The trading volume of Reddit's digital collectible NFTs has surpassed $2.5 million in the past 24 hours, representing over one-third of the collection’s cumulative trading volume of $6.3 million since launch. Reddit’s CryptoSnoos NFTs are digital, limited-edition collectibles featuring the alien mascot, Snoo. Independent artists and Reddit creators design digital collectibles, and users can purchase them using fiat currencies.
A soaring hash rate, high electricity costs and BTC price hovering under $20,000 for months are complicating matters for Bitcoin miners.October witnessed a surge in Bitcoin’s hash rate, which is pushing the metric to a new high of 245 exahashes per second. These changes led to a sharp decrease in the hashprice, resulting in a drop in the profit margins for Bitcoin miners and reaching a low of $66.8 per petahash on Oct. 24.
Staked Ether (sETH) withdrawal and lower gas fees are some of the developments expected with the next critical improvements for the Ethereum network, the Shanghai upgrade. The testnet version, dubbed Shandong, is now live. Developers can now begin working on the implementations. a process expected to continue until September 2023.
The European Union will develop an energy efficiency label for electricity-intensive cryptocurrencies, such as Bitcoin, in an effort to bring the industry in line with the bloc’s efforts to decarbonize its economy, according to a report by Bloomberg. According to a draft proposal seen by Bloomberg, the European Commission will create a grading measure to encourage the use of more environmentally friendly mining systems, such as proof of stake (PoS), the system that Ethereum now uses post-Merge.
Google’s latest crypto feature enables some Ethereum wallet addresses to have their Ether balances tracked straight off of the Google search engine — saving the need to make the trip to Etherscan. The new feature comes in addition to Google’s partnership with crypto exchange Coinbase on Oct. 11 to allow its customers to pay for cloud services in crypto, which is expected to take effect in early 2023.
Binance Global Inc., operator of the world’s largest cryptocurrency exchange, said it will run a hard fork on its BNB Smart Chain (BSC) network on Wednesday to address a weakness that led to the theft of US$100 million worth of the network’s native token BNB on Oct. 6. The network that supports two of the top ten cryptocurrencies by market capitalization was due to undergo the fork at around 4 p.m. Hong Kong time, according to Binance. While the move is to improve security, it also raises perennial questions and debate about decentralization vs centralization in the crypto industry.
Lido, the leading liquid staking system on Ethereum, said Thursday it will support a wrapped version of its popular staked ether (stETH) token to Ethereum layer 2 networks Arbitrum and Optimism.Each stETH token represents an ether (ETH) token staked with Ethereum’s network, meaning it helps to secure the network in exchange for rewards. stETH, which has a market cap near $5 billion, trades around the price of ETH and has become an extremely popular asset in Ethereum’s budding decentralized finance (DeFi) scene.
Twitter’s crypto community has argued that PayPal’s now-canceled misinformation policy could drive more people toward crypto adoption.PayPal was forced to backtrack the decision after it drew the ire of its users and major stakeholders, including Elon Musk.The company’s spokesperson reportedly said:“PayPal is not fining people for misinformation, and this language was never intended to be inserted in our policy. We’re sorry for the confusion this has caused.”
Foreigners are fleeing from British assets. Investors are demanding a high price to fund the gigantic and growing current account deficit of 8% – about a year ago it was 2%. If you are resident in the UK, there's not much you can do dodge the bullet, apart from asking your employers to pay you in the mighty dollar, which keeps getting stronger, or in bitcoin. Bitcoin? Really! Bear with me.
Major crypto exchange Coinbase has announced that it’s been working with decentralized identity infrastructure provider Ethereum Name Service (ENS) to offer Coinbase-managed web3 usernames free to users – enabling them to use that username instead of a traditional address to send and receive crypto.