Bitcoin News and Finance: What You Need to Know

Since November 9, 2021, or 46 days ago, transaction fees on the Ethereum network have been cut by more than half the rate they were on that day. At the time, the average fee to move ethereum was $62.84 per transfer and since then, the fees have dropped 62.85% to $23.34 per transaction. From $62 to $23 per Transaction, Ethereum Fees Have Been Cut by More Than 62% Just over a month ago, it was a lot more expensive to transfer ethereum ( ETH ) onchain, let alone move an ERC20 token, swap tokens, or interact with a smart contract. On December 25, metrics show the average fee spent on the Ethereum network is $22.80 or 0.0056 ether per transaction. The day prior it was $23.34 per transaction, which is 62.85% lower than the fees recorded on November 9. A 62% savings per data transfer cost is considerable and the median ether fee is even cheaper. Statistics from bitinfocharts.com indicate that on November 9, the median ether fee was $34.28 per transaction and today, the fee is 0.0032 ET...

While blockchain monitoring has increased a great deal during the last few years, cryptocurrency mixers have seen significant use from those who don’t want their financial transactions tracked. Meanwhile, two mixing applications, Tornado.cash and Cashfusion, have helped crypto owners make their ethereum and bitcoin cash less traceable. The two applications combined recorded more than $8 billion in crypto transactions that have been purposely obfuscated. Over $4.8 Billion in Ethereum Processed via Tornado.cash Digital currency privacy is a big deal to a lot of people. To some people, it’s not and they have no issues transacting on transparent ledgers that are monitored by blockchain surveillance firms. Privacy advocates, on the other hand, use a number of methods like leveraging a VPN, using the Tor browser, and accessing token mixers. As the end of 2021 approaches, the two crypto asset mixing applications Tornado.cash and Cashfusion have processed over $8 billion in digital assets...

Since December 8, the stablecoin economy has grown 3.59% in 17 days as numerous stablecoin market valuations have issued more fiat-pegged tokens this month. On Saturday, December 25, the stablecoin economy’s $167 billion market valuation represents 6.68% of the entire $2.49 trillion crypto market economy. Stablecoin Issuance Jumps 3.5% There’s a great number of stablecoins in existence today that are pegged to the value of fiat currencies like the U.S. dollar. The U.S. dollar is the most common stablecoin peg today, but there are others that represent the euro and the Swiss franc. On Saturday, the total value of all the stablecoins in existence is $167 billion, up 3.59% since our newsdesk’s last stablecoin report . The most dominant stablecoin today is tether ( USDT ) with a market valuation of around $77.7 billion spread across various blockchains. Tether’s sizable market capitalization is 46.52% of the entire stablecoin economy today. Usd coin (USDC) is the second largest stablec...

According to the Dogecoin Foundation, the organization is working with Vitalik Buterin on constructing proof-of-stake (PoS) capabilities for the Dogecoin network. The “uniquely Doge proposal” is aimed at bolstering a “community staking” version of the protocol. Dogecoin Foundation Discusses the Project’s ‘Trailmap’ On December 23, the Dogecoin Foundation’s official Twitter account tweeted about the digital currency network’s “ Trailmap ,” a set of initiatives that essentially detail the proposed direction of the Dogecoin blockchain and ecosystem. The Dogecoin Foundation says that a traditional crypto “roadmap” is a rigid summary of a cryptocurrency network’s direction and usually it’s “led by a single company or ‘lead.’” The foundation behind the Dogecoin blockchain protocol says Dogecoin has always been “community-driven” with “many individual and organisational contributors.” “Dogecoin is a community-driven, consensus-based open-source project and its direction is formed by the ...

Tanzanians are embracing cryptocurrencies but more work still has to be undertaken in order to reduce the number of scams in the industry, a blockchain educator has said. In much of the year 2021, blockchain entities and proponents of the technology in Tanzania did much to bring this fintech to ordinary folks in that country. This has been either through roadshows or investment commitments. These efforts have also been bolstered by President Samia Suluhu Hasan’s apparent embrace of the technology. As a result of such efforts, more Tanzanians are becoming acquainted with cryptocurrencies than in the past. On the other hand, increased cryptocurrency trading activities have also forced the Bank of Tanzania to once again warn residents of the risks they face each time they trade. However, as Sandra Chogo — a Tanzania based blockchain educator — suggested to Bitcoin.com News, more work still needs to be done to ensure Tanzanians are aware of the risks involved in crypto trading. She...

Marathon, one of the leading bitcoin mining companies in North America announced it has entered a new purchase agreement with Bitmain, a bitcoin mining machine manufacturer. This deal would allow them to acquire an undisclosed number of Antminer S19 XP models, an ASIC capable of delivering 140 TH/s while being more efficient than its previous iterations. Marathon hopes to host 199,000 miners by early 2023. Marathon Keeps Buying Miners Marathon Digital Holdings, one of the largest bitcoin mining companies in the world, announced today it entered a new purchase agreement with Bitmain. The agreement will allow the company to get ahold of a number of mining machines to expand its hashrate capacity next year. The machines purchased are Antminer S19 XPs, one of the newest miners developed by the Chinese manufacturer, able to deliver 140 TH/s of mining power while being more energy-efficient than its predecessors. While the manufacturer did not explain how many miners were ordered in thi...

The federal government in Moscow has permitted regions to determine local electricity tariffs for the population, a measure that will affect crypto mining at homes. Subsidized household electricity in Russia is often used to mint digital currencies in basements and garages. Regions in Russia Granted Permission to Increase Costs for Home Mining Russians mining cryptocurrencies at their homes may expect higher electricity bills as a result of a reform allowing regional authorities to limit the electrical energy supplied at preferential rates. The move comes after local utilities requested powers to set thresholds for the amount of subsidized electricity available to the general population while complaining about the spread of crypto mining in residential areas. Private customers will have to pay more for consumption exceeding these thresholds, the Russian business daily Kommersant reported. Most Russian regions are yet to adopt new pricing schemes, with the exception of Crimea where ...

SWIFT, the Belgian-based cooperative that serves as an intermediary and settlement executor of financial transactions between banks worldwide is planning to experiment with asset tokenization in 2022. In a blog post about the subject, SWIFT notes that it will be working with firms like Clearstream, Northern Trust, and SETL to explore “the feasibility and benefits” of using SWIFT as an interconnector to tokenization platforms. Financial Intermediary SWIFT to Be Used as a Tokenization Interconnector The Society for Worldwide Interbank Financial Telecommunication ( SWIFT) , has been studying cryptocurrencies and blockchain technology for quite some time. For instance, SWIFT published a report in September 2020, that noted criminals preferred cash for money laundering in contrast to using crypto for illicit transactions. Over a year later, SWIFT is still focused on this technology and revealed in a blog post published on December 1, that it was participating in an asset tokenization te...

The number of recorded non-fungible token (NFT) sales during the last 30 days consisted of roughly 362,374 sales. During the past 30 days, the leading NFT marketplace Opensea processed $2.39 billion, up 22.88% since last month. Decentraland volume jumped 192% since last month reaching more than $28 million in sales. NFT and Metaverse Steam Continues With Big Volume and Expensive Collectibles During the last month of the year, the metaverse and non-fungible token (NFT) hype has continued to remain strong. Over the last week, Decentraland and The Sandbox processed a significant amount of sales. Seven-day metrics indicate The Sandbox saw $19.3 million in sales while Decentraland did $6.6 million. 30-day stats show Decentraland’s $28 million in sales pushed it up closed to 200% more than last month. While Opensea sales spiked 22.88% this past month, Solana’s Magic Eden marketplace saw $148.86 million in monthly sales, up 86.9%. Superrare’s $26 million in 30 day sales pushed it up 15% ...

The Indian government has not introduced the cryptocurrency bill that was listed to be taken up in the winter session of parliament. Former Finance Secretary Subhash Chandra Garg says he has no confidence in the ability of the Indian government to figure out crypto. Garg headed the inter-ministerial committee that drafted the original crypto bill that proposes banning cryptocurrencies like bitcoin. India Fails to Introduce Crypto Bill in Parliament Again The Indian government has failed to introduce the cryptocurrency bill that was listed to be taken up in the winter session of Lok Sabha, the lower house of India’s parliament. The session ended Thursday. Commenting on the government’s failure to introduce the crypto bill, former Finance Secretary Subhash Chandra Garg told IANS publication Thursday that “he had no confidence in the ability of government to figure out the complexities of this new crypto phenomenon,” the news outlet conveyed. He was further quoted as saying: I expr...

‘Tis the season of giving and Bybit , one of the world’s fastest growing cryptocurrency exchange and trading platforms , wants to give back to its users. Users can now celebrate Christmas with Bybit through Jolly Jamboree, where they can win amazing prizes by completing a series of simple tasks. The festive assortment of gifts in Bybit’s sleigh includes Amazon gift cards, an iPhone 13, and the best prize of all — a Tesla Model 3. It’s easy for users to add a little more Christmas sparkle to their holiday haul. From Dec. 22, 2021, 10AM UTC to Jan. 12, 2022, 10AM UTC, all they have to do is to start clearing different tasks to unlock attractive rewards like $100 in USDT while collecting special Christmas reward cards. There are a total of 3 Christmas cards. Once all cards are collected, users will be automatically enrolled into the Jolly Jamboree grand lucky draw for a chance to drive off with a Tesla Model 3. Join the Jolly Jamboree today and start trading to win big! https://ww...

A crypto working group has held its first meeting at Russia’s parliament. Its members have been tasked to put forward legislative proposals designed to comprehensively regulate cryptocurrencies and related matters in the Russian Federation. Working Group Gathers at State Duma to Draft Crypto Regulations Lawmakers, government officials, and experts have met at the lower house of the Federal Assembly of Russia, the State Duma , to discuss and propose new legislation aimed at regulating the circulation of cryptocurrencies in the country, the head of the working group, Alexey Gordeev, announced to the media. Gordeev, who is also deputy speaker of the Duma, remarked that authorities in Moscow are well aware of the existence and the development of the crypto industry in the country. He noted, however, that proper regulations for the sector are yet to be introduced. While cryptocurrencies were partially regulated with the law “On Digital Financial Assets” which went into force in January...

Justin Sun, the founder of Tron, a smart contract-enabled cryptocurrency platform, announced yesterday he would fly to space next year to fulfill one of his childhood dreams. The space trip will be done in a Blue Origin spaceship, the company owned by Jeff Bezos, founder of Amazon, which also made an inaugural flight last July. Sun Also announced he will carry 5 unknown individuals with him. Justin Sun Plans for Space Travel Tron founder Justin Sun announced yesterday he had plans to fly to space next year to fulfill one of his childhood dreams. The trip, that would take the crypto entrepreneur out of the earth’s atmosphere, would be done using Blue Origin’s services, the space company owned by Jeff Bezos, founder of Amazon. Sun also revealed that he had been the unnamed winner of an auction to be in the inaugural flight of the company with Bezos. He paid $28 million to be part of the launch. On this, Sun stated: I won the auction 6 months ago but missed the launch. However, thi...

The CEO of Microstrategy expects the price of bitcoin to reach $6 million, noting that it is “unstoppable” and will replace gold. The executive personally owns 17,732 bitcoins while his company is hodling 122,478 bitcoins. Microstrategy’s CEO Expects Bitcoin to Hit $6 Million Microstrategy CEO Michael Saylor talked about his bitcoin strategy and BTC price prediction in a recent interview with the Information, published this week. Saylor revealed that he personally owns at least 17,732 bitcoins, which is the same amount he disclosed back in October last year. At the current BTC price, his bitcoin stash is worth almost $858 million. The Microstrategy executive never sold any of his bitcoins and does not believe they should ever be sold. Furthermore, the Information reported: Saylor foresees bitcoin hitting $600,000 a coin, and eventually $6 million. Meanwhile, Microstrategy has amassed 122,478 BTC , worth almost $6 billion at the current price. The coins were acquired at an...

The Federal Bureau of Investigation (FBI), in collaboration with Citibank, Sony, and Japanese law enforcement, has taken action to “return more than $154 million in funds that were allegedly stolen from a subsidiary of Tokyo-based Sony Group Corporation.” The U.S. Department of Justice detailed: “As a result of this coordinated effort, investigators obtained the ‘private key’ … needed to access the bitcoin address.” Citibank and Sony Help FBI Seize Bitcoin Worth $180 Million The U.S. Department of Justice (DOJ) announced this week that the U.S. has “filed a civil forfeiture complaint” to “return more than $154 million in funds that were allegedly stolen from a subsidiary of Tokyo-based Sony Group Corporation.” The FBI and various Japanese law enforcement agencies investigated the case “with significant assistance from Sony and Citibank,” the announcement details, adding: As a result of this coordinated effort, investigators obtained the ‘private key’ … needed to access the bitcoi...

The hashpower behind the Bitcoin network has continued to stay above the 180 exahash per second (EH/s) zone after recently reaching a lifetime high. Five months ago the hashrate tapped a low at 69 EH/s and since then, the hashpower has increased by 163% during the last 178 days, or five months ago. Bitcoin Hashrate Continues to Run Hot at End of Year Following China’s Crackdown on Bitcoin Mining This Past Summer Miners dedicating SHA256 hashpower to the Bitcoin blockchain have been keeping the processing power above 180 EH/s. At the time of writing on December 23, BTC ’s hashrate is hovering just above the 186 EH/s zone. The recent hashrate highs follow BTC ’s lifetime hashrate high tapping 194.95 EH/s on December 8, 2021. Since then, metrics indicate that the hashrate has been hovering below that region and 30-day stats show a few times when the it quickly came close to the December 8 high. BTC ’s hashrate is currently doing a whole lot better than records show on June 28, 2021, ...

In the absence of regulations, people in Pakistan have invested a serious amount of money in digital assets. New research claims Pakistanis keep some $20 billion in cryptocurrency, allegedly more than what their central bank has in foreign reserves. Government Urged for Regulations as Study Shows Pakistanis Hold $20 Billion in Cryptocurrency The Pakistani nation owns more cryptocurrency than foreign reserves, according to the Pakistan Frontier and other media outlets quoting a new report by the Federation of Pakistan Chambers of Commerce and Industry (FPCCI). The study, produced by the association’s Policy Advisory Board (PAB), has estimated that Pakistanis have held cryptocurrency worth $20 billion in the 2020-21 period. The authors point out that the popularity of digital currencies like bitcoin has rapidly increased in the last couple of years. With a 711% market growth in 12 months, Pakistan climbed to third place in this year’s Global Crypto Adoption Index calculated by block...

Ethair Market has listed ETHR token on Uniswap as a result of its first governance vote by the holders. Utilities of the token are directly tied to a user’s interaction with the marketplace. On top of the proprietary token, Ethair Market currently supports fiat and cryptocurrencies such as: Bitcoin, Ethereum, Litecoin, Stellar and USDC, and more . The marketplace is currently in beta, allowing sellers to their items before the full release. Ethair Market operates in the traditional B2C/C2C modes with two types of listings: Market which are new fixed price items, and “Buy Offer Bid” (referred to as BOB on the platform) which includes new and used auction items that customers can buy outright, make an offer on, or bid on like in traditional auctions. Ethair is aggressively marketing through Google, YouTube, Yahoo, and Twitter ads. Running Uber ads in Los Angeles, Chicago, and New York with soon to have nationwide major highway billboards. You may check ETHR’s token contract here . ...

According to a new report, illegal transactions, scams and gambling together make up less than 3% of the volume on the Bitcoin blockchain while exchanges and trading desks account for around 80% of volume. Exchanges Dominate Bitcoin Volumes A new study called “B lockchain Analysis of the Bitcoin Market” has found that illegal transactions, scams, and gambling combined account for just 3% of all onchain bitcoin trade volume. On the other hand, the study asserts that exchange and trading desk-related volume — which is mostly speculative — constitutes about 80% of the total volume. In their analysis, the authors of a report released by the National Bureau of Economic Research (NBER) appear to debunk the assertion that illegal transactions dominate bitcoin ( BTC ) trade volumes. In particular, the authors, Igor Makarov from the London School of Economics and Antoinette Schoar of the MIT Sloan School of Management, explain how earlier studies were likely to be overstating the economic...

The Dubai World Trade Centre will become a comprehensive ecosystem for cryptocurrencies and providers of related services. The move is part of efforts to support new industries and the emirate intends to source help from crypto companies like Binance. Dubai World Trade Centre to Host and Regulate Crypto Space Authorities in the United Arab Emirates plan to establish a special zone at the Dubai World Trade Centre ( DWTC ) from which businesses dealing with digital assets will be able to offer their products and services. The government of Dubai announced that the DWTC will also play the role of a regulator for the sector, enforcing “rigorous standards for investor protection, anti-money laundering (AML), combating the financing of terrorism (CFT) compliance and cross border deal flow tracing.” According to an official announcement, the goal is to further develop Dubai’s virtual assets space and market by introducing a regulatory framework for innovative financial products that incl...

The popularity of cryptocurrencies in economically embattled Turkey has continued to surge with the number of daily trades now surpassing one million, a report has said. This surge in trades has been attributed to the depreciating lira which plunged to a new low against the USD on December 20. Lira Plunges Cryptocurrency trades in inflation-stricken Turkey have surged to above one million per day for the first time since March, a Reuters report citing Chainalysis and Kaiko data has said. According to the report , the return to over a million trades per day has come at a time when Turkey’s fiat currency, the lira, has depreciated by almost 40% since September. Prior to the latest surge, cryptocurrency trades in Turkey had previously surpassed the one million per day mark after President Recep Tayyip Erdogan’s unexpected dismissal of the central bank governor on March 22. The dismissal of then-governor Naci Agbal sparked inflation fears among Turks and caused the lira to plunge by ...

On December 22, Twitter trends indicate that thousands of people on social media are talking about the World Economic Forum’s (WEF) “Great Reset” agenda, as Reuters and the BBC had run fact-checking posts on the subject. According to the reports, the Great Reset has been tied to various conspiracy theories and the initiative was launched in June 2020. BBC, Reuters Fact Checkers Claim Great Reset Initiative Has Been Hijacked by Conspiracy Theories Ever since the outbreak of Covid-19, an agenda called the Great Reset has been discussed far and wide across the globe. The subject has been tied to a number of theories that claim the global elite are planning to reset society and the economy to “build back better.” A Reuters fact check article says that the initiative was named the Great Reset in June 2020. In recent times, Reuters journalists claim that an image circulating on the internet inviting Dutch politicians to a Great Reset-themed forum in Davos “has been taken out of context....