Cryptocurrency News by Tradecoind2

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Total value locked in DeFi, a key metric for programmable blockchains, is increasing in the Ethereum-based layer 2 solution segment. Despite overall market indifference, the net TVL of the top 30 platforms has increased 32% over the past 4 months.

TVL of Ethereum L2 reaches ATH​

Yesterday, October 27, 2023, the aggregate locked value across all Layer 2 platforms on Ethereum (ETH) reached a new all-time high. It quickly hit the $12 billion mark, but then stabilized at nearly $11.87 billion.

The previous historic high was recorded on April 17, at $11.85 billion.

In the past hours, it has decreased slightly to 11.81 billion USD. Thus, measured in USD value, TVL has increased more than 114% in the past 12 months despite the lackluster performance of the cryptocurrency market. In terms of ETH value, the record was registered on October 11, 2023.

The ecosystem reached 6.72 million ETH locked, while it barely surpassed 3.5 million Ether (ETH) a year ago.

Over the past seven days, the L2 ecosystem has added 10.36% TVL in dollars. A selection of the largest L2s — Arbitrum, OP Mainnet (formerly Optimism), Starknet, ImmutableX and Loopring — achieved even more impressive gains. Ethereum (ETH), the most important asset for L2, is up 10.14% in the corresponding period.

Meanwhile, L2 on Ethereum (ETH) remains highly dominated by whales. The two largest networks – Arbitrum and OP Mainnet – are responsible for over 90% of TVL in the ecosystem.

Base, the fastest growing L2, is defending third place with 4.83%. Next are zkSync Era and dYdX with rates of 3.8% and 3% respectively.

Source:

Ethereum L2 surprisingly sets new ATH - TRADECOIN D2 (BETA)

Total value locked in DeFi, a key metric for programmable blockchains, is increasing in the Ethereum-based layer 2 solution segment. Despite overall market

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October saw significant advancements in the industry thanks to the launch of six ETH Futures ETFs, giving investors the opportunity to delve deeper into ETH futures. Bitcoin also reacted positively to this development. Further gains were driven by speculations about BlackRock approving a BTC spot ETF application in the United States.

As a result, total assets under management (AUM) of digital asset products increased by 6.74%, reaching $31.7 billion in October. This was the first increase since July 2023 .

According to the latest report by crypto data provider CCData, Grayscale’s discount is narrowing and reached a low of 12.6% on October 18. This is further evidence of change. Because the reduction in the spread between the Trust’s market price and Net Asset Value (NAV) reflects growing confidence in the approval of a Bitcoin ETF for immediate delivery.

Solana-based products see AUM increase 74%​

Despite links to FTX and its disgraced founder Sam Bankman-Fried, as well as outages, Solana has managed to bounce back this year. This is evident in the continuous string of inflows over the past few weeks.


According to CCData’s report , Solana-based products stood out from competitors and had the most significant AUM growth during the period, increasing 74.1% to $140 million in October.

Meanwhile, AUM for Bitcoin-based products also increased 11.1%, reaching $23.2 billion and accounting for 73.3% market share, up from 70.5% in September.

However, Ethereum-based products declined despite the launch of new ETFs. These products overall fell 5.45%, with AUM to $6.35 billion and market share of 20.1%, down from 22.6% in September.

Meanwhile, ATOM-based products, including 21Shares ATOM and CoinShares COMS, recorded the second-highest gain, up 58.6% to $2.15 million.

In October, the average daily combined trading volume of digital asset investment products increased significantly, increasing 44.3% to reach $230 million. This increase underscores market participants’ optimism about the possibility of ETF approval.

Notably, this upward move marks the third largest monthly volume increase, with January and March 2023 being the only months to surpass it.

Cryptocurrency-related stocks are affected​

For the 2nd month in a row, crypto-related stocks have slumped against Bitcoin, as enthusiasm around the BTC ETF and a significant 11.4% increase in the asset’s price in October took center stage. .

Interestingly, COIN (Coinbase Global Inc), RIOT (Riot Platforms Inc) and GLXY (Galaxy Digital Holdings Ltd) all saw declines of 0.56%, 4.93% and 3.01% respectively.

CCData cited this trend as largely attributable to ongoing macroeconomic conditions, which inherently represent a more “hawkish stance.” This change in economic sentiment is driven by concerns about an impending recession and the US Federal Reserve’s reluctance to lower interest rates, at least until May 2024.

Source:

Products on Solana led the way with a 74% increase in AUM in October - TRADECOIN D2 (BETA)

October saw significant advancements in the industry thanks to the launch of six ETH Futures ETFs, giving investors the opportunity to delve deeper into ETH

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The spike in Bitcoin (BTC) value has brought increasing profits to miners, with the world’s largest mining pools continuing to provide significant hashpower to the network. On October 12, based on 7-day SMA, Bitcoin hashrate reached an unprecedented 456 exahash per second (EH/s), marking a major milestone.

As of now, the hashrate has stabilized at around 443 EH/s, according to the seven-day average. Forecasts currently show that difficulty is expected to increase between 2.21% and 2.5% on October 30. This follows the recent 6.47% increase observed in block height 812,448 on October 16, as well as two previous increases.

Notably, the current block generation interval is consistently shorter than the typical 10-minute average, ranging from 8 minutes to 30 seconds and 9 minutes 48 seconds, suggesting that 2,016 blocks are likely to be mined quickly. more than the two-week average.

Around 42 mining pools are transferring their SHA256 hashrate to the Bitcoin blockchain, pushing Namecoin’s hashrate above the 300 EH/s threshold. Namecoin, which shares its mining infrastructure with BTC through merge-mining, reached a record 396 EH/s at block height 687,123.
Among these 42 pools, Antpool has taken the lead over the past three days, capturing a significant 29.56% of the total hashrate, equivalent to 132 EH/s. Following closely behind, Foundry USA holds a significant market share of 27.56% with 123 EH/s, while Viabtc holds 11.56% of the hashrate with 51.86 EH/s.

Behind Antpool, Foundry and Viabtc are F2pool and Binance pool. As of October 28, 2023, there are still over 25,000 more blocks left to mine before the next halving event. Although the halving event is expected to take place on April 21, 2024, the possibility of March 2024 or earlier appears if the trend of rapidly increasing block generation times persists. exist.

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Bitcoin miners prepare for fourth consecutive difficulty increase as hashrate jumps - TRADECOIN D2 (BETA)

The spike in Bitcoin (BTC) value has brought increasing profits to miners, with the world's largest mining pools continuing to provide significant hashpower

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80% of all cryptocurrency transactions in the country are USDT​

According to data from Brazil’s revenue services agency, USDT has seen a significant increase in adoption in Brazil, accounting for 80% of all cryptocurrency transactions in the country.
As of mid-October, USDT transactions in Brazil this year amounted to 271 billion Brazilian Real (BRL), ~$55 billion, almost double the volume of domestic Bitcoin transactions (which reached 151 billion BRL, ~ 30 billion dollars). Stablecoins are cryptocurrencies designed to have a stable value, often pegged to the value of fiat currencies, such as the US dollar.

USDT transactions have been on the rise in Brazil since 2021, but surpassed Bitcoin volumes for the first time in July 2022, right at the height of last year’s crypto industry storm, when companies Cryptocurrency lenders Three Arrows Capital and Voyager Capital collapsed.

The government reported that crypto winter wiped out nearly 25% of domestic crypto trading volume in 2022, ending at 154.4 billion BRL, or ~31 billion USD.

Brazilian tax authorities track citizens’ cryptocurrency-related activities using a complex system based on artificial intelligence and network analysis. According to a blog post, the system can detect suspicious activity as well as track the location of individuals trading cryptocurrency.

The agency is also targeting cryptocurrency investments held abroad by the country’s citizens. On October 25, the Brazilian Congress passed a law recognizing cryptocurrencies as “financial assets” for tax purposes on foreign investments . Overseas income from 6,000 to 50,000 BRL (~10,000 USD) will be subject to a 15% tax starting January 2024. Above this threshold, tax will be applied at 22.5%.

Since 2019, cryptocurrency exchanges operating in Brazil are required to disclose all user transactions to the government. Income from cryptocurrency sales exceeding 35,000 BRL (~7,000 USD) per month is subject to progressive taxes ranging from 15% to 22.5%.

Global cryptocurrency exchanges such as Coinbase, Binance, Bitso and Crypto.com operate in the country alongside local players such as Mercado Bitcoin and Foxbit.

Source:

80% of all cryptocurrency transactions in the country are USDT - TRADECOIN D2 (BETA)

According to data from Brazil's revenue services agency, USDT has seen a significant increase in adoption in Brazil, accounting for 80% of all cryptocurrency

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At least 25 people were affected by a 2022 data breach affecting password storage software LastPass that saw $4.4 million in cryptocurrency withdrawn from 80 wallets.

In an X (Twitter) post dated October 27, on-chain researcher ZachXBT said he and MetaMask developer Taylor Monahan tracked the fund movements of at least 80 compromised wallets on October 25.

“Most, if not all, victims were long-time LastPass users and/or confirmed to have stored their crypto wallet keys/seeds in LastPass,” Monahan said in an accompanying Chainabuse report .

https://twitter.com/x/status/1717901088521687330

In December 2022, LastPass revealed that attackers used information previously stolen in a breach in August of the same year to steal the login information of a LastPass employee and decrypt customer information. stored goods.

Also stolen was an encrypted backup of customer vault data that LastPass warned could be decrypted if an attacker guessed the account’s master password.

In a September blog post , cybersecurity journalist Brian Krebs reported that several LastPass customer vaults appeared to have been cracked and more than $35 million worth of cryptocurrency was stolen. stole from about 150 victims.

In January, LastPass was hit with a class action lawsuit from individuals claiming that the August 2022 breach resulted in the theft of approximately $53,000 worth of Bitcoin.


In its latest X post, ZachXBT advised anyone who has stored wallet seeds or private keys in LastPass to “move your crypto assets immediately.”

Source:

At least $35 million in crypto was stolen from victims of the 2022 LastPass breach - TRADECOIN D2 (BETA)

At least 25 people were affected by a 2022 data breach affecting password storage software LastPass that saw $4.4 million in cryptocurrency withdrawn from 80

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A widely followed cryptocurrency analyst says the US Federal Reserve (Fed) will likely keep interest rates higher for longer draining risk assets like altcoins until something serious happened.

In a new strategy session, trader Benjamin Cowen told his 788,000 YouTube subscribers that the Fed will not be interested in cutting interest rates until the S&P 500 sees a serious corrective move.

“Liquidity is shifting from high risk to low risk. That doesn’t mean lower-risk things can’t fall, just that when they fall, that usually marks the end because then the Fed makes an announcement.

When the S&P fell, the Fed started to pay attention. Do you think the Fed cares about the S&P when it’s at 4,600? No, it’s too high.


Do they care about the number 4,100? Sure is not. So do they care when it’s at 3,500 or 3,400? Yes, they will start to care and that’s when they will start cutting back, I guess. So keep an eye on the S&P if you’re curious about when altcoins are bullish relative to Bitcoin.”

As long as the stock market remains elevated, Cowen believes that the Bitcoin (BTC.D) dominance chart, which tracks the percentage of total market capitalization belonging to Bitcoin (BTC), will continue to rise, causing many altcoins to lagging behind the king of cryptocurrency.

Cowen also said that historically, BTC.D has tended to reverse its uptrend when the Fed begins an interest rate cut cycle. Until then, he expects crypto investors to redirect their capital from altcoins to Bitcoin.

“What’s more important to realize is that BTC dominance peaked in September in the last cycle because the Fed started cutting interest rates – we haven’t even seen the Fed start cutting rates yet and the cycle Last period it took a month or two after the first rate cut for the dominance ratio to peak…so why think that dominance has peaked?”
Source:

Altcoins will not recover until this happens - TRADECOIN D2 (BETA)

A widely followed cryptocurrency analyst says the US Federal Reserve (Fed) will likely keep interest rates higher for longer draining risk assets like

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In the rapidly evolving world of cryptocurrency, security breaches and hacks are unfortunate events but not uncommon. The hack that CoinEx, a popular cryptocurrency exchange, recently experienced shocked the entire industry. However, what is to be welcomed in the wake of this hack is CoinEx CEO Haipo Yang’s unwavering commitment to his users and the crypto community at large.

On October 27, Haipo Yang sent the CoinEx community a message on safer than ever. His message read:

“To the CoinEx community, the recent attack is the biggest challenge we have faced since CoinEx launched. We are truly sorry for the inconvenience that has affected everyone. But my commitment to all of you remains as strong as ever. Thank you everyone for your continued support during this difficult time.”

https://twitter.com/x/status/1717904866713145590

In his post, Yang expressed gratitude for the tireless efforts of the team, who worked around the clock to strengthen CoinEx’s infrastructure and security measures. He outlined the priorities for CoinEx moving forward, laying out a roadmap for recovery and growth.

Key priorities include:

• Security Upgrade: Comprehensive upgrade to CoinEx’s security architecture, focusing on enhancing the capabilities of both hot and cold wallets as well as the early warning system.
• Asset security: Asset security becomes the core of all CoinEx business lines. This ensures that the safety of users’ assets is always a top concern.
• Strategic partnerships: CoinEx is actively collaborating with industry-leading security companies to strengthen defenses against potential threats.
• CoinEx Protection Fund: This fund was established to further secure user assets, pledging that all losses are compensated.

Furthermore, Yang emphasized that CoinEx has always been committed to “users first” and this principle will continue to guide their product and service offerings. The company plans to upgrade system architecture, enhance product offerings, build compliance teams, and actively comply with regulations.

In a move to strengthen the CoinEx community, Yang also announced the upcoming ‘ CoinEx Creator Program ‘, which will gather influencers and offer various interactive campaigns to further engage users .

CoinEx CEO admitted that 2023 has been a challenging year for the cryptocurrency industry, with increasing regulations, market collapse and a series of project shutdowns. However, he pointed out that CoinEx has weathered these storms together with its users, emphasizing the importance of their long-term support.

Yang expressed gratitude to the CoinEx community, realizing that entrepreneurship is hard but perseverance is even harder. He vowed to make user experience the core of CoinEx’s mission, driving innovation and security to protect user assets and shape a better future for the cryptocurrency industry .

In summary, Haipo Yang’s message highlights CoinEx’s unwavering commitment to its users and the broader cryptocurrency community. Despite the challenges and risks inherent to the crypto world, CoinEx’s quick response and strengthened defenses demonstrate its dedication to driving the industry through adversity. As the cryptocurrency industry continues to grow, it is clear that CoinEx is ready to welcome the future with renewed resilience and determination, as Haipo Yang stated: “Our shining moment remains not yet!”

Source:

CoinEx CEO Haipo Yang admitted the hacking incident, outlined a plan to escape the situation - TRADECOIN D2 (BETA)

In the rapidly evolving world of cryptocurrency, security breaches and hacks are unfortunate events but not uncommon. The hack that CoinEx, a popular

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Kasikornbank, the second largest bank in Thailand, has made a breakthrough in the cryptocurrency sector after announcing the acquisition of Satang Corporation Co. Ltd., a local cryptocurrency exchange. The acquisition was made through its wholly owned subsidiary, Unita Capital, and signals a significant step forward in capturing the growing digital asset market.

In an official letter filed with the Stock Exchange of Thailand, Kasikornbank, commonly known as KBank, disclosed that it held 97% of Satang Corporation’s shares as of October 27. Satang Corporation is an exchange. Famous digital asset translators are operating in Thailand. As part of its strategic vision, KBank plans to rename Satang Corporation to Orbix Trade Co. Ltd., marks a shift towards incorporating digital assets into its services.

KBank’s participation in the acquisition demonstrates its strong commitment to remaining at the forefront of financial innovation in the rapidly evolving digital asset ecosystem. With the financial sector witnessing growing interest and adoption of cryptocurrencies and blockchain technology, this move positions KBank as a pioneer in the traditional banking industry.


The acquisition was carried out through Unita Capital, a subsidiary of KBank with a registered capital of 3.7 billion Baht, equivalent to about 102.8 million USD. This significant investment demonstrates the bank’s seriousness in entering the world of cryptocurrency and digital assets.

Furthermore, to strengthen its position in the digital asset market, Unita Capital has established three more subsidiaries:

1. Orbix Custodian: This subsidiary specializes in digital asset management, ensuring secure storage and management of cryptocurrencies on behalf of customers. The move is in line with the growing demand for secure and reliable custody solutions in the cryptocurrency space.
2. Orbix Invest: Focused on fund management, Orbix Invest is positioned to meet the investment needs of customers interested in digital assets. This development strengthens KBank’s strategy to provide comprehensive financial services in the cryptocurrency sector.
3. Orbix Technology & Innovation Co. Ltd.: This subsidiary is ready to develop blockchain infrastructure. The bank recognizes the importance of blockchain technology in various industries and this subsidiary will contribute to the advancement and innovation of blockchain solutions.

Kasikornbank’s announcement is an important milestone in integrating traditional financial institutions with the world of cryptocurrency and blockchain technology. It represents a progressive approach to meet the evolving needs and preferences of customers increasingly interested in digital assets and blockchain applications.

Source:

Thai banking giant KBank expands into cryptocurrency - TRADECOIN D2 (BETA)

Kasikornbank, the second largest bank in Thailand, has made a breakthrough in the cryptocurrency sector after announcing the acquisition of Satang Corporation

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The price of Bitcoin (BTC) has recently increased quite strongly, ranging from $26,500 to a peak price of $35,200 last Tuesday.

Although the price of the world’s number one cryptocurrency has dropped slightly from its previous peak, investors are still closely watching a number of factors that could affect Bitcoin’s price this week, before making adjustments in their investment decisions.

In this article, we will highlight three key factors that are important to keep in mind for Bitcoin, and also identify an alternative cryptocurrency that many early advocates believe could be a breakthrough project. next of the crypto market.

1. Uptober Is Nearing an End as Bitcoin Aims for $35,000​

After achieving its highest weekly close in 18 months last week, Bitcoin price stabilized at $34,000 over the weekend, with the “last candle” of October now fast approaching.

Many crypto analysts are bullish on Bitcoin’s price strength and the end of the “Uptober” – a great month for the crypto market that saw BTC skyrocket from lows below $27,000.
For those who don’t know, Uptober is a term composed of the words “Up” and “October”, the month when Bitcoin in particular and many other virtual currencies in general recorded strong growth. , according to historical cryptocurrency market data.

Popular analyst Bitcoin Archive believes that Bitcoin is well positioned to maintain its growth momentum, and could likely close this week at its highest price in 78 weeks.

This will create a foundation for Bitcoin prices to continue rising in November, and even beyond.

Analysts are also expecting a BTC price breakout above $35,000 this week, a key resistance level just above Bitcoin’s current trading range.

While some remain skeptical about the strength of this cryptocurrency and BTC market rally, most Bitcoiners are focused on the weekly close to consolidate Uptober’s gains.

2. Fed Interest Rate Decision Could Be Important Factor Triggering Volatility for BTC​

The Federal Reserve’s next interest rate decision on November 1 is the second major event that could affect Bitcoin prices this week.

Although the cryptocurrency market has changed a lot since the Fed’s previous bull runs, such a significant policy move usually causes major market volatility.

The CME FedWatch tool shows a 96% chance that interest rates will remain unchanged at the upcoming FOMC meeting.

However, recent hotter-than-expected inflation data, and recent geopolitical tensions mean the Fed could surprise with another rate hike.

This will put strong pressure on risky asset classes like cryptocurrencies, as investors will likely flock to safer investment options like bonds.

The Fed’s policy decision is in line with a number of other economic data released this week – making this an especially important week for the cryptocurrency Bitcoin and broader financial markets. .

3. ETF Continues To Attract Attention As It Creates Big Momentum For Bitcoin’s Growth​

The third reason investors should keep a close eye on BTC price movements this week is the increased activity around Bitcoin investment products.

Analysts are paying attention to trading volumes of up to $1.7 billion in ProShares’ Bitcoin Strategy ETF (BITO) last week, and up to $800 million in the Grayscale Bitcoin Trust (GBTC).

This significant increase in trading volume and the decreasing discount of GBTC shows that the enthusiasm of the investor community for Bitcoin in particular and cryptocurrencies in general is increasing, and especially for US-based BTC spot ETFs.

Fueled by regulatory hints and investment roadmaps from institutional investors, interest in the world’s number one cryptocurrency Bitcoin has clearly increased over the past two weeks.

Therefore, this week could also be a big one for Bitcoin price, as these figures could be an early sign of the next explosive wave in demand and wider mainstream adoption in the future. BTC’s global financial system.

Which Other Cryptocurrencies Should Investors Watch This Week?​

In addition to Bitcoin, several other altcoins could also see promising price action this week.

And one such altcoin is Bitcoin Minetrix – a new virtual currency project that is continuing to create great attraction with the original token presale program BTCMTX.

Bitcoin Minetrix ushers in the future of decentralized cryptocurrency mining, quickly raising over 2.8 million USD through presale program​

Bitcoin Minetrix (BTCMTX) is a new unique virtual currency project built on top of Ethereum, offering a unique value proposition – democratizing and decentralizing BTC mining through a world-first tokenization model. world.

By staking the native token BTCMTX, holders will receive cloud mining credits to earn BTC mining blockchain rewards without investing in computer hardware. Expensive and does not require too much technical expertise.

This opens the door to cryptocurrency mining for everyone, regardless of their experience or resources.

BTCMTX also incentivizes long-term holding of BTCMTX tokens by investors through staking rewards of up to 216% per year.

The project’s presale program saw over 192 million BTCMTX tokens staked, showing strong interest from the investor community in the project.

With the Bitcoin Minetrix presale now in Phase 4, potential investors can purchase BTCMTX at a price of just 0.0113 USD per token.

This setup helped the Bitcoin Minetrix presale program raise over $2.8 million in funding. And this money will be used for staking rewards, marketing and developing the project’s ecosystem even further.



To further increase engagement, Bitcoin Minetrix developers launched a “Minedrop” giveway worth up to $30,000 USD.

To participate, individuals must complete various social media activities, such as following Bitcoin Minetrix on Twitter and joining the project’s Telegram community.

With many leading crypto experts expecting billions of dollars to flow into the market if a BTC spot ETF is approved in the US, Bitcoin derivatives projects like Bitcoin Minetrix could be poised to benefit greatly .

Therefore, BTCMTX may be the most notable potential altcoin this week as Uptober prepares to end.

Source:

3 Reasons To Closely Monitor Bitcoin Price This Week, Bitcoin Minetrix Is Also Preparing To Hit The 3 Million USD Milestone - TRADECOIN D2 (BETA)

The price of Bitcoin (BTC) has recently increased quite strongly, ranging from $26,500 to a peak price of $35,200 last Tuesday.

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Dogecoin (DOGE) price has moved above a long-term descending resistance line that has been in place since its all-time high.

Although there was a breakdown from the long-term support zone, the price did not drop significantly. On the contrary, it started an upward movement four days later.

Dogecoin breaks above 900-day resistance​

Technical analysis from the weekly timeframe shows that DOGE price has fallen below a descending resistance line since the all-time high of $0.740 in May 2021. This decline resulted in a low of $0.049 in June 2022.

Although the price bounced back afterward, it failed to break above the descending resistance line. Rather, it made three unsuccessful attempts (red symbol), creating lower highs and long wicks above.


All of this changed last week when DOGE price broke above 900-day resistance.

It reached a weekly close at $0.069, its first close above the trendline since its all-time high.

Traders use the RSI as a momentum indicator to identify overbought and oversold conditions to decide whether to accumulate or sell an asset.

A reading above 50 and sloping up shows that the bulls still have the advantage, while a reading below 50 shows the opposite.

The RSI is currently at 50, a sign of an unknown trend.

DOGE Price Prediction: Is This the Start of a New Bull Run?​

Technical analysis from the daily timeframe also suggests a bullish outlook consistent with a break above the 900-day resistance line. On October 20, DOGE price also broke above the short-term descending resistance line.

This not only prompted a continuation of the increase but also resulted in a recovery to the $0.060 horizontal support area, suggesting that the previous decline below this level was just a deviation.

Similar to the weekly timeframe, the daily RSI is increasing. The indicator is rising and above the 50 level, both of which are considered signs of an uptrend.

However, it is worth mentioning that DOGE price was rejected by the 0.618 Fib retracement resistance (red symbol). It has been down since October 26.

The principle behind Fib retracement levels suggests that after a significant price movement in one direction, the price will retrace partially before resuming the move in the original direction.

The 0.618 Fib level is often used to determine whether the upward movement is corrective or not. So, DOGE price must move above it to confirm a trend reversal to the upside.

If so, the price could rally 20% to the July high at $0.083.

Despite this bullish prediction, a close below the minor support at $0.066 could send the price down 13% to the nearest support at $0.060.

Source:

Dogecoin (DOGE) Price Breaks Out of 900-Day Resistance – Has the Reversal Started? - TRADECOIN D2 (BETA)

Dogecoin (DOGE) price has moved above a long-term descending resistance line that has been in place since its all-time high.

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Billionaire investor Stanley Druckenmiller has praised Bitcoin for building a “brand” over the past 15 years, admitting that while he doesn’t own any Bitcoin, he should.

The billionaire shared his latest thoughts on BTC in an October 30 interview with hedge fund manager Paul Tudor Jones. Here, he makes a comparison between Bitcoin and gold as a store of value.

“I’m 70 years old. I own gold. I was surprised when Bitcoin took off, but you know, it’s clear that young people see it as a store of value because it’s a lot easier to use. 17 years for me it’s a brand. I like gold because it is a 5,000 year old brand. So I like both. Honestly, I don’t own any Bitcoin, but I should.”

Druckenmiller previously held Bitcoin. However, in an interview in September 2022, he revealed that he sold due to central banks applying tightening measures.

However, according to him, the digital assets sector will grow strongly in case people lose faith in the central banking system, citing the example of Bank of England after the British pound plummeted in mid-2022. .

“I can see cryptocurrencies having a big role in the Renaissance because people won’t trust central banks.”

Druckenmiller founded Duquesne Capital Management in 1981 and closed the fund in 2010. During that time, he achieved an average annual return of 30% and never had a down year.

His investment philosophy revolves around holding a group of Long stocks, a group of Short stocks and using leverage to trade futures contracts during market ups and downs.

He also praised blockchain technology, predicting the ledger-based system could replace the US dollar as the world reserve currency in the future.

In 2021, Druckenmiller said Ethereum is like “Myspace before Facebook” and predicted ETH will eventually topple BTC.

Sentiment towards Bitcoin among Wall Street firms has gradually improved over the past year, the most notable evidence being the wave of Bitcoin ETF filing proposals from major financial companies.

However, the cryptocurrency industry still has its fair share of critics.

Famous veteran investors Warren Buffett and Charlie Munger have long called Bitcoin and cryptocurrency “rat poison” and an asset class that does not create value.

Source:

Legendary Investor Druckenmiller: “I Don't Own Bitcoin, But I Should” - TRADECOIN D2 (BETA)

Billionaire investor Stanley Druckenmiller has praised Bitcoin for building a “brand” over the past 15 years, admitting that while he doesn't own any Bitcoin,

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New record: Nearly 40 million Bitcoin addresses are profitable

Bitcoin now has more profitable wallet addresses than ever before even though the BTC price is 50% below its all-time high (ATH).

Latest data from on-chain analytics firm Glassnode shows a record number of profitable addresses.

The $ 34,000 price brings profits to over 80% of Bitcoin addresses​

Bitcoin may be hitting 18-month highs, but the recent rally has been enough to trigger significant changes in investor returns.

According to Glassnode data, the number of profitable addresses as of October 30 was 39.1 million.

This is the highest figure ever recorded for Bitcoin and beats the previous peak of 38.1 million in November 2021.
At the time, BTC itself was trading at ATH and therefore 100% of the addresses in existence with a non-zero balance were profitable.

Although the current spot price is still 50% below that level, the total number of non-zero addresses is now up to 48.3 million.

In percentage terms, profitable addresses have not yet achieved comparable performance in absolute numbers but are still at an 18-month high of 81.1%.

Glassnode also shows that this number increased from 60% to 80% in the past two months.

In contrast, there are currently just over 9 million losing addresses. At its peak in December 2022 after the FTX crisis, this total was more than 20 million.

Long-term holders take “minimum” profits​

As reported, the past week saw BTC price action breach multiple resistance levels while delivering profits to both long-term (LTH) and short-term (STH) holders.

Accordingly, this has prompted speculative holders to take profits – especially when the market exceeds $34,000.

For James Van Straten, researcher and data analyst at crypto insights firm CryptoSlate, this highlights the psychological differences between groups. He argued on October 29:

“Bitcoin showed outstanding strength above $34,000 over the past 5 days while also seeing one of the strongest profit-taking in the past 2 years from STH. LTH was largely uninterested and recorded only the sixth largest profit taking this year, but minimal over the larger time frame.”

The charts below from Glassnode track the flow of funds to exchanges from LTH and profitable STH entities.


Source:

New record: Nearly 40 million Bitcoin addresses are profitable - TRADECOIN D2 (BETA)

Bitcoin now has more profitable wallet addresses than ever before even though the BTC price is 50% below its all-time high (ATH).

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Celestia has completed the deployment of its mainnet beta, marking the launch of the module network.



Operating under the codename Lemon Mint, the mainnet beta introduces data availability sampling (DAS). This technology aims to provide a new scaling method that allows blockchain nodes to confirm data availability without having to download the entire data set for a given block. Initially, the idea was presented in a whitepaper titled “LazyLedger” 4 years ago.

Ekram Ahmed, spokesperson for Celestia Foundation, said:


“What was once considered a wild moonshot has now become a reality four years later with the publication of the LazyLedger whitepaper. Celestia is the first modular blockchain network that securely scales with the number of users, making it easy for anyone to create their own blockchain.”

Following the mainnet launch, Celestia’s native token TIA will be available for trading on major centralized exchanges, including Binance, Bybit, and KuCoin. Additionally, decentralized exchange Osmosis announced plans to list tokens for trading on their platform.

The ecosystem surrounding Celestia​

Celestia’s architecture is designed to allow nodes to simultaneously reach consensus on transactions across different chains, while executing these transactions off-chain. The reason they can do this is because they can clearly separate the consensus and data availability layers from the execution layer. This configuration allows Celestia to focus primarily on creating an organized and systematic approach to data storage, while leaving transaction execution to individual chains.

Although in early beta, Celestia’s mainnet beta allows other rollups and chain modules to use their platform for data availability and consensus.

Accordingly, an ecosystem centered on Celestia is forming. MilkyWay, the liquidity staking protocol on Osmosis, has announced support for Celestia and will soon introduce a liquidity staking derivative token (stTIA) on the Osmosis blockchain.

Additionally, Arbitrum has integrated Celestia into the Orbit and Nitro technology stack, while Cosmos-based smart contract platform Neutron has launched Nexus , aiming to enable developers to deploy rollups on Celestia.

Source:

Celestia module network operates on mainnet - TRADECOIN D2 (BETA)

Celestia has completed the deployment of its mainnet beta, marking the launch of the module network.

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Onyx Protocol was hacked for 2.1 million USD​

Decentralized peer-to-peer lending platform Onyx Protocol lost approximately $2.1 million in an illiquid market exploit deployed on October 27.

Blockchain investigator PeckShield explained shortly after the hack warning that the protocol went unnoticed.

https://twitter.com/x/status/1719656987124965677

PeckShield’s independent investigation into this matter found that the allegedly illiquid oPEPE market “abused donations to borrow capital from other liquid markets”.


“The donated funds were then used by taking advantage of a known rounding issue.”

Previously, on April 16, attackers exploited the same bug to steal $7 million from multichain lending protocol Hundred Finance.

https://twitter.com/x/status/1647330607565885441

In the case of Hundred, the attacker manipulated the exchange rate between ERC-20 tokens and hTOKENS, allowing them to withdraw more tokens than the initial deposit, according to CertiK.

Continuous efforts from hackers require a deeper understanding of the art of cryptocurrency tracking.

Tracking stolen cryptocurrency using blockchain analytics typically involves six key steps: transaction tracing, address clustering, behavioral analysis, pattern recognition, regulatory vigilance, and collaboration .

Source:

Onyx Protocol was hacked for 2.1 million USD - TRADECOIN D2 (BETA)

Decentralized peer-to-peer lending platform Onyx Protocol lost approximately $2.1 million in an illiquid market exploit deployed on October 27.

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Global payments giant PayPal has been approved by the UK’s Financial Conduct Authority (FCA) to provide cryptocurrency services in the country.

According to official FCA data , PayPal is registered to provide “certain electronic money activities” in the UK as of October 31, 2023. PayPal must implement requirements or restrictions on the financial services activities in which it may operate.

Information on the FCA register says:

“This includes, but is not limited to, closing on new customers and restricting existing customers from keeping and selling active features. The Company cannot expand its current cryptocurrency offering,” the registrar noted, adding “including but not limited to” exchange services, participation in ICOs, staking, peer-to-peer exchanges, and decentralized financial activities such as lending and borrowing.

Source:

PayPal receives UK cryptocurrency license after halting local Bitcoin purchases - TRADECOIN D2 (BETA)

Global payments giant PayPal has been approved by the UK's Financial Conduct Authority (FCA) to provide cryptocurrency services in the country.

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Blockchain detective account on the X app OnchainDataNerd has reportedly noticed another portion of ETH sent by Ethereum co-creator Vitalik Buterin to the largest exchange in the US – Coinbase.

This is not the first time Buterin has sold ETH this year. He sent ETH not only to Coinbase but also to Bitstamp platforms. Previously, according to reports, he transferred a significant portion of this altcoin to Coinbase at the end of September this year.

Buterin sold ETH in small chunks – 400 ETH on Coinbase in September – and has now transferred another 100 ETH there. According to the aforementioned source, Vitalik sold 100 ETH for $181,000, or $1,810 per coin.
In August of this year, Buterin deposited about 600 ETH (worth about $1 million) to Coinbase. On October 7, he transferred 1,000 ETH to the Bitstamp exchange and sold it for about $1.64 million. Overall, Buterin’s wallet transferred 4,400 ETH to that centralized exchange in September and October, according to data shared by “Smart Money” tracker Lookonchain. This amount of ETH is equivalent to approximately $7.23 million.

Does not affect ETH price​

Today’s ETH transaction with Buterin’s Coinbase and the possible subsequent sale did not have any discernible impact on the price of the second-largest cryptocurrency by capitalization.

Since October 24, after a 48-hour peak of 12.87%, pushing ETH to $1,848, the price has lost a total of 2.3% but is still trading above the $1,800 price level.

At the end of October, the aforementioned source reported several new wallets making notable ETH purchases on exchanges as they withdrew 47,760 ETH worth $82.97 million into cold wallets at the time. .

ETH Price Prediction $8,000​

According to a recent report, global bank Standard Chartered announced that it expects the price of ETH to skyrocket to $8,000 within the next few years.

The basis for this bold prediction is the leading role of the Ethereum blockchain in the world of smart contracts, gaming, DeFi and traditional asset tokenization.

Additionally, several major fund managers recently applied to the US securities regulator for permission to launch a spot Ethereum ETF. Many market participants expect the price of ETH could skyrocket if approved. So far, the SEC is reviewing about a dozen spot Bitcoin ETF filings, but Galaxy Digital head Mike Novogratz expects the first BTC ETF to be approved in 2023.

Buterin shares about the L2 ecosystem​

According to Ethereum co-founder Vitalik Buterin in a recent blog post , the Ethereum layer 2 ecosystem continues to expand and diversify. As new scaling solutions emerge, Buterin predicts increasing heterogeneity in layer 2 designs based on specific cost and security trade-offs.

Rollup, validium, sidechain, and other layer 2 architectures provide different balances between decentralization, security, and scalability. Financial applications require the highest security guarantees, while social networks and games can accept some downtime in exchange for lower fees.

Buterin noted projects transitioning from layer 1 standalone to layer 2 Ethereum will likely take a gradual, multi-phase approach. Moving all operations to rollup at once will impact usability, but waiting too long risks missing the opportunity. Niche centralized and layer 1 projects also want enough decentralization to ensure additional security without sacrificing high throughput.

Validium relies on zero-knowledge (ZK) proofs to ensure correct computation without storing all data directly on Ethereum. This saves costs compared to rollups, but validators face data availability risks if the operator does not make the data available. Rollup ensures users can always withdraw funds from the Ethereum mainnet.

Disconnected systems like sidechains have even lower overhead but require trust in a small group of validators. Hybrid approaches are also gradually emerging, such as validium which allows users to pay for Ethereum data availability periodically.

Buterin emphasized the importance of external chains maintaining close links to Ethereum. This reduces the security risks of bridging Ethereum native assets and allows for shared account abstraction between chains.

Validating bridges can provide validium-level security, proving correct state transitions. However, handling extreme cases like 51% attacks requires social commitment to coordinate upgrades. Reading Ethereum data and reverting when Ethereum reverts is also important. Chains that only read the last blocks of Ethereum avoid some of the complexity but will give up functionality during low precision.

Overall, Buterin sees value in multiple layer 2 designs. Applications will continue to tailor solutions to their specific security, scalability, and decentralization needs. However, staying connected to Ethereum offers benefits regardless of architecture. He believes that, as technology develops, projects can strengthen their relationship with Ethereum in stages.

Source:

Vitalik Buterin Moves Large Ethereum to Coinbase Amid $8,000 ETH Price Prediction - TRADECOIN D2 (BETA)

Blockchain detective account on the X app OnchainDataNerd has reportedly noticed another portion of ETH sent by Ethereum co-creator Vitalik Buterin to the

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Along with the recovery of the cryptocurrency market, Bitcoin (BTC) transactions reached a new peak in 2023. In particular, online data shows increasing activity levels of whales electronic money.

This increase in large BTC transactions comes amid a high likelihood of a Bitcoin ETF spot being approved in the United States, creating great excitement and optimism among the virtual currency investor community.

At the same time, an emerging Bitcoin mining token called Bitcoin Minetrix (BTCMTX) has also been attracting significant attention, raising more than $2.9 million from early investors through a presale program. native token BTCMTX.

Bitcoin Whale Trading Rises to 2023 High as Big Investors Start Accumulating Wealth​

The number of high-value Bitcoin transactions has increased significantly in recent weeks, reaching its highest level since the beginning of the year.


According to an article from CoinDesk, the number of BTC transfers worth over $100,000 reached 23,400 transactions last week – surpassing the previous 2023 high set in late June.

This spike in Bitcoin cryptocurrency whale activity comes after the Bitcoin price quickly crossed the $35,000 mark, reaching its highest level since May 2022.

Analysts believe that several key factors are driving this increase in Bitcoin transactions.



First, the catalyst is the optimism of the crypto investor community around the possibility of a Bitcoin ETF spot being approved by the SEC in early 2024. Bitcoin ETF spot applications from regulators Large asset managers like BlackRock are said to be nearing their final stages.

Additionally, rising inflation this year has further increased Bitcoin’s appeal as the perfect asset to hedge against the effects of inflation.

More and more individuals and high net worth investors are looking at BTC as a store of value in the current uncertain economic context.

Overall, the combination of regulatory changes, inflation concerns, and changing perceptions of Bitcoin is contributing to a significant increase in high-value Bitcoin transactions.

Bitcoin Options Traders Bet on Further Rise in BTC Price​

This bullish sentiment from crypto whales is supported by recent data from the Bitcoin options market. This shows that coin traders are increasingly confident in the possibility of BTC prices increasing further.

Between October 23 and October 24, BTC options trading volume increased to its highest level in more than six months, coinciding with the spike in Bitcoin prices on those days.

According to analytics firm Laevitas, Bitcoin options interest also hit a 12-month high on October 26, as cryptocurrency investor activity showed signs of surging.



Analysts believe this “frenzy” in BTC options trading signals confidence that Bitcoin prices will continue to rise in the final weeks of fiscal 2023.

Put/Call Ratio (PCR) has also been consistently maintained below 1 in the second half of October, showing strong demand for call options from Bitcoin traders looking to benefit from potential profits. power.

High demand for call options and low put-to-call ratio suggests that most traders are betting on the price of Bitcoin to rise rather than fall.

Such levels of community optimism often result in a sharp increase in the price of Bitcoin – attracting more buyers and creating a “snowball” effect.

Bitcoin Minetrix Enables Users to Earn Passive BTC Payments and Quickly Raise Up to $2.9 Million ​

As Bitcoin whales accumulate and options traders bet on further BTC upside, another sector of the crypto market that is also heating up is the cryptocurrency mining sector.

And a rapidly growing project in this space is Bitcoin Minetrix (BTCMTX), a new platform that tokenizes BTC mining with a unique cloud mining feature, currently in the process of implementing a presale program. .

The core innovation of the Bitcoin Minetrix presale project is its unique and valuable staking-to-earn mechanism.

Users can purchase the native BTCMTX token and stake it to earn mining credits (which cannot be transferred or traded). These credits can be burned to access the powerful cloud mining power of the Bitcoin Minetrix platform.



Through this advanced mechanism, Bitcoin Minetrix users can earn recurring BTC payments without needing to own expensive mining hardware or require advanced expertise.

Not only that, users can also pledge their BTCMTX tokens to the staking pool and earn up to 206% yield per year.

Bitcoin Minetrix’s presale program has raised more than $2.9 million as investors look to invest in the future of decentralized mining.



BTCMTX tokens are currently priced at just $0.0113 each in the presale, although they will increase by 10% in less than two days.

With 42.5% (equivalent to 1,700,000,000 tokens) of the total BTCMTX supply earmarked for Bitcoin mining, and a clear roadmap, cryptocurrency investors have flocked to Bitcoin Minetrix’s Telegram channel. to update the latest developments of the project that is considered the future of online coin mining.

As crypto whales snap up BTC and options traders buy in, Bitcoin Minetrix offers another avenue to capitalize on positive market sentiment with the world’s number one cryptocurrency Bitcoin – benchmark destined for a good ending to 2023.

Source:

Bitcoin Whale Trading Hits Yearly High, As Investors Pour Up To $2.9 Million Into This BTC Mining Token - TRADECOIN D2 (BETA)

Along with the recovery of the cryptocurrency market, Bitcoin (BTC) transactions reached a new peak in 2023. In particular, online data shows increasing

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Pantera Capital: Stablecoins Set to Succeed Where BTC, ETH Failed

According to an executive at Pantera Capital, Bitcoin and Ethereum – despite being “extremely successful” – have yet to meet the initial expectations many had for cryptocurrencies.



But stablecoins are ready, Jeff Lewis, a product manager at the crypto-focused hedge firm, wrote in a letter Tuesday.

He noted that 15 years after the Bitcoin whitepaper, BTC’s lack of speed and scalability has affected its ability to be a good alternative to money. Ethereum “has become the programmable decentralized system that Bitcoin alone cannot be,” paving the way for an ecosystem of NFTs, Web3 applications, and DeFi powered by ETH.


“Unfortunately, Ethereum is almost as volatile as Bitcoin, making it unsuitable as a stable currency.”

Stablecoins, on the other hand, are set up to enable peer-to-peer value transfers. They will also help people protect against unstable currencies and eliminate the need to put their trust in service providers, Pantera’s CEO said.

Lewis compared payments giant PayPal to a stablecoin, noting that it allows users to transfer $1 worth of digital ledger entries cheaply to merchants and peers around the world. The company even launched its own stablecoin, PYUSD, in August.

The largest stablecoins – USDT and USDC – are essentially non-yielding. However, Lewis argues that a trustless, transparent and profitable “PayPal 2.0” may be in the works.

This vision seems hypothetical as PayPal has not announced any such plans.

“That stablecoin is coming because as soon as the regulations are clear, market conditions will force providers to offer money market yields to compete. We are seeing an explosion in the stablecoin market with yield being generated from the underlying investments in the currency markets as well as the tokenization of the currency markets themselves,” Lewis wrote.

Franklin Templeton, a fund group that manages about $1.5 trillion in assets, in 2021 launched a money market fund that uses public blockchain to record transactions. One share of the fund is represented by one BENJI token — allowing it to function like an interest-bearing stablecoin.

JPMorgan is already building blockchain-based applications, while Citi’s new Citi Token Services intends to give customers access to tokenized deposits, cross-border payments and automated trade finance solutions around the clock. hours/day.

Ondo Finance launched bond offerings and tokenized US Treasury products earlier this year before Adapt3r Digital in late August announced a tokenized fund on the Archblock decentralized market.

Stablecoins “represent one of the most clearly promising models for tokenization today,” Coinbase head of institutional research David Duong and analyst David Han wrote in a report Monday.

“We think stablecoin liquidity may be one of the clearest ways that tokenization intersects with the broader crypto economy as part of the next market cycle,” Duong and Han added.

PayPal’s platform is more attractive than banks because of its ease of use and speed, Pantera’s Lewis notes.


Source:

Pantera Capital: Stablecoins Set to Succeed Where BTC, ETH Failed - TRADECOIN D2 (BETA)

According to an executive at Pantera Capital, Bitcoin and Ethereum – despite being “extremely successful” – have yet to meet the initial expectations many had

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In the past few years, the community has been buzzing with the Play-to-Earn (P2E) trend – playing to make money – and is most popular at the time of COVID-19. However, life has returned to a new normal and P2E is no longer a trend. Currently, users have found many new ways to make money. They no longer need to work hard in the game but can have fun while earning large profits for themselves, depending on their level of luck. & its capabilities with the European betting and entertainment platform, BONS. Let’s learn about this platform with Bitcoin Magazine!

Experience the betting platform from Europe – BONS​

BONS is an entertainment betting platform originating from Europe, specializing in providing a variety of games including sports betting (football, basketball, esports…), western casino (baccarat, dragon tiger, poker). ) and many other entertaining slot games. After many years of operation, BONS is trusted by millions of users and operates in large and small countries in Europe and Asia.

The Platform is operated by NestlingCorn Limited, registered in the Republic of Cyprus, which is a subsidiary of Owl In NV, incorporated under the laws of Curacao. This is one of the betting platforms with the fastest response speed to user operations, supports many popular languages around the world, and especially has fast, easy, and free cryptocurrency payments. spend a lot of transaction fees.

The special feature of BONS is that, besides bringing high entertainment, players can both play and earn real money when winning or winning lottery prizes. Instead of spending a lot of time playing the game and only earning virtual money for trading in the game, it cannot be converted to real money and there is a risk of violating the law (such as playing a fish shooting game for coins and wasting time reselling it). cent), you can see this as a new form of investment, making the most of your leisure time while entertaining while still making money.

Evaluate the quality of BONS

• Prestigious, trustworthy, information security

As informed, BONS is an entertainment betting platform originating from Europe, so the brand is also prestigious and classy, completely different from mass casinos of unknown origin and non-transparent information.

The registration process on the platform is also quite fast and there are many options such as registering by email or through Metask, Google. The final step is to simply enter your personal phone number to complete the process.

• Diverse forms of betting from sports to casino

Regarding sports betting, BONS offers a variety of popular sports from basketball, football, tennis, volleyball, etc. to sports with less popular platforms such as skiing, water polo, sumo wrestling. ,… The odds here are also higher than other bookmakers and there are more bets.

Besides owning many diverse casino games such as baccarat, dragon tiger, poker, BONS also has a live Casino and each casino has a live dealer, adding the most realistic experience for users.

If you are still wondering which game to join, you can also choose the top or newly updated games that the platform recommends. These forms of games are both highly entertaining and earn real money, quickly withdrawn to your account. You can consider this a form of investment instead of simply playing games to make the most of your time and capital.

• Huge, continuous promotions and diverse payment methods

BONS offers a variety of promotions to reward loyal players, new players and birthday gifts (requires a verified account and at least 5 successful deposits). Not only that, this European betting platform also offers promotions for each category such as Tournaments, Contests & Lottery (weekly, daily). You can follow this information in the promotions section.

In addition to attractive promotions for new players, BONS also offers an EXCLUSIVE DEAL with an additional 10% bonus when depositing with cryptocurrency. BONS is one of the betting platforms that provides a variety of convenient deposit and withdrawal methods for players from bank transfer, Momo, Visa/Mastercard to cryptocurrency trading, accepting popular currencies. like Bitcoin (BTC), Ethereum (ETH), Tether (USDT). Electronic money has the advantage of freedom of payment, easy and fast transactions with low costs and high information security. That’s why BONS started a crypto-based platform, so that users can quickly withdraw their winnings when needed instead of waiting for money to be transferred from the bank, which takes time and has transaction fees. translation is high.

Besides, it is equally important that Bons has a professional customer care team, serving 24/7 to support customers. You just need to click on the “Contact us” tab and send your question, the customer service team will respond immediately.

Instructions for depositing cryptocurrency into BONS​

• Step 1: After logging in to your Account, click on the “Deposit” tab and select payment method (bank transfer or type of Electronic Currency to deposit). Then select the Network (if any) of each cryptocurrency, copy the QR code.
• Step 2: Open the existing E-Wallet application, make a withdrawal order, select the transaction network corresponding to the network you just selected in Bonn, paste the QR code you just copied into the Withdrawal Address.
• Step 3: Monitor processing progress and check transaction history if necessary.

Although not a pioneer in the Play and Make Money trend, the betting platform from Europe, BONS, always tries to help users make the most of their idle time and capital to make more money. However, their disadvantage is that the platform is not well known in Vietnam, so it is still quite young and does not have many discussion topics, so it is difficult for users to approach and ask for support if any problem occurs. However, you can rest assured because platform-related issues are supported 24/7 by the customer service team and to ensure safety and avoid unnecessary conflicts, you should carefully read the deposit and withdrawal instructions. money because each casino has its own rules.



BONS currently has many incentives and promotions for new users. You can register an account here to ensure you access the correct website of the platform, avoiding being directed to other scam sites. Wishing you the smoothest experience at Bons!

Source:

Forget P2E, typical of the current trend is to play and make money with BONS - TRADECOIN D2 (BETA)

In the past few years, the community has been buzzing with the Play-to-Earn (P2E) trend - playing to make money - and is most popular at the time of

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Cardano (ADA) recently made an important announcement regarding its scaling solution, Mithril. The project has released a research paper titled “Mithril 2,” highlighting specific results from its efforts.

Launched on the Cardano mainnet in July, Mithril has now introduced what the developers call “advanced cryptographic techniques” to prove knowledge about a large data set without revealing the entire data set .

IOG’s Romain Pellerin highlights ALBA​

Romain Pellerin, CTO of research company Input Output Global (IOG), summarized the main points covered in the Mithril 2 paper.

Pellerin explains that the paper introduces a technique called “Approximate Lower Bound Arguments” (ALBA). The goal of ALBA is to allow individuals to prove ownership of a large data set without exposing the entire record.


According to Pellerin, this method has the necessary applications to prove the possession of multiple digital signatures from different individuals without revealing each signature.

The core idea behind ALBA is that the prover only reveals a small, intelligently selected sample of the data set. This prevents “cheating” by making it difficult for the sample to be constructed if the actual data set is small.

On the contrary, if the real data set is large, at least one such sample may exist. This is said to ensure the success of an “honest prover”. The Telescope technique introduced in the paper facilitates efficient recursive pattern construction.

The Mithril 2 paper also covers situations in which a dataset is distributed among multiple parties that jointly produce evidence. It demonstrates how ALBA can be used to extract linear witnesses in short, non-interactive arguments about knowledge (SNARKs).

By using ALBA instead of custom structures, the prover’s workload can be reduced, leading to shorter proofs when extracting witnesses from SNARKs.

Charles Hoskinson expressed pride in Mithril 2​

The paper explains that ALBA allows a prover to succinctly prove knowledge of multiple factors that satisfy a given predicate or weight function. Although the argument is only approximate because there is a small gap between what the prover knows and what the verifier believes, this gap allows for highly efficient schemes.

Furthermore, the study presents non-interacting structures of ALBA in the unified reference chain and random oracle models, demonstrating a near-optimal proof size.

Additionally, it introduces efficient communication structures when proofs are distributed among multiple provers, which is especially relevant in decentralized environments.

Cardano founder Charles Hoskinson expressed pride in the Mithril 2 paper, emphasizing its importance on X (formerly known as Twitter)

Mi’thril 2 is out now. I am very proud of this article. It’s a great job.”

The Cardano community eagerly awaits the implementation of these new “cryptographic techniques,” which demonstrate the project’s commitment to enhancing the scalability and privacy of the Cardano blockchain.

On the other hand, ADA price has achieved significant gains over the past 30 days. Currently trading at $0.2910, which has seen the price increase by 18% in the past two weeks.

Of particular note, ADA ended October above the key $0.30 level. This performance is pivotal for the price outlook and the continuation of the upward momentum, as it quickly broke the structure of a four-month downtrend.

It remains to be seen whether the upcoming positive developments in the Cardano ecosystem have the potential to take ADA to new heights in 2023 and maintain its competitive position among the Top 10 cryptocurrencies in the market.


Source:

Cardano is proud to release “Mithril 2”, introducing ALBA that promises to prevent fraud - TRADECOIN D2 (BETA)

Cardano (ADA) recently made an important announcement regarding its scaling solution, Mithril. The project has released a research paper titled “Mithril 2,”

tradecoind2.com