Category: Cryptocurrency News

Solana Pay has reportedly been added to Shopify’s payment solutions, giving millions of merchants access to cryptocurrencies.

A Bitcoin on-chain indicator is currently attempting a breakout that could turn out to be a bullish signal for the asset’s value. Bitcoin Active Entities Is Trying To Escape Network Stagnation Range In a new post on X, Jamie Coutts, a Bloomberg Intelligence analyst, has discussed the BTC active entities metric, and how it has a strong relationship with the coin’s price. The “active entities” here are a measure of the unique total amount of Bitcoin addresses that are participating in some kind of transaction activity on the blockchain. Naturally, both senders and receivers are counted by the metric. When the value of this metric rises, it means that an increasing number of users are engaging with the network. Such a trend is a sign of growing adoption for the asset. On the other hand, declining values of the indicator imply that interest in the cryptocurrency may be waning, as fewer addresses are becoming active on the blockchain. The analyst has pointed out that the active entities metric has a high r-squared value with Bitcoin. The r-squared values of the different BTC-related metrics | Source: @Jamie1Coutts on X From the table, it’s visible that the r-squared value for the active entities is 0.55. What this means is that 55% of all fluctuations in the cryptocurrency’s price can be explained by this variable. Related Reading: Will Bitcoin Show A Repeat Of The March Rebound? There are only a few metrics with a higher r-squared value, making the active entities an indicator with one of the strongest statistical relationships with BTC. “Importantly, this is also a stable relationship over time (ex the wonky pre-2012 data),” Coutts notes. Looks like the r-squared value of the indicator has been quite stable since 2012 | Source: @Jamie1Coutts on X Now, here is a chart that shows how the Bitcoin active entities have changed during the history of the cryptocurrency: The trend in the metric’s value over the years | Source: @Jamie1Coutts on X As displayed in the graph, the Bitcoin active addresses have stagnated around each of the cycle lows, but in the periods between them, it has seen a rise, although the pace has been getting slower over time. Related Reading: Bitcoin Dip Worth Buying? What Market Sentiment Suggests Since 2021, the indicator has been inside a rather long phase of stagnation, as the indicator has been unable to escape out of a particular range. It would appear, however, that things might be starting to change for the better. The indicator’s value has been on the rise in recent days | Source: @Jamie1Coutts on X The CMT explains that it’s looking like a TA-style breakout so far, but it’s not yet fully clear whether the Bitcoin active entities have truly escaped the stagnation range. If the metric can manage to stay above the range for the next few weeks, it might be a confirmation that the extra entities that have started trading on the network are truly planning to stick around, and hence, that constructive adoption is finally picking up for Bitcoin. BTC Price At the time of writing, Bitcoin is trading at around $25,900, down 11% in the last week. BTC has continued to struggle recently | Source: BTCUSD on TradingView Featured image from André François McKenzie on Unsplash.com, charts from TradingView.com, Bloomberg Intelligence

I'm seeking clarification on how the eth_estimateGas function operates under the hood. Does it run the smart contract in a manner similar to a dry run? When I make a call to eth_estimateGas , and I've intentionally hardcoded a failed require statement within the contract, I get this error in the response. This behavior suggests…
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The filing surrounding the legal strategy followed an all-day session between SBF and his lawyers on Aug. 22 outside of jail, which was granted by a judge on a one-time basis.

The platform will facilitate the buying and selling of Web3 data among enterprises; Alibaba Cloud and Huawei are among the companies to participate.

Chinese police may have busted Multichain in a money laundering investigation, but many questions remain, including its CEO’s alleged fake ID.

As you all likely remember back when FTX was crashing they were selling off crypto assets to try and hold the value of FTT. This was repeated endlessly until they could no longer afford to do so. This was especially hard on Alamedas cash Cow, Solana – which dumped repeatedly from $30 during the collapse…
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The Kenyan government has set up a 17-member committee to investigate the operations of American-based cryptocurrency firm Worldcoin, due to its collection of biometric data not satisfying Kenya’s data privacy laws of the country. The process requires a user to give his iris scans in exchange for a digital ID known as global ID and get free Worldcoin tokens as part of plans to create a new identity and financial network, and the Kenyan government saw this as a security risk. Joint Ad-hoc Committee Investigation In Kenya Kenya’s National Assembly Speaker Rt Hon. (Dr.) Moses Wetang’ula, has ordered the Joint Ad Hoc Committee to investigate the activities of Worldcoin and report back to the House within 42 days. Related Reading: The $20 Billion Delay: Appeal Court Pushes Back Decision On Grayscale Spot Bitcoin ETF The Joint Ad-hoc Committee’s investigations on Worldcoin kicked off on Monday after the movement was set afoot following a meeting to outline its Terms of Reference, and to determine potential experts and witnesses to appear before the legislators during its investigation. Gabriel Tongoyo, head of the 17-member committee, stated that the potential experts and witnesses to appear before the legislators will include The Governor of the Central Bank of Kenya, the Cabinet Secretary for the National Treasury, The National Intelligence Service (NIS), the Directorate of Criminal Investigations (DCI), and the Ministry of Health. These experts and witnesses will have to enlighten the legislators on the relationship between Worldcoin and crypto trading in Kenya, and the potential health hazards resulting from the reported iris scans.  Also, the office of the Attorney General, the Registrar of Companies, and the Data Commissioner are expected to answer MP Gabriel Tongoyo’s questions on the legal framework of the operations of Worldcoin in Kenya. This is to ensure that due diligence was taken in the registration process of Worldcoin in Kenya. The committee has been given this very limited time to provide all the answers needed by the Legislators, as local media have reported that more than 350,000 Kenyans have signed up for Worldcoin in exchange for a free $49 worth of WLD tokens valued at 7,000 Kenyan shillings before the operation was suspended. WLD price struggles amid regulatory pressures | Source: WLDUSDT on Tradingview.com Worldcoin Fails to Meet Privacy Laws Worldcoin’s collection of biometrics data in exchange for its tokens reportedly failed to meet regulatory requirements in Kenya due to the requirement that disclosure of personal information should only be done in critical circumstances. Immaculate Kassait, the Data Commissioner for Kenya stated that Worldcoin had not been upfront about its objectives during the registration process. The Kenyan Capital Markets Authority also indicated that Worldcoin’s activities in the country were carried out without regulatory supervision, and this led to skepticism among the citizens in sharing their data with Worldcoin. Related Reading: Rumors Of Robinhood Listing XRP Take Center Stage On Crypto Twitter Due to this, the Interior Cabinet Secretary Kithure Kindiki gave the order to suspend every operation of Worldcoin in the country because of security concerns. Eliud Owalo, the digital counterpart of Kithure Kindiki, has also shared a few warnings about Worldcoin. According to recent reports, a raid on Worldcoin’s facility in Nairobi was carried out two weeks ago by the Kenyan police, leading to the seizure of documents and equipment from the facility for the purpose of accessing the data that has been collected by Worldcoin so that proper investigations can be conducted. However, Worldcoin stated that the company was willing to work with the authorities and outlined how it would restart its operations following the implementation of crowd-control measures. Featured image from BBC, chart from Tradingview.com