TL;DR Breakdown Former PayPal executive David Marcus believes that BTC will take global finance away from the “fax era.”  Marcus believes that Bitcoin will largely be used for international financial settlement other than just making purchases. Prior to working on Bitcoin, Marcus worked on NOVI, a defunct stablecoin wallet software developed by Meta.  Description Is BTC the final financial solution? In the 21st century, technology has radically transformed the way we interact with the world. From the internet to smartphones, the leaps we’ve made are incredible, and yet, when it comes to the global financial system, we’re still operating in what PayPal’s David Marcus calls the “fax era.”  BTC … Read more Is BTC the final financial solution? In the 21st century, technology has radically transformed the way we interact with the world. From the internet to smartphones, the leaps we’ve made are incredible, and yet, when it comes to the global financial system, we’re still operating in what PayPal’s David Marcus calls the “fax era.”  BTC finds better use than just buying things In an interview with CNBC on…

TL;DR Breakdown The crypto market is in a free fall at the moment. Bitcoin is down 3% in the last 24 hours—having dropped to its lowest level in 3 months. The price slump is likely tied to the defunct crypto exchange FTX revealing the possible approval to liquidate $3.4B in Solana, BTC, ETH, and other digital assets. Arbitrum’s TVL has notably declined to $1.67B, marking its lowest level since mid-February, adding to the ongoing market pain. Description The crypto market is not doing well. And it may take on this sentiment for the whole week if not the whole month. As we navigate the volatile seas of the crypto market, it’s becoming increasingly clear that storm clouds are gathering on the horizon.  For both seasoned investors and newcomers alike, the tides have … Read more The crypto market is not doing well. And it may take on this sentiment for the whole week if not the whole month. As we navigate the volatile seas of the crypto market, it’s becoming increasingly clear that storm clouds are gathering on the horizon. …

TL;DR Breakdown Grayscale’s share prices close against the Bitcoin price, now trading 17% below the BTC price, its lowest since December 2021. The SEC approval for the first Bitcoin ETF will likely increase the demand for the shares, further narrowing the current GBTC discount. Still, regulatory cards fall upon the SEC to approve, delay, or deny in making a conclusion on whether to allow the investment product. Data suggests that crypto investors are yet to embrace the full impact of having a BTC ETF in the market. Description Grayscale’s Bitcoin Investment vehicle (GBTC) share prices close against the Bitcoin price, now trading 17% below the BTC price. The discount between BTC and GBTC has dropped to its lowest since December 2021. Grayscale currently holds $17.10 billion worth of BTC. This follows a recent win by Grayscale against the Security Exchange Commission(SEC). In its … Read more Grayscale’s Bitcoin Investment vehicle (GBTC) share prices close against the Bitcoin price, now trading 17% below the BTC price. The discount between BTC and GBTC has dropped to its lowest since December 2021. Grayscale…

TL;DR Breakdown Investors have witnessed a rather lunatic craze around Bitcoin and the crypto industry that begs the question of how much global wealth is invested in BTC.  Bitcoin wealth sits at around 0.11% of the estimated total global wealth worth. September has witnessed historic lows as market sell-off intensifies. Description In the rapidly evolving landscape of financial markets, one term has become increasingly prevalent—Bitcoin. Once dismissed as a speculative bubble or a tool for illicit activity, Bitcoin has matured into a complex, multi-faceted asset that holds transformative potential for traditional financial systems, often referred to as “TradFi” or Traditional Finance.  On September 11, 2023, one … Read more In the rapidly evolving landscape of financial markets, one term has become increasingly prevalent—Bitcoin. Once dismissed as a speculative bubble or a tool for illicit activity, Bitcoin has matured into a complex, multi-faceted asset that holds transformative potential for traditional financial systems, often referred to as “TradFi” or Traditional Finance.  On September 11, 2023, one bitcoin was worth approximately $25,867 per coin. There were over 19,48 million bitcoins in circulation, valuing…

TL;DR Breakdown Polygon Labs has employed a unique analogy to elucidate the concept of crypto staking to Senators Ron Wyden, a Democrat from Oregon, and Mike Crapo, a Republican from Idaho. Polygon Labs posits that the potential rewards from staking should only be subject to taxation when the stakers decide to sell their tokens, not as they accumulate these tokens over time. Polygon Labs emphasized that newly minted tokens, acquired through staking, are essentially generated by software and should not be considered taxable income.  Description Polygon Labs, a player in the crypto space, has employed a unique analogy to elucidate the concept of crypto staking to Senators Ron Wyden, a Democrat from Oregon, and Mike Crapo, a Republican from Idaho. In response to the senators’ request for comments regarding the taxation of digital assets, Polygon Labs’ Chief Legal Officer, Rebecca … Read more Polygon Labs, a player in the crypto space, has employed a unique analogy to elucidate the concept of crypto staking to Senators Ron Wyden, a Democrat from Oregon, and Mike Crapo, a Republican from Idaho. In response…

TL;DR Breakdown This proposal revolves around increasing the minimum deposit requirement on the Terra Classic chain, which currently stands at one million Terra Luna Classic (LUNC), an equivalent of approximately $57.23. The rationale behind this proposal lies in the depreciation of both $LUNC and $USTC prices.  Description The Terra Classic community finds itself grappling with challenges and has put forth a proposal aimed at addressing some pressing issues within the Terra Classic chain. Specifically, this proposal revolves around increasing the minimum deposit requirement on the Terra Classic chain, which currently stands at one million Terra Luna Classic (LUNC), an equivalent of approximately … Read more The Terra Classic community finds itself grappling with challenges and has put forth a proposal aimed at addressing some pressing issues within the Terra Classic chain. Specifically, this proposal revolves around increasing the minimum deposit requirement on the Terra Classic chain, which currently stands at one million Terra Luna Classic (LUNC), an equivalent of approximately $57.23. This proposal, known as Parameter Change Proposal #11780, identifies a significant uptick in spam proposals on the blockchain as…

TL;DR Breakdown The DeFi Education Fund (DEF) has filed a petition with the USPTO to challenge a blockchain patent held by True Return Systems LLC, arguing the technology was already in the public domain. True Return Systems had initially tried to monetize the patent by selling it as an NFT and later sued MakerDAO and Compound Protocol for alleged infringement. Description The DeFi Education Fund (DEF) has filed a petition with the United States Patent and Trademark Office (USPTO) to challenge a patent held by True Return Systems LLC (TRS).  However, the patent in question claims to invent a process for transferring off-chain data to on-chain platforms, a technology that DEF argues was neither new nor … Read more The DeFi Education Fund (DEF) has filed a petition with the United States Patent and Trademark Office (USPTO) to challenge a patent held by True Return Systems LLC (TRS).  However, the patent in question claims to invent a process for transferring off-chain data to on-chain platforms, a technology that DEF argues was neither new nor unique at the time of its…

TL;DR Breakdown A Bitcoin user mistakenly paid a record-breaking 19.89 Bitcoin (around $500,000) in transaction fees to transfer just 0.074 Bitcoin (approximately $200), making it the most expensive Bitcoin transaction fee ever in U.S. dollar terms. F2Pool, the mining pool that processed the transaction, has offered a three-day grace period for the sender to reclaim the exorbitant fee; otherwise, it will be distributed among F2Pool’s miners. Description In a jaw-dropping event that has left the cryptocurrency community astounded, an individual paid an exorbitant 19.89 Bitcoin (roughly $500,000) in transaction fees to transfer a paltry 0.074 Bitcoin (approximately $200). The transaction, executed on September 10, 2023, at 5:10 PM UTC, shattered previous records to become the most expensive Bitcoin transaction fee ever paid … Read more In a jaw-dropping event that has left the cryptocurrency community astounded, an individual paid an exorbitant 19.89 Bitcoin (roughly $500,000) in transaction fees to transfer a paltry 0.074 Bitcoin (approximately $200). The transaction, executed on September 10, 2023, at 5:10 PM UTC, shattered previous records to become the most expensive Bitcoin transaction fee ever paid…

TL;DR Breakdown Ethereum Gas Fees hit an eight-month low of about $1.83 on Etherscan, amounting to an average of 9 gwei for gas fees. ETH has assumed an inflationary trend, with the supply going up by 4,092 ETH tokens in the past week, which is worth $6.6 million. Ether on-chain activity increased in the first quarter of 2023 with the NFT frenzy caused by the first and second Blur token airdrop, which caused a spike in NFT trading volumes. Description Ethereum Gas Fees have plummeted towards lows last experienced in 2022, registering an eight-month low. According to data from Coin Metrics, Ethereum transaction fees have decreased in the middle of reduced activity in meme coin trading, telegram bot subsides, and reduced NFT sale volumes. As per Etherscan data, the average fee for Ethereum transfers is … Read more Ethereum Gas Fees have plummeted towards lows last experienced in 2022, registering an eight-month low. According to data from Coin Metrics, Ethereum transaction fees have decreased in the middle of reduced activity in meme coin trading, telegram bot subsides, and reduced NFT…

TL;DR Breakdown Binance’s regional market head Richard Teng has dismissed the exchange’s comparison with FTX. Navigating regulatory landscape and embracing standards. Description As regulatory scrutiny and regional challenges continue to mount in the cryptocurrency industry, Binance’s Regional Markets Head, Richard Teng, is emphatic about the exchange’s financial stability. Teng dismisses comparisons to peer FTX, which has faced its own set of issues, insisting that Binance remains financially secure and capable of processing customer withdrawals. Speaking from Singapore … Read more As regulatory scrutiny and regional challenges continue to mount in the cryptocurrency industry, Binance’s Regional Markets Head, Richard Teng, is emphatic about the exchange’s financial stability. Teng dismisses comparisons to peer FTX, which has faced its own set of issues, insisting that Binance remains financially secure and capable of processing customer withdrawals. Speaking from Singapore ahead of the 2023 Token2049 conference, Teng addressed various challenges confronting Binance’s regional operations. Binance regional head clarifies widespread rumors The regional market head also clarified rumors regarding his potential succession of founder Changpeng ‘CZ’ Zhao and discussed the recent departures of high-level executives and…