Category: Cryptocurrency News

Cryptocurrency News and Public Mining Pools

Total LUNC Burned Crosses 24 Billion, But Is It Enough?

LUNA Classic (LUNC) is still receiving a lot of support from investors and firms in the space despite having lost a significant portion of its value after the Terra network crash. LUNC’s supply ballooned during this time, reaching trillions of tokens in circulation. This increased supply continues to hinder the increase in price for the digital asset, prompting various burn initiatives to help reduce its supply. More Than 24 Billion LUNC Burned Since the LUNC burn was implemented a couple of months ago, it has ramped up to include burns from Binance, the largest crypto exchange in the world. The 1.2% burn tax on all LUNC transactions has also helped the burned figure, making it one of the most reliable avenues for burning LUNC. Related Reading: $185 Million Worth Of AXS Tokens Set To Be Unlocked, Time To Get Out Of Axie Infinity? Binance’s burn is now about one month in the making and the exchange has already burned billions of LUNC. The latest Binance burn saw 1.3 billion tokens being taken out of circulation. However, one thing was apparent and that is the fact that the amount of LUNC being burned by the exchange has consistently declined over the last 4 weeks.  This is understandable given that the burned tokens are those realized from trading fees and LUNC trading volume has been on the decline. Nevertheless, there is already more than 24 billion LUNC burned so far. This translates to over $5.5 million worth of tokens burned at today’s price.  LUNC price at $0.00023 | Source: LUNCUSD on TradingView.com Burn Rate Too Slow Even though there have been millions of dollars worth of tokens burned, it is still so insignificant compared to the supply of the digital asset. The Binance burns were expected to bring about large burns but Monday’s burn saw only about $300,000 worth of tokens burned. There is also the fact that the burn tax for LUNC on-chain transactions is being reduced from 1.2% to 0.2% and exchanges such as Binance have already begun to implement this burn. However, off-chain transactions are still subject to the burn tax. What this means is that there is going to be an even lower burn rate going forward given the lower burn tax. It impacts the digital asset’s price because there are not enough tokens being taken out of circulation. Related Reading: ARK Invest’s Cathie Wood Puts Bitcoin At $1 Million In 8 Years, Here’s Why Additionally, the daily volume across exchanges is on the decline. Data from Coinmarketcap shows it is down almost 50% in the last 24 hours. If the trading volume is low, then there are lower trading fees to be burned, coming full circle of the burn rate being too slow. LUNC is currently trading at $0.00023 at the time of this writing. It is the 35th largest cryptocurrency with a market cap of $1.5 billion. Featured image from MEXC Blog, chart from TradingView.com Follow Best Owie on Twitter for market insights, updates, and the occasional funny tweet…

We need a function within ETH to timeout transactions that are in pending hell

So I just dealt with a transaction in pending hell because I made a mistake. In doing research I found this actually happens to a lot of people. Mostly newer, but at the rate of people running into this. It isn't something you can walk backwards in. the current no timeout system makes it less…
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CashApp adds support for Bitcoin Lightning Network

There is a limit of $999 every seven days for BTC transactions on the Lightning Network.

How to get an ETH transaction out of pending hell

So the other day I was screwing around with the gas for a given transaction so I know where to set the alert on my phone for when gas gets to that level. I guess I mistakenly accepted it and it has been in pending hell. For those of you who don't know, when a…
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Public Bitcoin miners’ hash rate is booming — But is it actually bearish for BTC price?

Efforts to keep Bitcoin mining operations afloat may end up pushing the spot BTC price even lower.

This is what small d*** energy looks like if you had to fit in one html page.

submitted by /u/Fritz1818 [link] [comments]

Report: Saudi Government Privately Mocks Joe Biden’s Mental Acuity, Crown Prince Denies US President’s Oil Requests

According to a recent report, members of the Saudi government and crown prince Mohammed bin Salman have been privately mocking U.S. president Joe Biden by questioning his keenness of thought and mental acuity. The report follows Biden’s recent trip to the region in July, when the U.S. president pressed the Saudis for more oil production, […]

Why are Bitcoin whales accumulating BTC? Watch The Market Report

On this week’s episode of The Market Report, Cointelegraph’s resident experts discuss why Bitcoin whales are accumulating right now and why this could be significant.

Bear market length misconception: I’ve noticed a lot of people seem to believe that traditional bear markets typically last multi-years. And there’s also confusion about the duration of past bear markets in crypto. Here’s some data and some light shed on this.

On average, a bear market in traditional markets lasts around 290 days. Since the Great Depression, there have been 14 bear markets lasting between 1 month and 1.7 years. Source: https://www.investopedia.com/a-history-of-bear-markets-4582652 https://www.forbes.com/sites/qai/2022/08/24/the-average-bear-market-lasts-289-days-how-long-do-we-have-left/ https://www.hartfordfunds.com/practice-management/client-conversations/managing-volatility/bear-markets.html What about crypto? In the most basic definition of a bear market, the previous crypto bear markets lasted roughly a year: 2014…
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