Bitcoin mining profitability is at historic lows despite high trading values

1 min read

The operational efficiency of Bitcoin mining is being hindered by the rapid increase in the network’s hashrate, which has reached 635 exahashes per second (EH/s), resulting in heightened competition. Since November 2021, the hashrate, which represents the computational capacity required for transactions on proof-of-work blockchains, has increased by over thrice, coinciding with a period when Bitcoin’s price was comparable. As of July 16, the “hash price” has dropped to $51.13,

Bitcoin ETFs see a $300 million inflow over seven days

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On July 15th, 2024, the total net inflow of $301 million was recorded for all 11 US spot Bitcoin ETFs, marking their continuous run of seven days. The iShares Bitcoin Trust (IBIT) from BlackRock had the highest net inflow of $117.25 million, making it the most actively traded Bitcoin ETF on that particular day. ARK Invest and 21Shares’ ARKB experienced net inflows of $117.19 million, demonstrating significant interest from institutional

Kraken to start distributing BTC and Bitcoin Cash funds from the Mt. Gox Trustee

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Kraken exchange has obtained monies from the Mt. Gox Trustee and intends to disburse them to creditors within a timeframe of 7-14 days. This development represents a crucial milestone in addressing the Mt. Gox cyberattack, which had a profound effect on the cryptocurrency market and prompted the implementation of more robust security protocols. Kraken’s acceptance of Bitcoin and Bitcoin Cash is a crucial milestone in addressing a major event in

BinaryX Announces Vote to Burn 74% of BNX Tokens

1 min read

BinaryX, a developer of Web3 games, has announced a community referendum to decrease the overall quantity of its BNX coin. The objective of the proposal is to enhance the scarcity of the token and its long-term worth, ultimately benefiting the BinaryX community. The proposal aims to decrease the total number of BNX tokens by 1.62 billion, resulting in a new maximum limit of 580 million. The existing game output will

FTX agrees to a $12.7 billion settlement with the CFTC over its collapse

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FTX, the defunct cryptocurrency firm, has reached a settlement with the Commodity Futures Trading Commission (CFTC) to pay $12.7 billion to resolve a complaint. The case was initiated in 2022 after to the decline of FTX. The settlement comprises $4 billion in disgorgement fees and $8.7 billion in restitution fees, subject to court approval. According to the court filing, the settlement ensures clarity about the size of the approved CFTC

This whale moves nearly $60 million in BTC after 12 Years of dormancy

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A bitcoin whale has transferred 1,000 BTC from a Bitcoin wallet that has been inactive for almost 12 years. The wallet, acquired in September 2012, currently holds a value over $64 million, representing a remarkable growth of 530,000%. Whale Alert, a cryptocurrency monitoring tool, has observed that the wallet has received little and insignificant quantities of Bitcoin on several occasions throughout the past 12 years. However, these transactions seem to

Crypto investments hit $18B YTD, driven by Bitcoin’s surge amid German sales

2 mins read

The cryptocurrency industry has experienced a significant increase in investments, totaling around $18 billion year-to-date (YTD), surpassing the highest levels recorded in 2021. Last week, Bitcoin (BTC) experienced a net inflow of $1.44 billion, mainly due to its sales in Germany and strong US Consumer Price Index (CPI) statistics. The rise in value can be ascribed to the German Government’s sale of Bitcoin and the release of US CPI data

Coinbase narrows subpoena for SEC Chair Gensler’s emails to his time as chair

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Coinbase has withdrawn its subpoena directed at SEC Chair Gary Gensler, specifically targeting information pertaining to his tenure as the head of the regulatory agency. The decision is made in response to the New York judge’s concerns on the extensive nature of the request, which encompassed utterances about cryptocurrency dating back to 2017. The lawyer for Coinbase clarified that the subpoena has been limited to solely encompassing papers from Gary

Former President Trump picks crypto-friendly Senator JD Vance as his running mate

1 min read

Senator JD Vance (R-OH) has been selected by former President Donald Trump as his running mate for the 2017 election. The declaration was issued on Trump’s Truth Social profile during the Republican National Convention, subsequent to an assassination endeavor on Trump only a few days earlier. Trump emphasized the thoughtful evaluation process behind his decision, explaining that he selected Vance because of his favorable position on cryptocurrencies and his proposed

The crypto market reacts to Trump assassination attempt

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According to Santiment, a crypto analytics business, the crypto markets have responded favorably to the attempted assassination of former president Donald Trump. Trump was targeted in an alleged assassination attempt during a political gathering in Pennsylvania, but managed to survive with only minor injuries. Consequently, Bitcoin (BTC) and MAGA (TRUMP), the leading memecoin inspired by Trump, experienced a significant increase in value. As the cryptocurrency community nears the upcoming elections,

BlackRock is now the largest public holder of Bitcoin with holdings surpassing 316,000 BTC

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The largest asset manager in the world, BlackRock, has announced a great performance in the second quarter, with assets under management (AUM) growing to an astounding $10.6 trillion according to the company’s report. As compared to the previous year, this is an almost 13% jump. In addition, earnings per share (EPS) increased over this period, going from $9.06 to $9.99, while revenue increased by 8% to reach $4.8 billion. Exchange-traded

CDK Global pays $25 million in Bitcoin to resolve a ransomware attack

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CDK Global, a software provider for automotive dealerships, made a payment of $25 million in Bitcoin to resolve a ransomware assault that caused disruption to software operations at around 15,000 dealerships in the United States. The attack was attributed to the BlackSuit ransomware organization, which has specifically targeted multiple US companies since 2023. CDK Global sent 387 BTC to an account associated with the gang, who promptly transferred the monies