Category: Cryptocurrency News

Despite the earnings miss, Marathon’s CEO said it mined a record 2,926 Bitcoin over the second quarter of 2023.

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PayPal and Paxos dominated the news cycle on Monday with the announcement of the launch of the PayPal (PYUSD) stablecoin, but concerns have been raised about the possibility of user assets being frozen in their wallets, as is the case with USDT. Crypto Community Adverse to Paxos Wallet Freeze Feature The PYUSD stablecoin issued by Paxos has a condition that is not too welcomed by the crypto community, which has dulled the initial excitement for the launch of the PayPal stablecoin. According to reports, Paxos, a blockchain infrastructure firm that issued the PYUSD has several centralization issues which give them a certain amount of control over user’s wallets.  Related Reading: Valkyrie Unveils Double-Barreled Approach To Launch An Ethereum ETF Alongside A Bitcoin ETF Information published on its GitHub account reveals that Paxos can freeze or suspend users’ wallets and transfer functions on PYUSD authorization in the case of a security threat. The Paxos freeze feature is quite similar to Tether’s USDT which is able to freeze/blacklist users’ addresses involved in fraudulent activities. Additionally, Paxos can withhold users’ funds and assets, as well as wipe the account clean if the law requires it.  The reactions from the crypto community were instant and not too favorable as investors’ anxiety spiked at the thought of possibly losing their substantial digital assets or having their wallets on lock.  Centralization has always been a touchy subject for the crypto community as decentralized networks are often believed to be more secure and distribute control among network participants rather than a central body.  Paxos has stated that freezing accounts is unlikely to happen often, and the company itself would not execute the process.  Stock price holds above $62 following stablecoin launch | Source: PayPal Holdings, Inc. on Tradingview.com PayPal Launches PYUSD Stablecoin Global payment giant PayPal recently unveiled its latest innovation, the PayPal USD (PYUSD) stablecoin, on August 7, in collaboration with Paxos, a New-York based blockchain infrastructure company. The news comes as a significant development for the Paxos ecosystem, as the integration of cryptocurrencies into the financial industry continues to grow.  The crypto community has largely welcomed this new development, as investors and traders are gearing up to take advantage of the token and its conveniences. Analysts also predict that popular cryptocurrencies like Bitcoin and Ethereum prices will also benefit significantly from the new stablecoin.  The PYUSD is an ERC-20 token developed on the Ethereum blockchain backed by the US dollar. Launching PayPal’s stablecoin is expected to help make crypto trading and offerings easily accessible on the payment platform.  Related Reading: PayPal’s PYUSD Launch Triggers Calls For Stablecoin Bill With PayPal’s user base reaching 400 million in 2022, the PYUSD stablecoin launch will also help facilitate crypto adoption and awareness, exposing a significant portion of the global population to digital currencies.  President and CEO of PayPal, Dan Schulman, commented, “The shift toward digital currencies requires a stable instrument that is both digitally native and easily connected to fiat currency like the U.S. dollar. Our commitment to responsible innovation and compliance, and our track record delivering new experiences to our customers, provides the foundation necessary to contribute to the growth of digital payments through PayPal USD.” Featured image from HowStuffWorks, chart from Tradingview.com

If the plan is approved, Core Scientific could buy 27,000 Bitmain miners for roughly $23 million in cash and $54 million in company equity.

Decentralized gaming platform, The Sandbox is set to execute a SAND token release valued at $133.86 million. According to data from TokenUnlocks, Sandbox will release 332.55 million SAND tokens into circulation on August 14, representing 16.16% of the token’s maximum supply.  New SAND Tokens In 2023 To Rise Over 700 Million With the upcoming SAND release, the total number of new SAND tokens in 2023 is expected to rise to 705.3 million. This latest unlock will add to the 372.75 million SAND released earlier during the last token unlock in February.  Based on more data from Token Unlocks, the newly released tokens will be allocated to various parties, including the Sandbox’s development team, project advisors, strategic and seed investors, and the project’s reserve.  SAND functions as the utility token of the Sandbox metaverse, serving as the platform’s payment medium and governance token. According to its design, SAND is expected to undergo a token unlock every six months until 2025. Currently, the number of circulating SAND tokens is 2.05 billion, representing 68.6% of SAND’s total supply. With the projected release on August 14, these figures are expected to jump to 2.39 billion and 84.76%, respectively. SAND trading at $0.40 on the daily chart | Source: SANDUSD chart on Tradingview.com Related Reading: Massive Token Unlock: Ripple Releases One Billion XRP From Escrow Potential Impact of Token Release on SAND’s Price Token unlocks are common events in the crypto space, usually accompanied by fears of a bearish market. This is because the sudden introduction of massive tokens to the market creates a higher supply-to-demand ratio, which drives down asset prices.  Looking at on-chain data, this is one likely effect of SAND’s upcoming token unlock on its market price due to declining network growth on the Sandbox platform. Based on data from blockchain analytics firm IntoTheBlock, the number of new addresses on Sandbox is down by 66.87% in the last month, falling from a peak of 649 in July to its current value of 215.  The continuance of this trend means Sandbox may lack the necessary traction to counter the upcoming inflationary pressure, which may ultimately lead to a fall in price. Source: IntoTheBlock Related Reading: Aptos (APT) Gains By 10% Ahead Of July Token Release Following SAND’s last token release on February 14, SAND’s price movement was fairly positive, opening at $0.68 to trade as high as $0.72 and close at $0.71. In the subsequent days, SAND would record more gains, reaching a market value of $0.88 on Feb 20.  While token unlocks are widely expected to precipitate bearish pressure, their effects are still unpredictable. Investors are advised to watch out for major developments on Sandbox regarding network growth and whale movement. At the time of writing, CoinMarketCap data shows that SAND is trading at $0.40 with a 0.62% gain on the last day. However, the token is down on the weekly chart losing about 2.98% of its value.  Featured image from Binance Academy, chart from Tradingview.

This was a pretty short lived hype, and some at the time were talking how BRC-20 tokens will be like ERC-20 tokens. But looking at it few months later, it looks like hype has completely almost died out. ​ Top and original BRC-20 token which is ORDI is still not doing badly since it's ''only''…
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Just about 6 years ago from today there was a historic event for Bitcoin and all of Crypto history. On the 1st August 2017, BTC splitted into BTC and BCH, the first Bitcoin fork. Later on BCH also splitted into BCH and BSV in 2018. A hard fork means that a blockchain network splits up…
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The scientists developed a tool called “AgentBench” to benchmark LLM models as agents.

Data shows that Litecoin long-term holders exited the asset before the halving, while short-term holders were left to panic on the halving day. The “halving” here refers to an event where the block rewards of Litecoin are permanently cut in half. Litecoin Long-Term Holders Sold During Price Surge Before The Halving According to data from the market intelligence platform IntoTheBlock, the long-term holders had been well-prepared for the “sell the news” halving event. The “long-term holders” (LTHs) generally include all investors who have been holding onto their coins since at least six months ago. Related Reading: These Bitcoin Metrics Are At Important Retests, Will Bullish Trend Prevail? This group includes some of the most resolute investors in the Litecoin market, who don’t easily react to whatever is going in on in the wider sector, as they usually hold through FUD or profit-taking opportunities without participating in any significant selling. Because of how rare movements from these investors can be, the few times that they do sell can be the ones to watch out for, as they may spell trouble for the market. A way to gauge whether the LTHs are participating in selling or not is through the “holding time of transacted coins” metric, which tells us about the average amount of time that coins being transferred on the blockchain had been dormant prior to this movement. When the value of this metric is high, it means that the age of coins being sold on the network is high, which can naturally be a sign that the LTHs are active right now. On the other hand, low values usually indicate that the short-term holders (STHs) are the ones selling currently. Now, here is a chart that shows the trend in the Litecoin holding time of transacted coins over the past few months: The value of the metric seems to have been relatively low in recent days | Source: IntoTheBlock on X As you can see in the above graph, the Litecoin holding time of transacted coins spiked back in June, when the price of the cryptocurrency had been observing a sharp rally. During the largest of these spikes, the indicator’s value had exceeded 1 year, implying that some of the most experienced investors in the market had broken their silence. This rally had occurred as the market had started getting hyped about the halving, which was only a month and a half away at that point. This event takes place every four years, with the latest one having occurred just earlier this month. Unlike what some may have hoped for, the event didn’t prove to be bullish for LTC, as the aforementioned rally didn’t last for too long and the cryptocurrency only declined in the remaining leadup to the halving, until finally it actually sharply plunged on the day of the event itself. It would appear that the experienced LTHs had already predicted something like this may happen, so they had taken the wise decision of selling while the opportunity was there. Related Reading: Bitcoin Miners Show Accumulation Again, Bullish Sign? In the post-halving selloff, the indicator’s value has remained low, implying that it’s only the short-term holders who have been panic selling after they saw that a bullish trend couldn’t return to Litecoin with the event. LTC Price At the time of writing, Litecoin is trading around $84, down 8% in the last week. LTC has plummeted since the halving | Source: LTCUSD on TradingView Featured image from Kanchanara on Unsplash.com, charts from TradingView.com, IntoTheBlock.com