach the zettahash era “by the end of 2025.” Reasons for the Increase in Bitcoin Hashrate: Insights from River Financial Analyst Two days ago, Bitcoin.com News reported that the difficulty of the Bitcoin network had increased for the third consecutive time in the last six weeks. The difficulty is now at an all-time high of around 46.84 trillion after increasing by 7.56% on March 23, 2023. On the same day, Bitcoin’s hashrate peaked at 400 exahash per second, representi...

Market intelligence platform, IntoTheBlock, has reported that the world of cryptocurrency has experienced a significant change. In 2023, the supply of Ethereum was reduced by 66,000 ETH, marking a historic milestone. In 2023, the supply of Ethereum reduced by 66k $ETH due to burning a fraction of transaction fees. This move has made Ethereum deflationary, which is great news for crypto enthusiasts seeking scarce digital assets. #Ethereum #deflation pic.twitter.com/2RuwiioffW — IntoTheBlock (@intotheblock) March 18, 2023 This development can be attributed to Ethereum’s transition to proof-of-stake (PoS) consensus, known as the ‘Merge,’ which occurred in September 2022. Due to the implementation of the new consensus mechanism, a portion of ETH transaction fees is now being burned, resulting in Ethereum becoming a deflationary currency. A deflationary currency is characterised by a decrease in the supply of currency over time, leading to an increas...

As of March 25, 2023, the U.S. government held 205,515 bitcoins worth $5.6 billion, which is approximately 1.06% of the circulating supply, according to current statistics. The cache of bitcoins is a result of three forfeitures that began in 2020. Glassnode’s on-chain data reveals that on March 9, about 9,860 bitcoins worth roughly $269 million were sent to a Coinbase address. Uncle Sam’s Crypto Stash: How the U.S. Government Became a Top Bitcoin Holder The U.S. government currently holds 205,515 bitcoins valued at $5.66 billion based on today’s exchange rates. The bitcoins were confiscated in three cases, including the Silk Road bitcoin seizure in November 2020, the 2022 Bitfinex hack confiscation, and the seizure of bitcoins from James Zhong last year. Of the total, 69,369 BTC was seized from “Individual X,” 94,643 BTC was taken from Ilya Lichtenstein and his wife Heather Morgan, and 51,326 BTC was seized from Zhong in November 2022. According to ...

Since the collapse of three American banks friendly to cryptocurrency businesses and the U.S. government’s insistence that crypto assets are “risky investments,” many speculators believe bureaucrats are purposely closing access to cryptocurrencies. Some refer to the U.S. government’s recent enforcement as “Operation Chokepoint,” a mission aimed at eliminating access to the crypto ecosystem in the United States. Bank Shutdowns Raise Concerns About U.S. Government’s Stance on Crypto In recent weeks, crypto advocates have discussed U.S. government enforcement actions toward digital currency projects and businesses such as crypto exchanges. The collapse of Silvergate Bank, Silicon Valley Bank, and Signature Bank has led many to believe the U.S. government is closing access to crypto services. For example, with Signature Bank’s shutdown, spectators were confused about why it happened. Adding to the speculation, Signature board member and former politician Barney Frank said regulators shut...

Join Our Telegram channel to stay up to date on breaking news coverage Bitcoin Is in a Narrow Range as BTC Price Tries Valiantly to Reclaim $29K – March 23, 2023 BTC/USD falls after failing to break through the recent high as BTC Price tries valiantly to reclaim $29K. The BTC price has continued to trade above the $26,700 level, showing that the bullish trend is still in place for this cryptocurrency asset. The upward movement is momentarily stopped by the $29,000 resistance. Buyers will have a hard time getting past the resistance at the $29,000 price level. The price of Bitcoin has only slightly varied since March 22 between a narrow range of $26,700 and $28,000. Bitcoin Price Statistics Data: •Bitcoin price now – $28,315.21 •Bitcoin market cap – $547,126,436,988 •Bitcoin circulating supply – 19,326,456 BTC •Bitcoin total supply – $594,503,988,561 •Bitcoin Coinmarketcap ranking – # 1 Resistance Levels: $50,000, $...

Join Our Telegram channel to stay up to date on breaking news coverage Magic Eden, the leading cross-chain digital marketplace for non-fungible tokens, has launched its highly anticipated gaming hub “Magic Eden Games.” The new gaming feature will allow developers and players to discover the best metaverse games. Magic Eden Launches Much-Awaited NFT Gaming Hub In a March 22 press release, the NFT marketplace confirmed launching its much-awaited NFT gaming hub “Magic Eden Games.”The new feature is a destination for web3 game developers to grow their player bases and communities. Presenting: Magic Eden Games, the home for web3 games. This is a labor of love from our games team. After launching 70+ projects & investing in a dozen studios, we're honored to help games shine even more w/ our dedicated hub. Visit Magic Eden Games: https://t.co/tP1DJlxQEQ pic.twitter.com/jkH7k9NBiP — Magic Eden 🪄 (@MagicEden) March 22, 2023 Magic Eden ann...

Bitcoin moved closer to a fresh nine-month high on Wednesday, as markets prepared for today’s Federal Reserve interest rate decision. The Fed is expected to hike rates by 0.25%, despite inflation falling last month to 6%. Ethereum briefly rose above $1,800 in today’s session. Bitcoin Bitcoin (BTC) closed in on a fresh nine-month high in today’s session, as markets continued to anticipate today’s Federal Reserve rate decision. Following a low of $27,785.11 on Tuesday, BTC/USD surged to an intraday peak of $28,439.56 earlier in today’s session. The move sees bitcoin move back towards a recent nine-month high, which was recorded earlier in the week. Bitcoin chart by TradingView This latest surge in price comes as the 14-day relative strength index (RSI) attempted to break out of a ceiling at 72.00 As of writing, the index is tracking at 71.70, which is its highest reading since early-February, and deep in overbought territory. Traders are lik...

On this week’s episode of The Market Report, Cointelegraph’s resident expert explains why Bitcoin is rising and why banks are collapsing. This week on The Market Report, our beloved host, Joe Hall, and insightful expert, Sam Bourgi, unfortunately, could not make it, but don’t worry because Marcel Pechman is here to discuss why he thinks Bitcoin’s (BTC) price is rising amid collapsing banks . We kick things off with this week’s first article: UBS Group agrees to $3.25B “emergency rescue” of Credit Suisse UBS Group agreed to buy its ailing competitor Credit Suisse for $3.25 billion on March 19 as part of an “emergency ordinance” to prevent financial market instability. To close the deal, Swiss authorities agreed to change the country’s regulations to bypass a shareholder vote and announce the deal over the weekend ahead of the market opening. Was this move actually legal? After this move, will Switzerland still have a reputation for being the securest financial market? Pechman has muc...

On Monday, about a week after the collapse of Signature Bank, the Federal Deposit Insurance Corporation (FDIC) announced that Flagstar Bank, a wholly owned subsidiary of New York Community Bancorp, acquired 40 former branches of Signature and its assets. Flagstar assumed nearly all of Signature’s deposits, except for $4 billion of deposits related to the bank’s crypto banking business. FDIC Expects $2.5 Billion Loss from Signature Bank Failure, Extends Bid Window for Silicon Valley Bank The FDIC has announced that Flagstar Bank, a subsidiary of New York Community Bancorp, has acquired the assets and bank branches of Signature Bank as of March 20, 2023. The branches will continue to operate during regular business hours. With the exception of depositors related to the digital banking business, depositors of Signature Bank will automatically become depositors of Flagstar Bank. I really hope we will understand how Signature Bank was selectively stripped of its digital asset...

Join Our Telegram channel to stay up to date on breaking news coverage Amid all the excitement as of late around ChatGPT and OpenAI GPT models, there are some startups that are attempting to apply those technology to the crypto metaverse. In their own words, Oncyber is a metaverse platform that makes it easy for anyone to create their own 3D, immersive experience that can be accessed from the browser.   They provide a text-to-world interface that can be used to modify environments in real time, through an AI tool called Magic Composer. The platform provides many kinds of NTFs used by Web3 and communities, and it currently runs on OpenAI’s GPT-3.5 model.   Introducing a GPT-powered AI tool for text to world building ✨ here’s a sneak peek, where your creativity can flow from your brain to web3D. stay tuned for public access — notifs on 🫡, 🔽 for early access pic.twitter.com/0GzkpYoMBC — ᴏɴᴄʏ...