Indian Central Bank Chief Insists Crypto Should Be Banned — Warns ‘It Will Undermine Authority of RBI’
India’s central bank has reiterated its stance on banning cryptocurrencies like bitcoin and ether. The governor of the Reserve Bank of India (RBI) likened cryptocurrency trading to gambling. He warned that crypto “will undermine the authority of the RBI and lead to the dollarization of the economy.”
The governor of India’s central bank, the Reserve Bank of India (RBI), Shaktikanta Das, emphasized the bank’s stance on crypto at the Business Today Banking and Economy Summit Friday.
Das stressed that the central bank’s view is to completely ban cryptocurrencies like bitcoin and ether, India Today reported, quoting him as saying: “RBI’s position on crypto is very clear — it should be banned.”
Emphasizing that cryptocurrencies have no underlying value, the Indian central bank governor described:
Some people call cryptocurrency an asset, some call it a financial product, but every asset or financial product needs to have an underlying value. But cryptocurrency does not have any underlying value.
Das proceeded to express his opinion on the market prices of cryptocurrencies, stating that they are based on speculation alone. He likened cryptocurrency trading to gambling.
“Anything whose valuation is dependent entirely on make-believe is nothing but 100% speculation, or to put it bluntly, it is gambling,” the RBI chief stressed. “In our country, we don’t allow gambling. If you want to allow gambling, treat it as gambling and lay down the rules.”
Reiterating that he does not see crypto as a financial product, the central banker said:
Cryptocurrency masquerading as a financial product or a financial asset is a completely misplaced argument.
Das also warned about the risks crypto poses to the Indian economy. He cautioned:
The Reserve Bank, being the monetary authority of the country as the central bank, will lose control over the money supply in the economy … It will undermine the authority of the RBI and lead to the dollarisation of the economy.
RBI officials similarly warned in May last year that crypto could lead to the dollarization of a part of India’s economy “which will be against the country’s sovereign interest.”
India currently does not have a regulatory framework for cryptocurrencies. The government has been working on a crypto bill for several years. Indian Finance Minister Nirmala Sitharaman said in October last year that the government hopes to discuss crypto regulation with the G20 countries to establish a technology-driven regulatory framework for crypto assets.
India’s central bank has reiterated its stance on banning cryptocurrencies like bitcoin and ether. The governor of the Reserve Bank of India (RBI) likened cryptocurrency trading to gambling. He warned that crypto “will undermine the authority of the RBI and lead to the dollarization of the economy.”
The governor of India’s central bank, the Reserve Bank of India (RBI), Shaktikanta Das, emphasized the bank’s stance on crypto at the Business Today Banking and Economy Summit Friday.
Das stressed that the central bank’s view is to completely ban cryptocurrencies like bitcoin and ether, India Today reported, quoting him as saying: “RBI’s position on crypto is very clear — it should be banned.”
Emphasizing that cryptocurrencies have no underlying value, the Indian central bank governor described:
Some people call cryptocurrency an asset, some call it a financial product, but every asset or financial product needs to have an underlying value. But cryptocurrency does not have any underlying value.
Das proceeded to express his opinion on the market prices of cryptocurrencies, stating that they are based on speculation alone. He likened cryptocurrency trading to gambling.
“Anything whose valuation is dependent entirely on make-believe is nothing but 100% speculation, or to put it bluntly, it is gambling,” the RBI chief stressed. “In our country, we don’t allow gambling. If you want to allow gambling, treat it as gambling and lay down the rules.”
Reiterating that he does not see crypto as a financial product, the central banker said:
Cryptocurrency masquerading as a financial product or a financial asset is a completely misplaced argument.
Das also warned about the risks crypto poses to the Indian economy. He cautioned:
The Reserve Bank, being the monetary authority of the country as the central bank, will lose control over the money supply in the economy … It will undermine the authority of the RBI and lead to the dollarisation of the economy.
RBI officials similarly warned in May last year that crypto could lead to the dollarization of a part of India’s economy “which will be against the country’s sovereign interest.”
India currently does not have a regulatory framework for cryptocurrencies. The government has been working on a crypto bill for several years. Indian Finance Minister Nirmala Sitharaman said in October last year that the government hopes to discuss crypto regulation with the G20 countries to establish a technology-driven regulatory framework for crypto assets.
Bitcoin, Ethereum Technical Analysis: ETH, BTC Lower, US Retail Sales Slow
Ethereum fell lower on Thursday, as cryptocurrency markets continued to react to the latest U.S. retail sales figures. Sales in the United States fell by more than expected, coming in 1.1% lower in December. Bitcoin also declined in today’s session, with prices falling below the $21,000 mark.
Bitcoin (BTC) dropped below the $21,000 mark on Thursday, as crypto markets fell following slowing U.S. retail sales figures.
The decline saw BTC/USD hit an intraday low of $20,541.54 earlier in today’s session, fresh from a four-month high of $21,564.50.
Since the sell-off, BTC now seems to be in search of a support point, with the $20,500 mark a likely candidate.
Looking at the chart, a drop was somewhat expected with the 14-day relative strength index (RSI) tracking near a two-year high in recent days.
As of writing, the index is at the 78.40 level, which is marginally above a floor at the 77.00 mark.
Should a move below this point take place, it is likely that BTC bears could push prices towards the $20,000 zone.
Ethereum (ETH), which rose above $1,600 on Wednesday, was also in the red in today’s session, falling towards a five-day low.
Following a high of $1,602.11 on hump-day, ETH/USD dropped to a bottom of $1,509.42 earlier today.
As a result of the move, ETH fell to its lowest point since Saturday, when prices hit a floor of $1,449.
From the chart, ETH’s price strength has also hit a support level, with the RSI currently hovering close to a floor at 70.00.
Should momentum continue to trend downwards, the next signal will be that of the 10-day (red) moving average, which for now remains upward facing.
Providing this occurs, ethereum sellers will likely be targeting a move near the $1,350 mark.
Ethereum fell lower on Thursday, as cryptocurrency markets continued to react to the latest U.S. retail sales figures. Sales in the United States fell by more than expected, coming in 1.1% lower in December. Bitcoin also declined in today’s session, with prices falling below the $21,000 mark.
Bitcoin (BTC) dropped below the $21,000 mark on Thursday, as crypto markets fell following slowing U.S. retail sales figures.
The decline saw BTC/USD hit an intraday low of $20,541.54 earlier in today’s session, fresh from a four-month high of $21,564.50.
Since the sell-off, BTC now seems to be in search of a support point, with the $20,500 mark a likely candidate.
Looking at the chart, a drop was somewhat expected with the 14-day relative strength index (RSI) tracking near a two-year high in recent days.
As of writing, the index is at the 78.40 level, which is marginally above a floor at the 77.00 mark.
Should a move below this point take place, it is likely that BTC bears could push prices towards the $20,000 zone.
Ethereum (ETH), which rose above $1,600 on Wednesday, was also in the red in today’s session, falling towards a five-day low.
Following a high of $1,602.11 on hump-day, ETH/USD dropped to a bottom of $1,509.42 earlier today.
As a result of the move, ETH fell to its lowest point since Saturday, when prices hit a floor of $1,449.
From the chart, ETH’s price strength has also hit a support level, with the RSI currently hovering close to a floor at 70.00.
Should momentum continue to trend downwards, the next signal will be that of the 10-day (red) moving average, which for now remains upward facing.
Providing this occurs, ethereum sellers will likely be targeting a move near the $1,350 mark.
Kenyan Fintech Kwara Raises $3 Million in Seed Extension
A Kenyan fintech that digitizes credit unions, Kwara, is reported to have raised $3 million via a seed extension round that was backed by DOB Equity, Globivest, and Willard Ahdritz. The latest round brings to $7 million the amount of capital that the fintech has now raised via this funding round.
Kwara, the Kenyan fintech targeting the financially excluded, has reportedly raised a $3 million seed extension and has signed a digital solutions distribution agreement with an organization representing Kenyan cooperatives. The fintech, which more than doubled its client base in 2023, said it hopes to fund its growth with the capital raised.
According to a Techcrunch report, existing investors participating in the startup’s seed extension round include DOB Equity, Globivest, and Willard Ahdritz. Also joining the fintech’s latest funding round were One Day Yes and Base Capital. The chief financial officer of Revolut, Mikko Salovaara, is reported to have joined this round.
Commenting on the timing of the fintech startup’s agreement with the Kenya Union of Savings & Credit Cooperatives (KUSCCO), Kwara co-founder and CEO Cynthia Wandia reportedly said:
We think we’ve barely scratched the surface in the Kenyan market. And so, we are just going to be really investing in products and services that deepen our relationship here.
Before the fintech’s latest capital raise, Kwara raised $4 million in a seed round that was backed by Breega, Softbank Vision Fund Emerge, Finca Ventures, and New General Market Partners. The latest round brings to $7 million the amount of capital that Kwara has now raised via this funding round.
Through its neobank app, Kwara hopes to give members of KUSCCO’s partner unions improved access to additional services. The same app also makes it possible for users to directly deposit funds into their respective credit union accounts, the report said.
A Kenyan fintech that digitizes credit unions, Kwara, is reported to have raised $3 million via a seed extension round that was backed by DOB Equity, Globivest, and Willard Ahdritz. The latest round brings to $7 million the amount of capital that the fintech has now raised via this funding round.
Kwara, the Kenyan fintech targeting the financially excluded, has reportedly raised a $3 million seed extension and has signed a digital solutions distribution agreement with an organization representing Kenyan cooperatives. The fintech, which more than doubled its client base in 2023, said it hopes to fund its growth with the capital raised.
According to a Techcrunch report, existing investors participating in the startup’s seed extension round include DOB Equity, Globivest, and Willard Ahdritz. Also joining the fintech’s latest funding round were One Day Yes and Base Capital. The chief financial officer of Revolut, Mikko Salovaara, is reported to have joined this round.
Commenting on the timing of the fintech startup’s agreement with the Kenya Union of Savings & Credit Cooperatives (KUSCCO), Kwara co-founder and CEO Cynthia Wandia reportedly said:
We think we’ve barely scratched the surface in the Kenyan market. And so, we are just going to be really investing in products and services that deepen our relationship here.
Before the fintech’s latest capital raise, Kwara raised $4 million in a seed round that was backed by Breega, Softbank Vision Fund Emerge, Finca Ventures, and New General Market Partners. The latest round brings to $7 million the amount of capital that Kwara has now raised via this funding round.
Through its neobank app, Kwara hopes to give members of KUSCCO’s partner unions improved access to additional services. The same app also makes it possible for users to directly deposit funds into their respective credit union accounts, the report said.
New South African Code Says Crypto Asset Ads Must Include Capital Loss Warning
Crypto asset service providers in South Africa seeking to attract investors via advertisements must “expressly and clearly state that investing in crypto assets may result in the loss of capital.” Influencers working on behalf of crypto asset service providers must “not offer advice on trading or investing in crypto assets and may not promise benefits or returns.”
According to the latest code of practice released by South Africa’s Advertising Regulatory Board (ARB), crypto-related advertisements must clearly warn the public that investing in digital assets “may result in the loss of capital.” Furthermore, ARB’s latest code states that the overall wording of such adverts should not contradict this warning.
The new crypto asset advertising guidelines, which are reportedly the result of the collaborative effort between ARB and South African crypto exchanges, are seemingly intended to preclude scammers from targeting their victims via regulated media platforms. Commenting on the inclusion of crypto assets in the latest advertising code, Gail Schimmel, the CEO at ARB, reportedly said:
This is a wonderful example of an industry that sees the harm that could be done in its name and steps up to self-regulate the issues without being forced to do so by the government. This has been an exciting project and we know that it will result in better protection for vulnerable consumers.
Meanwhile, in addition to the capital loss warning, the self-regulating board wants the ads to use language easily understood by the targeted audience. Concerning the promises of future earnings or gains, the new code stipulates that such ads must be backed “by adequate substantiation that complies with the requirements of Clause 4.1 of Section II.”
Similarly, advertisements that refer to past performances should not be presented in a way that leaves a “favourable impression of the advertised product or service.”
Where an influencer is hired or used to entice potential investors, the new code states that the concerned individual must “share factual information only.” Furthermore, influencers and project ambassadors are barred from offering “advice on trading or investing in crypto assets and may not promise benefits or returns.”
Crypto asset service providers in South Africa seeking to attract investors via advertisements must “expressly and clearly state that investing in crypto assets may result in the loss of capital.” Influencers working on behalf of crypto asset service providers must “not offer advice on trading or investing in crypto assets and may not promise benefits or returns.”
According to the latest code of practice released by South Africa’s Advertising Regulatory Board (ARB), crypto-related advertisements must clearly warn the public that investing in digital assets “may result in the loss of capital.” Furthermore, ARB’s latest code states that the overall wording of such adverts should not contradict this warning.
The new crypto asset advertising guidelines, which are reportedly the result of the collaborative effort between ARB and South African crypto exchanges, are seemingly intended to preclude scammers from targeting their victims via regulated media platforms. Commenting on the inclusion of crypto assets in the latest advertising code, Gail Schimmel, the CEO at ARB, reportedly said:
This is a wonderful example of an industry that sees the harm that could be done in its name and steps up to self-regulate the issues without being forced to do so by the government. This has been an exciting project and we know that it will result in better protection for vulnerable consumers.
Meanwhile, in addition to the capital loss warning, the self-regulating board wants the ads to use language easily understood by the targeted audience. Concerning the promises of future earnings or gains, the new code stipulates that such ads must be backed “by adequate substantiation that complies with the requirements of Clause 4.1 of Section II.”
Similarly, advertisements that refer to past performances should not be presented in a way that leaves a “favourable impression of the advertised product or service.”
Where an influencer is hired or used to entice potential investors, the new code states that the concerned individual must “share factual information only.” Furthermore, influencers and project ambassadors are barred from offering “advice on trading or investing in crypto assets and may not promise benefits or returns.”
US Lawmaker Outlines Priorities to Regulate Crypto and Make America the Place for Blockchain Innovation
The chairman of a newly formed digital assets committee, U.S. Congressman French Hill, has outlined some priorities to regulate the crypto sector and ensure America is the place for fintech and blockchain innovation. “We want a regulatory framework that’s transparent for developers, investors, and potential consumers,” the lawmaker emphasized.
U.S. Congressman French Hill (R-AR), who was recently appointed chairman of the newly formed subcommittee on “Digital Assets, Financial Technology and Inclusion,” discussed several crypto-related priorities for his subcommittee in an interview with CNBC Thursday.
Replying to a question about whether the U.S. should have a spot bitcoin exchange-traded fund (ETF), he explained that it is an area his subcommittee wants to explore. The congressman detailed:
You’ll see us look at a privacy law, a federal privacy law … you will see us consider a stablecoin bill … you will see us explore what are the ramifications for the securities market, and work with the Agriculture Committee in the House and Senate on the commodity aspect of it.
The new digital assets committee will also discuss the oversight of cryptocurrency trading and crypto exchanges, Rep. Hill continued. “All that is on the table and that’s going to be a priority for this year.”
So far, the U.S. Securities and Exchange Commission (SEC) has approved some bitcoin futures ETFs but has yet to approve a spot bitcoin ETF.
The lawmaker from Arkansas stressed, “Blockchain is an important innovation area,” emphasizing:
We want that technology to be done here in the United States. We want a regulatory framework that’s transparent for developers, investors, and potential consumers as people try to prove a use case. And finally, we want to make sure the people have full transparency of that.
Noting that changes can be gradual rather than completely disruptive, Rep. Hill described: “We want to make sure that America is the place for innovation in fintech and blockchain, and distributed ledger technology is part of that fintech future.”
Urging Democrats and Republicans to work together, the lawmaker opined: “This is an area that’s important for our country. We need this regulatory framework, and we need to come together to have it or we are going to have continued chaos that we saw last year with the spring of bankruptcies across the industry. That’s not helpful to the developers, to the industry, to innovation, and certainly not to investors and consumers.”
The chairman of a newly formed digital assets committee, U.S. Congressman French Hill, has outlined some priorities to regulate the crypto sector and ensure America is the place for fintech and blockchain innovation. “We want a regulatory framework that’s transparent for developers, investors, and potential consumers,” the lawmaker emphasized.
U.S. Congressman French Hill (R-AR), who was recently appointed chairman of the newly formed subcommittee on “Digital Assets, Financial Technology and Inclusion,” discussed several crypto-related priorities for his subcommittee in an interview with CNBC Thursday.
Replying to a question about whether the U.S. should have a spot bitcoin exchange-traded fund (ETF), he explained that it is an area his subcommittee wants to explore. The congressman detailed:
You’ll see us look at a privacy law, a federal privacy law … you will see us consider a stablecoin bill … you will see us explore what are the ramifications for the securities market, and work with the Agriculture Committee in the House and Senate on the commodity aspect of it.
The new digital assets committee will also discuss the oversight of cryptocurrency trading and crypto exchanges, Rep. Hill continued. “All that is on the table and that’s going to be a priority for this year.”
So far, the U.S. Securities and Exchange Commission (SEC) has approved some bitcoin futures ETFs but has yet to approve a spot bitcoin ETF.
The lawmaker from Arkansas stressed, “Blockchain is an important innovation area,” emphasizing:
We want that technology to be done here in the United States. We want a regulatory framework that’s transparent for developers, investors, and potential consumers as people try to prove a use case. And finally, we want to make sure the people have full transparency of that.
Noting that changes can be gradual rather than completely disruptive, Rep. Hill described: “We want to make sure that America is the place for innovation in fintech and blockchain, and distributed ledger technology is part of that fintech future.”
Urging Democrats and Republicans to work together, the lawmaker opined: “This is an area that’s important for our country. We need this regulatory framework, and we need to come together to have it or we are going to have continued chaos that we saw last year with the spring of bankruptcies across the industry. That’s not helpful to the developers, to the industry, to innovation, and certainly not to investors and consumers.”
Russians Offered Ready-made Crypto Exchange Accounts Amid Restrictions
Russian crypto traders have been looking to obtain unrestricted accounts for global exchanges as their access to such platforms is limited. Over the past year, the offering of such accounts on the dark web has increased significantly, cybersecurity experts told the Russian press.
More and more ready-to-use accounts for cryptocurrency exchanges are being sold to Russian residents. While this is not a new phenomenon — such accounts are often employed by fraudsters and money launderers — the current growth in supply has been attributed to the restrictions imposed by the trading platforms on customers from Russia, as a result of compliance with sanctions over the war in Ukraine.
Russian residents have been buying these accounts despite the dangers, including the risk that whoever created them could maintain access after the sale, the Kommersant reported. But they are inexpensive and offers on darknet markets have doubled since early 2022, Nikolay Chursin from the Positive Technologies information security threat analysis group told the business daily.
According to Peter Mareichev, an analyst at Kaspersky Digital Footprint Intelligence, the number of new ads for ready-made and verified wallets on various exchanges reached 400 in December. Proposals to prepare fake documents for passing know-your-customer procedures also rose, the newspaper revealed in an earlier article last month.
Simple login data, username and password, is typically priced at around $50, Chursin added. And for a fully set up account, including the documents with which it was registered, a buyer would have to pay an average of $300. Dmitry Bogachev from digital threat analysis firm Jet Infosystems explained that the price depends on factors such as the country and date of registration as well as the activity history. Older accounts are more expensive.
Sergey Mendeleev, CEO of defi banking platform Indefibank, pointed out that there are two categories of buyers — Russians that have no other choice as they need an account for everyday work and those who use these accounts for criminal purposes. Igor Sergienko, director of development at cybersecurity services provider RTK-Solar, is convinced that demand is largely due to crypto exchanges blocking Russian accounts or withdrawals to Russian bank cards in recent months.
Major crypto service providers, including leading digital asset exchanges, have complied with financial restrictions introduced by the West in response to Russia’s invasion of Ukraine. Last year, the world’s largest crypto trading platform, Binance, indicated that, while restricting sanctioned individuals and entities, it was not banning all Russians.
However, since the end of 2022, a number of Russian users of Binance have complained about having their accounts blocked without explanation, as reported by Forklog. Many experienced problems for weeks, including suspended withdrawals amid prolonged checks, affected customers said. The company told the crypto news outlet that the blocking of users from Eastern Europe and the Commonwealth of Independent States was related to the case with the seized crypto exchange Bitzlato.
Russian crypto traders have been looking to obtain unrestricted accounts for global exchanges as their access to such platforms is limited. Over the past year, the offering of such accounts on the dark web has increased significantly, cybersecurity experts told the Russian press.
More and more ready-to-use accounts for cryptocurrency exchanges are being sold to Russian residents. While this is not a new phenomenon — such accounts are often employed by fraudsters and money launderers — the current growth in supply has been attributed to the restrictions imposed by the trading platforms on customers from Russia, as a result of compliance with sanctions over the war in Ukraine.
Russian residents have been buying these accounts despite the dangers, including the risk that whoever created them could maintain access after the sale, the Kommersant reported. But they are inexpensive and offers on darknet markets have doubled since early 2022, Nikolay Chursin from the Positive Technologies information security threat analysis group told the business daily.
According to Peter Mareichev, an analyst at Kaspersky Digital Footprint Intelligence, the number of new ads for ready-made and verified wallets on various exchanges reached 400 in December. Proposals to prepare fake documents for passing know-your-customer procedures also rose, the newspaper revealed in an earlier article last month.
Simple login data, username and password, is typically priced at around $50, Chursin added. And for a fully set up account, including the documents with which it was registered, a buyer would have to pay an average of $300. Dmitry Bogachev from digital threat analysis firm Jet Infosystems explained that the price depends on factors such as the country and date of registration as well as the activity history. Older accounts are more expensive.
Sergey Mendeleev, CEO of defi banking platform Indefibank, pointed out that there are two categories of buyers — Russians that have no other choice as they need an account for everyday work and those who use these accounts for criminal purposes. Igor Sergienko, director of development at cybersecurity services provider RTK-Solar, is convinced that demand is largely due to crypto exchanges blocking Russian accounts or withdrawals to Russian bank cards in recent months.
Major crypto service providers, including leading digital asset exchanges, have complied with financial restrictions introduced by the West in response to Russia’s invasion of Ukraine. Last year, the world’s largest crypto trading platform, Binance, indicated that, while restricting sanctioned individuals and entities, it was not banning all Russians.
However, since the end of 2022, a number of Russian users of Binance have complained about having their accounts blocked without explanation, as reported by Forklog. Many experienced problems for weeks, including suspended withdrawals amid prolonged checks, affected customers said. The company told the crypto news outlet that the blocking of users from Eastern Europe and the Commonwealth of Independent States was related to the case with the seized crypto exchange Bitzlato.
Crypto is changing eCommerce by enabling fast transactions with low fees and improving fraud protection. Additionally, adopting cryptocurrency lets businesses reach a larger market of tech-savvy clients.
Skaflic can help online businesses and investors! You wonder how? See more below 👇
Skaflic is the first market in the world for buying and selling equity for E-commerce shares through crypto currencies. ICO started on the 15th of January and will run until the 15th of February. Hurry up to join it! 🔥
Skaflic has partnerships with LBank, Bitmart and Probit.
Please, have a look at White Paper to find out more about the project.
Follow these steps to join a Skaflic ICO:
Sign up and fill in the necessary information ➡️➡️➡️ Book a ticket (you need a minimum of 100$ to participate in ICO) ➡️➡️➡️ Log-in to your Skaflic account ➡️➡️➡️ Select Payment Amount ➡️➡️➡️ Agree to the terms and condition to open the payment details ➡️➡️➡️ Fill in Purchase Information.
So what are you waiting for? 👇Follow this link to participate👇
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YouTube: https://www.youtube.com/@skaflicofficial
Twitter Account: @SkaflicOfficial
Skaflic can help online businesses and investors! You wonder how? See more below 👇
Skaflic is the first market in the world for buying and selling equity for E-commerce shares through crypto currencies. ICO started on the 15th of January and will run until the 15th of February. Hurry up to join it! 🔥
Skaflic has partnerships with LBank, Bitmart and Probit.
Please, have a look at White Paper to find out more about the project.
Follow these steps to join a Skaflic ICO:
Sign up and fill in the necessary information ➡️➡️➡️ Book a ticket (you need a minimum of 100$ to participate in ICO) ➡️➡️➡️ Log-in to your Skaflic account ➡️➡️➡️ Select Payment Amount ➡️➡️➡️ Agree to the terms and condition to open the payment details ➡️➡️➡️ Fill in Purchase Information.
So what are you waiting for? 👇Follow this link to participate👇
https://clik.cc/airdrop_factory
#Skaflic #e-commerce #notyourusualcrypto #passiveincome
YouTube: https://www.youtube.com/@skaflicofficial
Twitter Account: @SkaflicOfficial
Ethereum Network’s Rising Gas Fees in 2023: A Balancing Act of Growth and Cost
Ethereum gas fees have increased 13.71% in the last two weeks, with the average fee rising from $4.52 per transaction to $5.14 per transfer on Feb. 3, 2023. Despite ethereum’s price seeing significant growth this year, its network’s gas fees have also seen a similar increase. As the demand for Ethereum’s capabilities continues to soar, it remains to be seen if these rising fees will ultimately hinder its growth.
With a value of $1,701 per coin reached on Thursday, Feb. 2, 2023, ethereum (ETH) has reached new heights, soaring to its highest value this year. However, despite the increase in ethereum’s token value, the cost to send the cryptocurrency onchain has also risen.
On Jan. 18, 2023, data from bitinfocharts showed an average transfer fee of 0.0029 ETH or $4.52 per transaction. Just 15 days later, the transfer fee had risen to 0.0031 ETH or $5.14 per transaction.
The median fee for transactions was around $1.96 per transaction on Jan. 18, 2023, and jumped 20% to $2.36 per transaction on Feb. 3, 2023. The median fee to transfer ether is now 0.0014 ETH.
Transacting on Opensea currently costs around $3.89, while a decentralized exchange (dex) swap costs around $10.02 per transaction. On the Ethereum network, the cost to transact with an ERC20 token such as USDT or USDC is around $2.94 per transfer on Feb. 3.
According to Dune Analytics data, the average cost to send transactions using the Ethereum scaling solution Optimism is approximately $0.288 per transaction, while the L2 scaling network Arbitrum is around $0.182 per transfer on Feb. 3.
The combined number of L2 transactions using Arbitrum and Optimism has decreased since Jan. 15, 2023. Two days ago, on Feb. 1, 2023, Ethereum recorded 1.06 million transactions, while the combined number of transactions using Arbitrum and Optimism was 902,254.
Data shows that the cost to transfer 1.06 million transactions on Ethereum at a median rate of $2.36 per transaction would be $2.49 million. However, if these same transactions were moved to Optimism at a rate of $0.288 per transaction, the fees would cost $307,680, which is 87.67% lower.
If the transactions were moved to Arbitrum at a fee rate of $0.182 per transfer, the cost would be $193,720, a 92.19% decrease compared to Ethereum. While Ethereum recorded 1.06 million transactions with a much higher cost, Optimism had 212,743 transfers and Arbitrum had 689,511 transactions.
Ethereum gas fees have increased 13.71% in the last two weeks, with the average fee rising from $4.52 per transaction to $5.14 per transfer on Feb. 3, 2023. Despite ethereum’s price seeing significant growth this year, its network’s gas fees have also seen a similar increase. As the demand for Ethereum’s capabilities continues to soar, it remains to be seen if these rising fees will ultimately hinder its growth.
With a value of $1,701 per coin reached on Thursday, Feb. 2, 2023, ethereum (ETH) has reached new heights, soaring to its highest value this year. However, despite the increase in ethereum’s token value, the cost to send the cryptocurrency onchain has also risen.
On Jan. 18, 2023, data from bitinfocharts showed an average transfer fee of 0.0029 ETH or $4.52 per transaction. Just 15 days later, the transfer fee had risen to 0.0031 ETH or $5.14 per transaction.
The median fee for transactions was around $1.96 per transaction on Jan. 18, 2023, and jumped 20% to $2.36 per transaction on Feb. 3, 2023. The median fee to transfer ether is now 0.0014 ETH.
Transacting on Opensea currently costs around $3.89, while a decentralized exchange (dex) swap costs around $10.02 per transaction. On the Ethereum network, the cost to transact with an ERC20 token such as USDT or USDC is around $2.94 per transfer on Feb. 3.
According to Dune Analytics data, the average cost to send transactions using the Ethereum scaling solution Optimism is approximately $0.288 per transaction, while the L2 scaling network Arbitrum is around $0.182 per transfer on Feb. 3.
The combined number of L2 transactions using Arbitrum and Optimism has decreased since Jan. 15, 2023. Two days ago, on Feb. 1, 2023, Ethereum recorded 1.06 million transactions, while the combined number of transactions using Arbitrum and Optimism was 902,254.
Data shows that the cost to transfer 1.06 million transactions on Ethereum at a median rate of $2.36 per transaction would be $2.49 million. However, if these same transactions were moved to Optimism at a rate of $0.288 per transaction, the fees would cost $307,680, which is 87.67% lower.
If the transactions were moved to Arbitrum at a fee rate of $0.182 per transfer, the cost would be $193,720, a 92.19% decrease compared to Ethereum. While Ethereum recorded 1.06 million transactions with a much higher cost, Optimism had 212,743 transfers and Arbitrum had 689,511 transactions.
Interpol Is Figuring Out How the Metaverse Will Be Policed
The International Criminal Police Organization, Interpol, is working on how to police the metaverse, a digital world that is projected as an alternative to the real world. Interpol secretary general Jurgen Stock believes the organization must be ready for this task in order to not be left behind by the metaverse and its related technology.
Police organizations are facing difficulties when adopting certain policies to enforce the law in the metaverse. However, Jurgen Stock, the secretary general of the International Criminal Police Organization, Interpol, believes the organization must be prepared to act on crimes that are happening in the digital world.
The organization is currently preparing to bring its action to metaverse platforms, which are already being used by some groups to commit crimes. In an interview with the BBC, Stock stated:
Criminals are sophisticated and professional in very quickly adapting to any new technological tool that is available to commit crime. We need to sufficiently respond to that. Sometimes lawmakers, police, and our societies are running a little bit behind.
Among these crimes currently happening in the metaverse there are verbal harassment, assaults, and others including ransomware, counterfeiting, money laundering, and financial fraud. However, some of these are still in legal gray areas.
One of the biggest problems that the organization is facing right now is determining whether an action constitutes a crime or not on the metaverse, according to Dr. Madan Oberoi, Interpol’s executive director of technology and innovation. Recognizing that there are still difficulties in this regard, he stated:
If you look at the definitions of these crimes in physical space, and you try to apply it in the metaverse, there is a difficulty. We don’t know whether we can call them a crime or not, but those threats are definitely there, so those issues are yet to be resolved.
For Oberoi, one thing is certain: to police the metaverse, Interpol needs to have contact and be present on metaverse platforms. This is why the organization already has its own place in the metaverse, which was inaugurated during its 90th General Assembly in New Delhi in October.
Interpol’s metaverse platform also serves another objective, giving it the ability to offer courses online to members of the force in other countries, and allowing them to directly practice the acquired abilities in the metaverse.
The International Criminal Police Organization, Interpol, is working on how to police the metaverse, a digital world that is projected as an alternative to the real world. Interpol secretary general Jurgen Stock believes the organization must be ready for this task in order to not be left behind by the metaverse and its related technology.
Police organizations are facing difficulties when adopting certain policies to enforce the law in the metaverse. However, Jurgen Stock, the secretary general of the International Criminal Police Organization, Interpol, believes the organization must be prepared to act on crimes that are happening in the digital world.
The organization is currently preparing to bring its action to metaverse platforms, which are already being used by some groups to commit crimes. In an interview with the BBC, Stock stated:
Criminals are sophisticated and professional in very quickly adapting to any new technological tool that is available to commit crime. We need to sufficiently respond to that. Sometimes lawmakers, police, and our societies are running a little bit behind.
Among these crimes currently happening in the metaverse there are verbal harassment, assaults, and others including ransomware, counterfeiting, money laundering, and financial fraud. However, some of these are still in legal gray areas.
One of the biggest problems that the organization is facing right now is determining whether an action constitutes a crime or not on the metaverse, according to Dr. Madan Oberoi, Interpol’s executive director of technology and innovation. Recognizing that there are still difficulties in this regard, he stated:
If you look at the definitions of these crimes in physical space, and you try to apply it in the metaverse, there is a difficulty. We don’t know whether we can call them a crime or not, but those threats are definitely there, so those issues are yet to be resolved.
For Oberoi, one thing is certain: to police the metaverse, Interpol needs to have contact and be present on metaverse platforms. This is why the organization already has its own place in the metaverse, which was inaugurated during its 90th General Assembly in New Delhi in October.
Interpol’s metaverse platform also serves another objective, giving it the ability to offer courses online to members of the force in other countries, and allowing them to directly practice the acquired abilities in the metaverse.
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Bitzlato Co-Founder Anton Shkurenko Arrested in Russia, Report
Russian authorities have reportedly arrested the second co-founder of seized cryptocurrency exchange Bitzlato. The man, who recently promised to restore the platform’s operations from Russia, was detained at the request of Interpol and may face extradition to France.
Anton Shkurenko, co-founder of the recently busted digital asset exchange Bitzlato, has been arrested in Moscow, the Russian Telegram channel Baza reported. According to a post published on Tuesday, the crypto entrepreneur was wanted by French investigators who suspect him of extortion, data theft, and money laundering.
Better known to the Russian-speaking market, Bitzlato was taken down in an international law enforcement operation in January. The coin trading platform is said to have processed over $700 million in illicit funds received from criminal entities, including the darknet market Hydra and the Russian crypto pyramid Finiko.
The Hong Kong-registered exchange was established in 2017 by Shkurenko and his partner Anatoly Legkodymov, after launching the previous year as a trading bot called BTC Banker which facilitated peer-to-peer transactions.
Legkodymov, a Russian national residing in China, was arrested by U.S. authorities in Miami last month. An earlier report by Baza claims that about a year ago he transferred his share in Bitzlato to his partner and left the post of CEO.
The European Union Agency for Law Enforcement Cooperation (Europol) detained another three Bitzlato executives — the company’s current CEO, financial director, and marketing director — and a system administrator, in Spain and Cyprus. French law enforcement authorities took control of its servers and its website.
The Federal Bureau of Investigation (FBI) is alleging that criminal proceeds from ransomware attacks, hacks, scams, and extortions passed through Bitzlato. According to data from blockchain analytics firm Chainalysis, the world’s largest crypto exchange, Binance, transferred cryptocurrency worth nearly $346 million for the platform.
Russian authorities are yet decide whether to extradite Anton Shkurenko to France, the report noted. The news of his arrest comes after last week he said in an interview with a crypto Youtube channel that Bitzlato’s remaining team intends to relocate the business to Russia and relaunch operations, including withdrawals.
Russian authorities have reportedly arrested the second co-founder of seized cryptocurrency exchange Bitzlato. The man, who recently promised to restore the platform’s operations from Russia, was detained at the request of Interpol and may face extradition to France.
Anton Shkurenko, co-founder of the recently busted digital asset exchange Bitzlato, has been arrested in Moscow, the Russian Telegram channel Baza reported. According to a post published on Tuesday, the crypto entrepreneur was wanted by French investigators who suspect him of extortion, data theft, and money laundering.
Better known to the Russian-speaking market, Bitzlato was taken down in an international law enforcement operation in January. The coin trading platform is said to have processed over $700 million in illicit funds received from criminal entities, including the darknet market Hydra and the Russian crypto pyramid Finiko.
The Hong Kong-registered exchange was established in 2017 by Shkurenko and his partner Anatoly Legkodymov, after launching the previous year as a trading bot called BTC Banker which facilitated peer-to-peer transactions.
Legkodymov, a Russian national residing in China, was arrested by U.S. authorities in Miami last month. An earlier report by Baza claims that about a year ago he transferred his share in Bitzlato to his partner and left the post of CEO.
The European Union Agency for Law Enforcement Cooperation (Europol) detained another three Bitzlato executives — the company’s current CEO, financial director, and marketing director — and a system administrator, in Spain and Cyprus. French law enforcement authorities took control of its servers and its website.
The Federal Bureau of Investigation (FBI) is alleging that criminal proceeds from ransomware attacks, hacks, scams, and extortions passed through Bitzlato. According to data from blockchain analytics firm Chainalysis, the world’s largest crypto exchange, Binance, transferred cryptocurrency worth nearly $346 million for the platform.
Russian authorities are yet decide whether to extradite Anton Shkurenko to France, the report noted. The news of his arrest comes after last week he said in an interview with a crypto Youtube channel that Bitzlato’s remaining team intends to relocate the business to Russia and relaunch operations, including withdrawals.
Bitcoin Network Experiences Slight Dip in Difficulty After Record High
Bitcoin’s difficulty decreased 0.49% on Feb. 12, 2023, following a sustained all-time high of 39.35 trillion over the previous two weeks (2,016 blocks). The decrease in difficulty offers a brief respite for bitcoin miners, after the network recorded a 14.94% increase in the last month.
At the time of writing, Bitcoin’s hashrate is coasting along at 289.14 exahash per second (EH/s) after a 0.49% decrease in difficulty at block height 776,160. The network difficulty has been operating at approximately 39,350,942,467,772 hashes for the past 2,016 blocks, or two weeks. With the recent 0.49% decrease in difficulty, the network’s difficulty will now be set at 39.16 trillion hashes for the next two weeks.
Since the latest difficulty change, block times — the intervals between mined blocks — have been 10 minutes, 7 seconds to roughly 11 minutes, 14 seconds in length. Bitcoin’s next difficulty retarget is scheduled for around Feb. 26, 2023. The average hashrate over the last 2,016 blocks was approximately 280.6 exahash per second (EH/s), and the average block time for those blocks was 10 minutes, 2 seconds.
During the past three days, Foundry USA has been the top mining pool with 33.26% of the global hashrate, or approximately 95.89 exahash per second (EH/s) of hashpower. Foundry is followed by Antpool with 15.97% of the global hashrate and Binance Pool with 15.54% of computational power. F2pool (14.22%) and Viabtc (9.41%) are next, respectively. There are approximately 12 known mining pools today, and the top five control 88.4% of the global hashrate.
According to macromicro statistics, the cost of producing bitcoin (BTC) remains higher than its current spot market value. Macromicro calculates its estimates based on data on electricity consumption and daily bitcoin issuance provided by Cambridge University. Currently, the average cost of mining a single bitcoin is around $24,119, while its spot market value is approximately $21,901 per unit.
Bitcoin’s difficulty decreased 0.49% on Feb. 12, 2023, following a sustained all-time high of 39.35 trillion over the previous two weeks (2,016 blocks). The decrease in difficulty offers a brief respite for bitcoin miners, after the network recorded a 14.94% increase in the last month.
At the time of writing, Bitcoin’s hashrate is coasting along at 289.14 exahash per second (EH/s) after a 0.49% decrease in difficulty at block height 776,160. The network difficulty has been operating at approximately 39,350,942,467,772 hashes for the past 2,016 blocks, or two weeks. With the recent 0.49% decrease in difficulty, the network’s difficulty will now be set at 39.16 trillion hashes for the next two weeks.
Since the latest difficulty change, block times — the intervals between mined blocks — have been 10 minutes, 7 seconds to roughly 11 minutes, 14 seconds in length. Bitcoin’s next difficulty retarget is scheduled for around Feb. 26, 2023. The average hashrate over the last 2,016 blocks was approximately 280.6 exahash per second (EH/s), and the average block time for those blocks was 10 minutes, 2 seconds.
During the past three days, Foundry USA has been the top mining pool with 33.26% of the global hashrate, or approximately 95.89 exahash per second (EH/s) of hashpower. Foundry is followed by Antpool with 15.97% of the global hashrate and Binance Pool with 15.54% of computational power. F2pool (14.22%) and Viabtc (9.41%) are next, respectively. There are approximately 12 known mining pools today, and the top five control 88.4% of the global hashrate.
According to macromicro statistics, the cost of producing bitcoin (BTC) remains higher than its current spot market value. Macromicro calculates its estimates based on data on electricity consumption and daily bitcoin issuance provided by Cambridge University. Currently, the average cost of mining a single bitcoin is around $24,119, while its spot market value is approximately $21,901 per unit.
Income Movement Rightfulshare Says It Has Launched ‘First Unconditional’ Crypto UBI in South Africa
Rightfulshare, an income equality advocacy movement, recently said it has launched what it describes as the “first unconditional” crypto universal basic income (UBI) transfer. According to Karen Jooste, the crypto UBI not only expands the possibilities for unemployed South Africans but also nurtures their entrepreneurial spirit.
Rightfulshare, a movement advocating for equality, recently said it had sent its “first unconditional” crypto UBI transfer to a local entrepreneur residing in South Africa. According to the movement’s Jan. 31 press release, selected beneficiaries will receive the crypto UBI “in Gooddollar to use as they choose.”
Also, in the statement, Rightfulshare touted the launch as a pioneering step that channels “both resources and Web3 solutions to a small town in the country.”
Commenting on the launch, which has been described as “a pioneering step for fairer income access,” founder of Rightfulshare Karen Jooste claimed that the launch not only expands the possibilities for unemployed South Africans, but also nurtures the entrepreneurial spirit.
“We need a new approach to addressing poverty in South Africa. The current system is not working and we can no longer pretend that there will be enough jobs for everyone. By bringing visibility to the benefits of a digital basic income transfer, we’re expanding the possibilities for South Africans and nourishing the creativity and entrepreneurial spirit present in the country,” Jooste said.
Meanwhile, in addition to receiving the crypto UBI every month for one year, Rightfulshare said beneficiaries “will also have access to mentoring and learning opportunities.” Such opportunities will range from business development to Web3 education, the statement added.
According to the press release, Rightfulshare crypto UBI is currently being replicated in the metaverse to help those from outside South Africa gain a better understanding of the project.
Rightfulshare, an income equality advocacy movement, recently said it has launched what it describes as the “first unconditional” crypto universal basic income (UBI) transfer. According to Karen Jooste, the crypto UBI not only expands the possibilities for unemployed South Africans but also nurtures their entrepreneurial spirit.
Rightfulshare, a movement advocating for equality, recently said it had sent its “first unconditional” crypto UBI transfer to a local entrepreneur residing in South Africa. According to the movement’s Jan. 31 press release, selected beneficiaries will receive the crypto UBI “in Gooddollar to use as they choose.”
Also, in the statement, Rightfulshare touted the launch as a pioneering step that channels “both resources and Web3 solutions to a small town in the country.”
Commenting on the launch, which has been described as “a pioneering step for fairer income access,” founder of Rightfulshare Karen Jooste claimed that the launch not only expands the possibilities for unemployed South Africans, but also nurtures the entrepreneurial spirit.
“We need a new approach to addressing poverty in South Africa. The current system is not working and we can no longer pretend that there will be enough jobs for everyone. By bringing visibility to the benefits of a digital basic income transfer, we’re expanding the possibilities for South Africans and nourishing the creativity and entrepreneurial spirit present in the country,” Jooste said.
Meanwhile, in addition to receiving the crypto UBI every month for one year, Rightfulshare said beneficiaries “will also have access to mentoring and learning opportunities.” Such opportunities will range from business development to Web3 education, the statement added.
According to the press release, Rightfulshare crypto UBI is currently being replicated in the metaverse to help those from outside South Africa gain a better understanding of the project.
Custodia CEO Slams US Government Over Broad Crackdown, Lack of Regulatory Clarity in Crypto Industry
Caitlin Long, CEO of crypto bank Custodia, criticized the U.S. government for its handling of a massive crypto fraud that occurred months before the company’s collapse. She made her remarks in a blog post after disclosing evidence to law enforcement. Long’s post followed Custodia’s unsuccessful application to become a member of the Federal Reserve System, which was denied by the Federal Reserve Board.
Executives of digital currency and blockchain companies are displeased with the U.S. government’s crackdowns and lack of regulatory clarity. Brian Armstrong, CEO of Coinbase, has called on Congress to pass clear legislation on cryptocurrencies, and Jesse Powell, CEO of Kraken, has echoed that message. On Feb. 17, Caitlin Long, CEO of Custodia, published a blog post explaining that she had given evidence to authorities about a crypto fraud case months before the company collapsed, leaving its millions of customers with losses.
In her blog post titled “Shame on Washington, DC for Shooting a Messenger Who Warned of Crypto Debacle,” Long argues that the current enforcement actions are a misguided crackdown on the entire industry. “Calls for a crackdown today are coming from many of the same policymakers who were charmed by the fraudsters,” Long wrote. It is well known that senior members of the U.S. Securities and Exchange Commission (SEC), the White House, and the Commodity Futures Trading Commission (CFTC) met with Sam Bankman-Fried (SBF) and high-ranking FTX officials.
Additionally, an estimated one in three members of Congress received a direct contribution from SBF and his inner circle. “In a 180-degree turn, [policymakers are] now throwing the baby out with the bathwater,” Long wrote in her blog post. The Custodia CEO also mentioned that government officials likened her crypto bank’s operation to FTX’s misconduct and collapse, resulting in an ambush on the crypto industry by officials.
“Custodia Bank recently found itself in the crosshairs of Beltway Politics at their worst,” Long stressed. “Custodia was simultaneously attacked by the White House, the Federal Reserve Board of Governors, the Kansas City Fed, and Senator Dick Durbin (who conflated our non-leveraged, 100-percent liquid and solvent bank with FTX in a Senate floor speech, in which he attacked two companies run by female CEOs — Fidelity and Custodia — implicitly comparing us to a 29-year-old accused fraudster who is now wearing an ankle bracelet).”
The Custodia CEO added:
Custodia tried to become federally regulated – the very result bipartisan policymakers claim to want. Yet Custodia has been denied and [is] now disparaged for daring to come through the front door.
After Long published her blog post about the situation, Jesse Powell, CEO of Kraken, responded to her Twitter thread on the subject. “I can’t tell you how infuriating it is to have pointed out massive red flags and obviously illegal activity to regulators only to have them ignore the issues for years,” Powell tweeted. “‘They’re offshore. It’s complicated. We’re looking at everybody.’ FOR YEARS. Then to be used as their example.”
The complaints from Long, Armstrong, and Powell come after the SEC’s enforcement action against Terraform Labs and CEO Do Kwon, nine months after the entire Terra ecosystem collapsed. The U.S. securities regulator was criticized for being late to the game, and many believe the SEC is simply throwing spaghetti at the wall to see what will stick.
Caitlin Long, CEO of crypto bank Custodia, criticized the U.S. government for its handling of a massive crypto fraud that occurred months before the company’s collapse. She made her remarks in a blog post after disclosing evidence to law enforcement. Long’s post followed Custodia’s unsuccessful application to become a member of the Federal Reserve System, which was denied by the Federal Reserve Board.
Executives of digital currency and blockchain companies are displeased with the U.S. government’s crackdowns and lack of regulatory clarity. Brian Armstrong, CEO of Coinbase, has called on Congress to pass clear legislation on cryptocurrencies, and Jesse Powell, CEO of Kraken, has echoed that message. On Feb. 17, Caitlin Long, CEO of Custodia, published a blog post explaining that she had given evidence to authorities about a crypto fraud case months before the company collapsed, leaving its millions of customers with losses.
In her blog post titled “Shame on Washington, DC for Shooting a Messenger Who Warned of Crypto Debacle,” Long argues that the current enforcement actions are a misguided crackdown on the entire industry. “Calls for a crackdown today are coming from many of the same policymakers who were charmed by the fraudsters,” Long wrote. It is well known that senior members of the U.S. Securities and Exchange Commission (SEC), the White House, and the Commodity Futures Trading Commission (CFTC) met with Sam Bankman-Fried (SBF) and high-ranking FTX officials.
Additionally, an estimated one in three members of Congress received a direct contribution from SBF and his inner circle. “In a 180-degree turn, [policymakers are] now throwing the baby out with the bathwater,” Long wrote in her blog post. The Custodia CEO also mentioned that government officials likened her crypto bank’s operation to FTX’s misconduct and collapse, resulting in an ambush on the crypto industry by officials.
“Custodia Bank recently found itself in the crosshairs of Beltway Politics at their worst,” Long stressed. “Custodia was simultaneously attacked by the White House, the Federal Reserve Board of Governors, the Kansas City Fed, and Senator Dick Durbin (who conflated our non-leveraged, 100-percent liquid and solvent bank with FTX in a Senate floor speech, in which he attacked two companies run by female CEOs — Fidelity and Custodia — implicitly comparing us to a 29-year-old accused fraudster who is now wearing an ankle bracelet).”
The Custodia CEO added:
Custodia tried to become federally regulated – the very result bipartisan policymakers claim to want. Yet Custodia has been denied and [is] now disparaged for daring to come through the front door.
After Long published her blog post about the situation, Jesse Powell, CEO of Kraken, responded to her Twitter thread on the subject. “I can’t tell you how infuriating it is to have pointed out massive red flags and obviously illegal activity to regulators only to have them ignore the issues for years,” Powell tweeted. “‘They’re offshore. It’s complicated. We’re looking at everybody.’ FOR YEARS. Then to be used as their example.”
The complaints from Long, Armstrong, and Powell come after the SEC’s enforcement action against Terraform Labs and CEO Do Kwon, nine months after the entire Terra ecosystem collapsed. The U.S. securities regulator was criticized for being late to the game, and many believe the SEC is simply throwing spaghetti at the wall to see what will stick.
Bitcoin Network Difficulty Expected to See Largest Increase of the Year Amid High Hashrate, Shorter Block Times
After a small decrease of 0.49% on Feb. 12, 2023, Bitcoin’s network difficulty is expected to experience a significant increase in three days on Feb. 24. Estimates indicate the difficulty could see the largest rise of the year, surpassing the 10.26% increase that occurred on Jan. 15 at block height 772,128.
In 2022, Bitcoin’s hashrate remained above the 200-exahash-per-second (EH/s) range. However, in 2023, 300 EH/s seems to be the new norm. According to statistics, over the last 2,016 blocks, Bitcoin’s hashrate has averaged around 310.5 EH/s. Additionally, bitcoin block times have ranged from 8 minutes and 55 seconds to 8 minutes and 68 seconds, which is faster than the 10-minute average. The high hashrate and quicker block times indicate a significant increase in difficulty, which is expected to occur on Feb. 24.
Statistics indicate that the upcoming difficulty adjustment, scheduled for Friday, will be the largest of the year, surpassing the previous record set on Jan. 15. The estimated increase for the Feb. 24 adjustment is expected to be between 10.78% and 11.5%. The current difficulty is approximately 39.16 trillion hashes, and the next difficulty adjustment is likely to push it above 40 trillion. A 10.78% increase would result in a difficulty rating of approximately 43.35 trillion hashes. Regardless of the final outcome, an increase in difficulty will make it more challenging for bitcoin miners to discover new blocks.
At the time of writing, the mining pool Foundry USA commands 33.33% of the network hashrate, or 105.37 EH/s. Antpool accounts for around 18.66% of the global hashrate, dedicating 58.98 EH/s to the Bitcoin blockchain. Together, these two pools captured more than 51% of the pie comprising 13 known pools and 11.93 EH/s of unknown hashpower. Following Foundry and Antpool are F2Pool, Binance Pool, and Viabtc, which collectively control 33.54% of the global hashrate. These top five pools contribute a combined 84.54% of the total hashrate that provides security to the Bitcoin blockchain.
After a small decrease of 0.49% on Feb. 12, 2023, Bitcoin’s network difficulty is expected to experience a significant increase in three days on Feb. 24. Estimates indicate the difficulty could see the largest rise of the year, surpassing the 10.26% increase that occurred on Jan. 15 at block height 772,128.
In 2022, Bitcoin’s hashrate remained above the 200-exahash-per-second (EH/s) range. However, in 2023, 300 EH/s seems to be the new norm. According to statistics, over the last 2,016 blocks, Bitcoin’s hashrate has averaged around 310.5 EH/s. Additionally, bitcoin block times have ranged from 8 minutes and 55 seconds to 8 minutes and 68 seconds, which is faster than the 10-minute average. The high hashrate and quicker block times indicate a significant increase in difficulty, which is expected to occur on Feb. 24.
Statistics indicate that the upcoming difficulty adjustment, scheduled for Friday, will be the largest of the year, surpassing the previous record set on Jan. 15. The estimated increase for the Feb. 24 adjustment is expected to be between 10.78% and 11.5%. The current difficulty is approximately 39.16 trillion hashes, and the next difficulty adjustment is likely to push it above 40 trillion. A 10.78% increase would result in a difficulty rating of approximately 43.35 trillion hashes. Regardless of the final outcome, an increase in difficulty will make it more challenging for bitcoin miners to discover new blocks.
At the time of writing, the mining pool Foundry USA commands 33.33% of the network hashrate, or 105.37 EH/s. Antpool accounts for around 18.66% of the global hashrate, dedicating 58.98 EH/s to the Bitcoin blockchain. Together, these two pools captured more than 51% of the pie comprising 13 known pools and 11.93 EH/s of unknown hashpower. Following Foundry and Antpool are F2Pool, Binance Pool, and Viabtc, which collectively control 33.54% of the global hashrate. These top five pools contribute a combined 84.54% of the total hashrate that provides security to the Bitcoin blockchain.
Bitcoin, Ethereum Technical Analysis: BTC Falls Below $24,000 Ahead of US Consumer Sentiment Data ⭐️
Bitcoin fell back below $24,000 on Feb. 24, as markets anticipated the release of the upcoming consumer sentiment figures from the United States. The report from the University of Michigan is expected to show an increase in confidence, despite current inflationary pressures. Ethereum marginally retreated from Thursday’s high.
Bitcoin (BTC) was once again trading below $24,000 on Friday, as markets began to anticipate the release of U.S. consumer sentiment data.
BTC/USD fell to an intraday low of $23,693.92 earlier in today’s session, less than 24 hours after hitting a peak of $24,177.57.
Today’s move comes as bitcoin was unable to sustain a recent breakout of a long-term ceiling at $24,200.
Looking at the chart, the 14-day relative strength index (RSI) also experienced a breakout, with the index moving below a floor at 58.00
Currently, the index is tracking at a reading of 55.97, with the next visible point of support at the 53.00 zone.
Should bears attempt to reach this level, there is a strong chance that bitcoin will be trading under $23,000.
In addition to BTC, ethereum (ETH) fell from Thursday’s high, with the cryptocurrency also impacted by today’s increased volatility.
Following a high of $1,666.13 during yesterday’s session, ETH/USD slipped to a low of $1,632.57 on Friday.
The drop saw ethereum move further away from its long-term ceiling at $1,675, and closer to a floor at $1,630.
Since hitting this earlier high, prices have gone on to rebound, with ethereum now trading at $1,648.37.
This comes as price strength seems to have found a floor at 54.00, and is currently hovering above this point.
At the time of writing, the index is tracking at 54.35, with the 10-day (red) moving average upward facing, which could be a sign of an upcoming rally.
Bitcoin fell back below $24,000 on Feb. 24, as markets anticipated the release of the upcoming consumer sentiment figures from the United States. The report from the University of Michigan is expected to show an increase in confidence, despite current inflationary pressures. Ethereum marginally retreated from Thursday’s high.
Bitcoin (BTC) was once again trading below $24,000 on Friday, as markets began to anticipate the release of U.S. consumer sentiment data.
BTC/USD fell to an intraday low of $23,693.92 earlier in today’s session, less than 24 hours after hitting a peak of $24,177.57.
Today’s move comes as bitcoin was unable to sustain a recent breakout of a long-term ceiling at $24,200.
Looking at the chart, the 14-day relative strength index (RSI) also experienced a breakout, with the index moving below a floor at 58.00
Currently, the index is tracking at a reading of 55.97, with the next visible point of support at the 53.00 zone.
Should bears attempt to reach this level, there is a strong chance that bitcoin will be trading under $23,000.
In addition to BTC, ethereum (ETH) fell from Thursday’s high, with the cryptocurrency also impacted by today’s increased volatility.
Following a high of $1,666.13 during yesterday’s session, ETH/USD slipped to a low of $1,632.57 on Friday.
The drop saw ethereum move further away from its long-term ceiling at $1,675, and closer to a floor at $1,630.
Since hitting this earlier high, prices have gone on to rebound, with ethereum now trading at $1,648.37.
This comes as price strength seems to have found a floor at 54.00, and is currently hovering above this point.
At the time of writing, the index is tracking at 54.35, with the 10-day (red) moving average upward facing, which could be a sign of an upcoming rally.
Mirror Trading International Liquidators Spent More Than $6 Million on Lawyers and Investigators 💲
Liquidators of the now defunct bitcoin trading platform, Mirror Trading International have so far used approximately $4.2 million on expenses such as lawyers’ or consultants’ fees. Between Jan. 23, 2023, and the date of their appointment, liquidators claimed to have recovered approximately $770,000 which belonged to.
🔽 Liquidators of the collapsed bitcoin Ponzi scheme Mirror Trading International (MTI) have so far spent approximately $4.9 million (90.2 million rands) on lawyers and consultants since assuming control, a report has said. According to a Mybroadband report, a total of approximately $6.1 million has so far been disbursed while a further $7.3 million is earmarked for liquidators’ fees.
In April 2021, a report said more than $70 million was raised from selling💰 1,281 bitcoins belonging to MTI. A few months later, another report said more than 8,000 BTC belonging to MTI had been “traced” and that investigators were on track to finding more.
However, according to the report, between Jan.23 and the day they took control of MTI assets, liquidators have so far recovered around $770,000. While liquidators are said to be expecting an “exponential increase in the amount recovered from the so-called net winners,” they are less certain about the growth rate of their expenditure.
According to the blockchain intelligence firm, Chainalysis, MTI was the biggest crypto scam in 2020 which netted more than $500 million for the scheme’s masterminds.
Liquidators of the now defunct bitcoin trading platform, Mirror Trading International have so far used approximately $4.2 million on expenses such as lawyers’ or consultants’ fees. Between Jan. 23, 2023, and the date of their appointment, liquidators claimed to have recovered approximately $770,000 which belonged to.
In April 2021, a report said more than $70 million was raised from selling
However, according to the report, between Jan.23 and the day they took control of MTI assets, liquidators have so far recovered around $770,000. While liquidators are said to be expecting an “exponential increase in the amount recovered from the so-called net winners,” they are less certain about the growth rate of their expenditure.
According to the blockchain intelligence firm, Chainalysis, MTI was the biggest crypto scam in 2020 which netted more than $500 million for the scheme’s masterminds.
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🎁 About: Receive and send cryptocurrency payments with PassimPay
📑 Information:
🔘 We created a cryptocurrency payment system. It is a simple, quick, and convenient solution for your financial needs.
🔘 PassimPay is suitable for personal use and businesses, offering efficient tools for storing, sending, and receiving money.
✅ What we Offer:-
◾ Instant transactions
◾ Flexible payment settings.
◾ Service fees between 0.1% and 1% for individuals and up to 3.5% for businesses.
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🇺🇸US Treasury and White House to Hold Regular Meetings on CBDCs and Payment Innovations
➡️ On March 1, 2023, Nellie Liang, undersecretary for domestic finance at the U.S. Treasury, delivered a speech to the Atlantic Council in Washington concerning the subject of central bank digital currencies (CBDCs). Liang detailed during her speech that a CBDC is one of several options for “upgrading the legacy capabilities of central bank money,” and members of the Treasury, Biden administration and the Federal Reserve “will begin to meet regularly” to discuss the topic.
The undersecretary for domestic finance at the U.S. Treasury, Nellie Liang, gave a speech at the Atlantic Council titled “Next Steps in the Future of Money and Payments.” During the speech, Liang discussed U.S. President Joe Biden’s executive order, which called on the government to develop an approach for the digital currency sector. Liang also referenced the collapse of some crypto businesses last year, “runs on stablecoins,” and the “commingling of customer and firm assets.”
🗣“All of these calamities reinforce the recommendations made for regulators to vigorously enforce existing laws to protect consumers,” Liang said. Her speech primarily focused on central bank digital currencies (CBDCs) and how she believes “central banks are at the heart of the global monetary system.” She further noted that an important decision is whether the government creates a wholesale CBDC, retail CBDC, or both. Liang added that a CBDC will have “three core features.”
🗣“First, a CBDC would be legal tender. Second, a CBDC would be convertible one-for-one into other forms of central bank money — reserve balances or paper currency. Third, a CBDC would clear and settle nearly instantly,” Liang said.
The undersecretary for domestic finance at the U.S. Treasury, Nellie Liang, gave a speech at the Atlantic Council titled “Next Steps in the Future of Money and Payments.” During the speech, Liang discussed U.S. President Joe Biden’s executive order, which called on the government to develop an approach for the digital currency sector. Liang also referenced the collapse of some crypto businesses last year, “runs on stablecoins,” and the “commingling of customer and firm assets.”
🗣“All of these calamities reinforce the recommendations made for regulators to vigorously enforce existing laws to protect consumers,” Liang said. Her speech primarily focused on central bank digital currencies (CBDCs) and how she believes “central banks are at the heart of the global monetary system.” She further noted that an important decision is whether the government creates a wholesale CBDC, retail CBDC, or both. Liang added that a CBDC will have “three core features.”
🗣“First, a CBDC would be legal tender. Second, a CBDC would be convertible one-for-one into other forms of central bank money — reserve balances or paper currency. Third, a CBDC would clear and settle nearly instantly,” Liang said.
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Reserve Bank of Australia Unveils Proposed CBDC Use Cases
🏦The Reserve Bank of Australia said on March 3 that it has selected 14 digital currency proposed use cases from a large number of submissions obtained from industry participants. An assistant governor at the RBA, Brad Jones, said the Aussie central bank is encouraged by the composition of providers that have been “invited to participate in the live pilot.”
The Australia central bank, which has been exploring the benefits of central bank digital currency (CBDC), recently announced the digital currency’s proposed use cases as well as the names of providers “invited to participate in the live pilot.” In a press statement, the bank, which is known as the Reserve Bank of Australia (RBA), said the chosen use cases were selected from a large number of submissions from industry participants.
Brad Jones, an assistant governor at the RBA, is quoted in the statement lauding the industry participants’ willingness to engage regulators. Jones said:
🗣We are delighted with the enthusiastic engagement by industry in this important research project. It has also been encouraging that the use case providers that have been invited to participate in the pilot span a wide range of entities in the Australian financial system, from smaller fintechs to large financial institutions.
According to Jones, the pilot as well as the more comprehensive study will be conducted in parallel to “serve two ends.” The first of these ends is helping the industry gain some “hands-on learning” experience. Bolstering policymakers’ understanding of “how a CBDC could potentially benefit the Australian financial system and economy.”
For his part, Dilip Rao, a CBDC program director with the Digital Finance Cooperative Research Centre (DFCRC), said the process of “validating use cases” with industry participants and regulators is important because it will likely “inform further research into design considerations for a CBDC that could potentially play a role in a tokenised economy.”
Meanwhile, some of the use cases chosen by the RBA include offline payments, corporate bond payments, and funds custody. As shown by the statement, the RBA has chosen around 14 use cases and more than eight chosen providers.
🏦The Reserve Bank of Australia said on March 3 that it has selected 14 digital currency proposed use cases from a large number of submissions obtained from industry participants. An assistant governor at the RBA, Brad Jones, said the Aussie central bank is encouraged by the composition of providers that have been “invited to participate in the live pilot.”
The Australia central bank, which has been exploring the benefits of central bank digital currency (CBDC), recently announced the digital currency’s proposed use cases as well as the names of providers “invited to participate in the live pilot.” In a press statement, the bank, which is known as the Reserve Bank of Australia (RBA), said the chosen use cases were selected from a large number of submissions from industry participants.
Brad Jones, an assistant governor at the RBA, is quoted in the statement lauding the industry participants’ willingness to engage regulators. Jones said:
🗣We are delighted with the enthusiastic engagement by industry in this important research project. It has also been encouraging that the use case providers that have been invited to participate in the pilot span a wide range of entities in the Australian financial system, from smaller fintechs to large financial institutions.
According to Jones, the pilot as well as the more comprehensive study will be conducted in parallel to “serve two ends.” The first of these ends is helping the industry gain some “hands-on learning” experience. Bolstering policymakers’ understanding of “how a CBDC could potentially benefit the Australian financial system and economy.”
For his part, Dilip Rao, a CBDC program director with the Digital Finance Cooperative Research Centre (DFCRC), said the process of “validating use cases” with industry participants and regulators is important because it will likely “inform further research into design considerations for a CBDC that could potentially play a role in a tokenised economy.”
Meanwhile, some of the use cases chosen by the RBA include offline payments, corporate bond payments, and funds custody. As shown by the statement, the RBA has chosen around 14 use cases and more than eight chosen providers.
