Bitcoin’s Transaction Fees Nearly Triple To Double Digits

Round up of Cryptocurrency News #3 Week 20/07 - 26/07

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First up, SORRY! This has been a late post, I have my reasons don't question them (if you must know I'll be posting in the discord - one time only haha). Secondly, I am sure you can agree with me when I say "Wow!" What an incredible week it has been. Last week I thought it was going to take a couple more weeks for more moving price action when it had only taken a few days which has seen Bitcoin reach and pass the $10,000 region. We have also seen the total Market cap for cryptocurrencies increase from about 280B to over 300B (308B at time of writing) within just a few days. A huge injection of liquidity, about 40B, into the market and just to name a few of the best rises in the top 20 (on Coinmarketcap.com), the price of ETH BTC ADA have given good performances/positive responses (With this I will start adding screenshots at the end of each week for timestamp purposes).
This may be a combination from Binance, Mastercard, Paypal, Grayscale investments, VISA AND the DEFI sector. Let me explain... Last week we read about Binance integrating with the company Swipe (SXP) to issue there own debit card expanding the use and reach of cryptocurrency to 31 countries within Europe. Binance's Q2 scheduled token burn of $60.5 Million, this figure correlates with its exchange, margin and futures trading platforms where approximately 20% of profits get burned to increase the price of BNB token (careful as the price has been steady after the burn).
This week we find out Mastercard's expansion into the Cryptosphere as they expand and integrate with the Wirex team to issue a Mastercard-backed Bitcoin debit card, thus further extending the reach of cryptocurrency availability internationally.
"The cryptocurrency market continues to mature and Mastercard is driving it forward, creating safe and secure experiences for consumers and businesses in today’s digital economy " "...Our work with Wirex and the wider crypto ecosystem is accelerating innovation and empowering consumers with more choice in the way they pay"
Mastercard is also reaching out to other emerging cryptocurrency firms to apply to become principal members [Partners] with Mastercard as they have relaxed their digital assets program and look to expand into the Digital Assets and Blockchain environment.
Paypals expression of interest in cryptocurrency facilitiation may bear fruits as it is said Paypal has partnered up with stablecoin operator Paxos (who is already in partnership with Revolut in the US) to facilitate trading through a cryptocurrency brokerage which will enable other firms to integrate cryptocurrency trading functionalities with them. In my opinion this looks much more promising than the Libra association they pulled out from last October as regulations.
Grayscale Investments clears regulatory hurdle as they have been given the green light for its Bitcoin Cash Trust (BCHG) and Litecoin Trust (LTCN) to be quoted in over-the-counter (OTC) markets by US Financial Industry Regulatory Authority (FINRA).
“The Trusts are open-ended trusts sponsored by Grayscale and are intended to enable exposure to the price movement of the Trusts’ underlying assets through a traditional investment vehicle, avoiding the challenges of buying, storing, and safekeeping digital Bitcoin Cash or Litecoin directly.”
More green lights for Cryptocurrency in the US as regulators allow banks to provide cryptocurrency custody services (which may go further than just custody services). A little bit strange as it seems unnecessary and undermines one of the key factors and uses of cryptocurrency which is to be in complete control of your own finances... On another outlook this may be bullish as it allows US banks to provide banking services directly to lawful cryptocurrency businesses and show support for Bitcoin.
Visa shows support stating they have a roadmap for their further expansion into the Crypto sphere. Already working with Crypto platform Coinbase and Fold they have stated they recognise the role of digital assets in the future of money. To be frank, it appears to be focused on stable coins, cost effectiveness and transaction speeds. However they are expanding their support for crypto assets.
AND MOST IMPORTANTLY, DeFI! Our very own growing section in crypto. Just like the 2017 ICO boom we are seeing exorbitant growth and FOMO into the Decentralised Finance sector (WBTC, Stablecoins, Yield farming, DEXs etc). The amount of active addresses on Ethereum has doubled but with the FOMO on their network have sky rocketed their fees! Large use-cases of stable coins such as USDT ($6B in circulation using ERC-20 standard), DAI, TUSD, and PAX. $114M Wrapped Bitcoin (WBTC) on their network acts as a fluid side chain for Bitcoin and DEX trade volume has touched $1.6B this month. With all this action happening on Ethereum I saw the 24HR volume surpass BTC briefly on Worldcoinindex.com
In other news, Bitcoin has been set as a new precedent in a US federal court in a case against Larry Dean Harmon, the operator of an underground trading platform Helix. Bitcoin has now legally been ruled as a form of money.
“After examination of the relevant statutes, case law, and other sources, the Court concludes that bitcoin is money under the MTA and that Helix, as described in the indictment, was an `unlicensed money transmitting business´ under applicable federal law.”
Quick news in China/Asia as floods threaten miners and the most dominant ASIC Bitcoin mining rig manufacturer Bitmain loses 10,000 Antminers worth millions alledgedly goes missing or "illegally transfered" with ongoing leadership dispute between cofounders.
Last but not least, Cardano (ADA) upgrade Shelley is ready to launch! Hardfork is initiated as final countdown clock is switched on. At time of writing the point of no return has been reached, stress tests done and confirmation Hardfork is coming 29/07 The Shelley Mainnet upgrade is a step toward fast, capable and decentralised crypto that can serve billions of people. With the Shelley Mainnet is ADA staking rewards and pools! Here is a chance for us Gravychainers to set up a small pool of our own. Small percentage of profits going into the development of the community, and you keep the rest!
If you read all of my ramblings thanks heaps! I appreciate it! I have added an extra piece of reading called speculation. Most you can speculate on by just reading the headline some others have more depth to them.
Another post next week for a weekly round up! Where do you think the market is going? What is in your portfolio? Let us know in the Gravychain Discord Channel
See you soon!
🍕 Bring some virtual pizza to share 🍕
Come have a chat, stimulate a discussion, ask a question or share some knowledge. We are all friendly crypto enthusiasts up for a chat, supportive and want to help each other with knowledge and investments!
Big thanks to our Telegram and My Crypto HQ for the constant news updates!
P.S.
Dr Seuss collectables on the blockchain HECK YEAH! and Bitcoin enters NASCAR, remember when Doge did this? it was like when Doge was trending on TikTok.
... Oh yeah did I also mention Steve Wozniak is suing Youtube, Google over rampant Bitcoin scams. Wait, what? Sydney based law firm JPB Liberty is suing Google, Facebook and Twitter for up to $300B. Just another day in the Cryptosphere.
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Binance par rapport aux autres plateformes d’échange. Binance est toujours la plus grande plateforme de trading de crypto-monnaies, mais pour cela elle a dû augmenter son offre de services de fiat-à-crypto parmi d'autres options de trading pour se maintenir en tête des plus importantes plateformes de crypto-monnaies au monde. The economic model adopted by the Filecoin network has prompted the miners to go on strike a day after the mainnet launch of the blockchain Miners on the Filecoin network are on strike after what they described as an unfair economic model adopted by the developers. According to 8btc.com, five of the ... Bitcoin’s transaction fees have posted a massive surge that has seen the average fee go to double figures. According to data obtained from crypto aggregator platform Glassnode, transaction fees constitute 22.25% of Bitcoin miners’ income whereas the rest (77.75%) is made up of the block rewards.. This current share of fee revenues is so far the highest that has ever been posted since the ... In an interview, Chinese miner Liu Feng says Iran has been gathering interest from bitcoin miners due to the country’s super cheap electricity. Feng claims electric costs are as low as $0.006 ... Cloudbet, the pioneering crypto casino and sportsbook, has officially launched an Argentina-focused service in response to the country’s surging interest in bitcoin and crypto gaming. Miner Hoards: Q2 Bitcoin Mining Provide Outflow Touches 12-Month Low. Onchain knowledge reveals that bitcoin miners are hoarding regardless of the 50% loss in income that began on May 11, through the third reward halving. The seven-day common of bitcoin miners’ outflow quantity and mining funds despatched to exchanges stays considerably ... Bitcoin Miner is an app that makes it very easy for anyone with a Windows 10 Mobile smartphone or PC to mine Bitcoin due to its streamlined interface. a system of open source peer-to-peer software for the creation and exchange of a certain type of cryptocurrency; the first such system to be fully. The company released a new update to Bitcoin Miner app with improvements and bug fixes. If you ... Miner Bitcoin est-il rentable ? Puisque les Bitcoins peuvent être minés, on peut se demander si cela ne vaudrait pas plus le coût de les miner soi-même, plutôt que de les trader. En réalité, cela n’est pas rentable pour la plupart des personnes. Miner nécessite un ordinateur très puissant, ce qui coûte cher. Et la facture d ... En noviembre de 2019, el precio de Bitcoin era de unos 9.300 dólares por bitcoin, lo que significa que ganarías 116.250 dólares (12,5 x 9.300) por completar un bloque. Si quiere saber con precisión cuándo se producirán estos cortes, puede consultar el Bitcoin Clock, que actualiza esta información en tiempo real. Curiosamente, el precio ... ArmyOfBitcoin.com Delivers The Latest Bitcoin Mining News. Find The Best Cloud Mining Sites Online Buy Crypto Miners Cheap Like The The Antminer T9 Bitcoin Miner. Comparison Shop Cyrptocurrency Miners And Mining Equiptment.

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Bitcoin Mining - Cloud & Home - Risks & Opportunities

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