Author: Sollcrypto
An address containing pre-mined Ethereum valued at $116 million made a significant move, transferring its entire stash of 61,216 Ether (ETH) currently priced at $1,908 per token, to an address on the Kraken crypto exchange. This wallet had remained dormant for a period of eight years. The pre-mined Ether was accumulated by early team members and co-founders during a sale event conducted by the Ethereum ecosystem back in June 2014. This event allowed them to acquire tokens when the network was unable to generate them independently. At the time of the pre-mining, Ether was trading at $300–$400, which valued the…
According to a market report from Bitfinex, Bitcoin mining companies, with BTC priced at $29,968, are implementing derisking strategies by selling BTC to exchanges. The report highlights a notable increase in miners selling significant amounts of BTC to exchanges, which has consequently boosted the value of shares in Bitcoin mining companies. This trend is attributed to growing institutional interest in BTC during the year 2023. The report specifically mentions that Poolin has been responsible for the largest amount of BTC sold to the market in recent weeks. Bitfinex analysts also point out that the Bitcoin mining difficulty has reached an…
According to CoinGecko’s Q2 2023 industry report, Bitcoin’s market dominance strengthened while altcoins experienced significant losses, leading to a challenging quarter for them. On July 18, CoinGecko released data showing that Bitcoin (BTC) at $29,940 and Ethereum (ETH) at $1,907 continued to build upon their gains from Q1 during Q2. However, several altcoins suffered double-digit losses during the same period. Binance Coin (BNB) at $241 and Cardano (ADA) at $0.315 were particularly affected, largely due to their classification as securities in lawsuits filed against Binance and Coinbase by the Securities and Exchange Commission. Decentralized finance (DeFi) tokens were hit hard…
dYdX Foundation, a decentralized finance (DeFi) organization committed to supporting the dYdX protocol, has recently unveiled its latest version, v4, through a public testnet. This launch has put them ahead of schedule for the forthcoming release of the v4 mainnet, marking a significant step towards complete decentralization for dYdX, as outlined in their roadmap. As per Cointelegraph’s recent report, the testnet launch on July 5 was the fourth milestone in a series of five planned by dYdX Foundation to achieve full decentralization, starting from last year. The current live version of dYdX still retains some centralized elements, despite not having…
Continued Surge in Bitcoin’s Dominance Drives Digital Asset Inflows to Reach $137 Million Over Four Weeks The cryptocurrency market is experiencing a notable resurgence, with Bitcoin once again taking center stage as it continues to exert its dominance. Digital asset inflows have been on an upward trajectory for the fourth consecutive week, with an impressive $137 million flowing in. This consistent growth has managed to correct the previous nine weeks’ worth of outflows, marking a significant milestone in the crypto space. The four-week total of $742 million showcases the enduring appeal of cryptocurrencies to investors, signaling renewed interest and confidence…
Euro-denominated stablecoins have a promising future, as highlighted by Patrick Hansen, the European Union strategy and policy director at Circle. While the United States dollar may continue to hold its first-mover advantage, Hansen believes that euro stablecoins will experience a surge in real-world applications, leading to a substantial increase in their current modest market share. Speaking at EthCC in Paris, Hansen pointed out that despite the euro’s prominent position in the traditional monetary system, with a 20% share, euro-denominated tokens currently represent only 0.3% of the stablecoin market, valuing at $300 million. Hansen further emphasized that the stablecoin market originated…
Unstoppable Domains and the Ethereum Name Service (ENS), two prominent platforms in the Web3 decentralized domain arena, have joined forces. This partnership comes as Unstoppable Domains declares its backing for .eth domain names, facilitated by ENS. Both service providers have played pivotal roles in enabling users to generate human-readable domain names and cryptocurrency wallet addresses. These decentralized domains also serve as comprehensive profiles within the Web3 ecosystem, unlocking a plethora of functionalities. As of early 2023, Unstoppable Domains and the Ethereum Name Service (ENS) have collectively accounted for six million domain registrations, with a significant rise in registrations starting from…
Binance, the cryptocurrency exchange, has now fully integrated the Bitcoin Lightning Network into its platform for both BTC withdrawals and deposits. This significant development was officially confirmed by Binance through a blog post on July 17. Users of Binance can now leverage the layer-2 scaling solution for faster and more efficient Bitcoin withdrawals and deposits. To benefit from the Lightning Network’s advantages, Binance users simply need to select the “LIGHTNING” option when withdrawing or depositing Bitcoin. In addition to this new option, other choices available include BNB Smart Chain (BEP-20), Bitcoin, BNB Beacon Chain (BEP2), BTC (SegWit), and Ethereum ERC-20.…
In the world of cryptocurrency, Bitcoin (BTC) has once again caught the attention of investors and enthusiasts alike as its ticker plunges to $30,400. However, amidst the recent dip, there seems to be a significant silver lining. The $30,000 mark has emerged as the most popular “buy” level ever, as indicated by the latest on-chain data from crypto analytics firm Glassnode. The statistics unveiled by Glassnode reveal a remarkable surge in BTC transactions near the current spot price. This record amount of Bitcoin has changed hands, suggesting a notable increase in buying interest as the digital asset hovers around $30,000.…
CLabs Proposes Celo’s Return to Ethereum Ecosystem via Layer-2 Transition CLabs, the organization behind Celo blockchain, is contemplating a move back to the Ethereum ecosystem by transitioning from its existing independent EVM-compatible layer-1 blockchain to a layer-2 solution on Ethereum. The proposal, currently under discussion on Celo’s governance forum, outlines the adoption of OP Stack architecture to transform Celo into an Ethereum layer-2 blockchain. This shift aims to simplify the utilization of Ethereum tooling and libraries for Celo developers and eliminate the complexities associated with monitoring tooling during upgrades. Key aspects of the transition include the establishment of an off-chain…