EOS Network has announced the launch of its 250M EOS staking rewards program as part of the network’s revamped tokenomics plan.
As part of this newly unveiled staking rewards program, 85.6K EOS is distributed daily to Stakers, with over 31 million EOS tokens set to be distributed over the next year.
Early Stakers will benefit from an initial APY of up to 60%. Users can begin participating in the 250M Staking program at stake.eosnetwork.com.
Furthermore, the lock up period for staking has increased from four to 21 days, and EOS Block Producers (BPs) will start receiving network generated fees (in addition to their block reward income) as an extra incentive.
EOS Network said that the “updated EOS staking program is designed to provide sustainable rewards for participants and support ecosystem growth.”
Dogecoin [DOGE], known for its quirky origins, experienced a significant downturn of 15.55% over the last 24 hours, according to CoinMarketCap.
This decline was emphasized by the Relative Strength Index (RSI), which dropped well below the neutral level into the oversold zone.
In the unpredictable world of cryptocurrencies, extreme RSI levels often signal a potential rebound.
Sumit Kapoor, founder of WiseAdviceSumit, noted, “Bullish recovery soon.”
Until the 3rd of July, the MACD indicator suggested bullish sentiment, but on the 4th of July, bearish forces gained momentum, highlighting DOGE’s ongoing market volatility.
Despite this downturn, billionaire entrepreneur Elon Musk stated in a recent interview, “I intend to personally support Dogecoin.”
His comments have given hope to investors worried about DOGE’s declining price. Musk also claimed in a separate interview, “Dogecoin is better suited for transactions as compared to Bitcoin.”
AMBCrypto analyzed data from IntoTheBlock, revealing that Dogecoin bulls outnumbered bears at press time, suggesting a potential shift in sentiment.
In contrast, Bitcoin [BTC] showed a more bearish outlook, with bear activity surpassing that of the bulls. Both Bitcoin and Dogecoin serve as benchmarks for the broader crypto market.
READ MORE: Analyst Urges Calm Amid Government Bitcoin Sell-Offs, Highlights Minimal Market Impact
A decline in Bitcoin typically triggers a market-wide downturn, and similarly, when Dogecoin falls, the entire memecoin segment follows suit.
This pattern underscores the significant influence these top coins have on market trends and investor behavior.
As of the latest update, Bitcoin was trading at $54,000, marking a 4.72% decline in the past 24 hours.
Consequently, the global crypto market cap decreased by 6.91%, now standing at $1.99 trillion.
Dogecoin, meanwhile, was trading at $0.09551, experiencing a significant 15.55% drop within the same timeframe.
The memecoin market cap was at $38.1 billion, reflecting a substantial 20.1% decline in the last 24 hours, as per CoinGecko.
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Bitcoin mining difficulty saw a significant drop of over 5% on July 5, reaching a quarterly low of 79.50 terahashes per second (TH/s).
This reduction was the most substantial since March, when it briefly dipped below 80 TH/s. After spiking between March and May to an all-time high of 88.10 TH/s, the difficulty gradually settled to its current level at the time of this writing.
Bitcoin mining difficulty is quantified by hashrate, representing the number of attempts a mining machine makes to solve the cryptographic puzzle required to unlock a Bitcoin.
Hashrate updates occur every 2,016 blocks, approximately every two weeks. Generally, Bitcoin’s hashrate has increased monthly, with few exceptions.
In 2014, the hashrate was around 1.1 gigahashes per second, allowing most desktop PCs to mine Bitcoin.
As hashrate increases, more powerful and energy-efficient mining rigs are needed for profitability.
By the end of 2017, as Bitcoin adoption surged, the hashrate crossed the terahash threshold for the first time. As of July 6, 2024, the hashrate stands at 79.5 TH/s, awaiting the next difficulty adjustment.
Under the current difficulty of 79.5 TH/s, F2Pool, a prominent mining pool, suggests that an ASIC rig with an efficiency of 26 watts per terahash or better would remain profitable as long as Bitcoin’s price stays above $54,000.
READ MORE: House Set to Vote on Overturning Biden’s Veto of Crypto Regulation Rule Next Week
“With a $BTC price of $54k, ASICs with Unit Power of 26 W/T or less can make a profit. We estimate this at $0.07 per kWh,” F2Pool stated.
Should Bitcoin’s price fall below this threshold, more efficient mining rigs would be necessary to sustain profitability.
However, if the price remains stable, conditions are expected to be favorable for major miners, especially those in regions offering energy subsidies for mining operations.
In summary, the recent decrease in mining difficulty presents an intriguing shift in the Bitcoin mining landscape, affecting profitability and operational strategies for miners worldwide.
The industry will closely watch upcoming difficulty adjustments and market conditions to navigate these changes effectively.
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The inaugural DePIN Alliance Yacht Party, recently held as a glamorous kickoff for the groundbreaking initiative, marked a significant milestone in the world of decentralized physical infrastructure networks (DePIN). Hosted by U2U Network, Chain Capital, and JDI Ventures, the event successfully brought together leaders and innovators from across the globe, setting the stage for a transformative approach to global infrastructure challenges. This event attracted notable leaders from IoTeX, Bmoon, Borderless Capital, MVL Chain, Deeplink Chain, NOTT, Aethir, Witness Chain, Powerpod, AzCoiner, Farmsent, Hashlock, Haven1, ATOR, and Hotspotty, among others. This festive gathering not only showcased the potential of DePIN but also served as a precursor to a more significant announcement.
This illustrious gathering also marked the official launch of the DePIN Alliance, an initiative established by U2U Network, Chain Capital, JDI Ventures, and Social Live. The DePIN Alliance harnesses decentralized technology to create robust, accessible, and community-empowering infrastructure networks that drive innovation and promote sustainable development worldwide. The vision of the DePIN Alliance is bold and transformative, foreseeing a world where communities are empowered through accessible and resilient infrastructure.
Furthermore, the Alliance is dedicated to supporting cutting-edge research and development initiatives that push the boundaries of what decentralized technologies can achieve. This approach not only addresses the immediate needs of communities but also ensures long-term benefits, such as reduced environmental impact, increased resilience to global challenges, and enhanced social equity. By driving widespread adoption and educating communities, policymakers, and businesses about the practical benefits of DePIN solutions, the Alliance seeks to foster a new era of infrastructure development that is not only technologically advanced but also sustainable and beneficial to society at large.
The governance of the DePIN Alliance includes a council comprising leading venture capital investors such as Chain Capital and JDI Ventures, which specialize in DePIN investments, Social Live – The Protocol for Building Web3 Social Media, alongside U2U Network, the largest layer 1 blockchain network focusing on DePIN in Southeast Asia. The Alliance also boasts many top-tier VC firms and DePIN projects as members, including LBank, Blockus, Lightnet, Farmsent, Ktro Media, W Tech Labs, Zero1 Labs, Nott, Nimbus, and more. This council is actively seeking to expand its membership to include influential key opinion leaders and reputable Web3 organizations, thereby incorporating a diverse range of insights and expertise.
Members of the DePIN Alliance will gain access to many benefits such as exclusive industry insights, networking opportunities with key stakeholders, participation in collaborative projects, early access to research findings, and discounts on events and seminars. These benefits are designed to foster an environment of growth and innovation among its members.
Looking ahead, the DePIN Alliance has outlined a clear and ambitious roadmap for its development. Over the next two weeks, the Alliance plans to launch its official website and social media channels to facilitate communication and engagement. Within the next four weeks, it aims to onboard 20 pioneering DePIN projects. The next three months will see the hosting of the first DePIN Summit, establishing key partnerships that will further the Alliance’s goals. Over the next six months, the Alliance plans to expand its membership to include over 50 members and launch several collaborative projects that will demonstrate the practical applications of DePIN technologies. Within a year, the Alliance will release industry standards and a bi-annual report detailing the progress and developments within the DePIN sector.
The DePIN Alliance is steadfastly expanding its membership, ensuring a wealth of resources and fostering both the Alliance’s growth and the development of each individual member. This deliberate expansion underscores a commitment to creating a dynamic and collaborative environment, driving collective progress and innovation.
To become a member of the DePIN Alliance, interested parties are encouraged to follow the Alliance’s activities on X, join the Telegram group for real-time discussions, submit a membership application for approval, and actively participate in community initiatives and working groups.
The DePIN Alliance represents not just a technological shift but a paradigm shift in how infrastructural projects are conceived, developed, and implemented. It stands at the forefront of blending technological innovation with practical, community-focused solutions.
About U2U Network:
U2U Network is a pioneering modular chain built on top of DAG and compatible with EVM. Setting sights on becoming a comprehensive ecosystem for Web3 builders, U2U Network is dedicated to delivering a robust infrastructure emphasizing a Modular Layer-1 Network and a DePIN Ecosystem. Leveraging the innovative Helios Consensus mechanism, U2U Network’s Modular architecture bring an impressive throughput of 17,000 transactions per second (TPS) and a finality time of approximately 350 milliseconds, ensuring high performance, efficiency, and Ethereum Virtual Machine (EVM) compatibility. All this makes our network structure a perfect fit for DePIN.
Learn more about U2U Network:
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United States-based spot Bitcoin exchange-traded funds (ETFs) saw significant inflows on July 6, notably after Bitcoin’s price decreased to under $54,000 on July 4.
Farside Investors reported that these spot Bitcoin ETFs registered their largest net inflows for the month, attracting $143.1 million.
The Fidelity Wise Origin Bitcoin Fund (FBTC) received the most with $117 million, followed by the Bitwise Bitcoin ETF (BITB) which saw $30.2 million.
Additionally, the ARK 21Shares Bitcoin ETF (ARKB) and the VanEck Bitcoin Trust (HODL) ETFs gained $11.3 million and $12.8 million, respectively. However, the Grayscale Bitcoin Trust (GBTC) experienced a net outflow of $28.6 million.
Despite the market’s instability, the robust inflows into these ETFs indicate that institutional investors and significant buyers are seizing the opportunity to purchase Bitcoin at reduced prices during the downturn.
Hunter Horsley, CEO of Bitwise Asset Management, emphasized the efficiency of his team in acquiring Bitcoin at less than half a basis point.
He remains optimistic about Bitcoin’s future, presenting the current market conditions as an excellent opportunity for both new and existing investors.
“The outlook for Bitcoin has never been stronger.
“For many who don’t yet have exposure, this week is a chance to buy the dip,” he said.
In the same week, the BITB ETF saw inflows exceeding $66 million, bringing its total Bitcoin holdings to over 38,000 BTC.
Bitcoin critic Peter Schiff also weighed in on the situation.
READ MORE: Ethereum Proposes EIP-7732 to Revolutionize Block Validation and Improve Blockchain Speed
Despite the market’s volatility, he noted the resilience of Bitcoin ETF investors who have maintained their holdings without panic.
“So far, there’s no sign of panic.
“It will likely take a much larger drop in Bitcoin before they finally capitulate,” Schiff stated.
He speculated that a significant sell-off might be imminent, potentially leading to widespread capitulation among Bitcoin holders.
The decline in Bitcoin’s price was partly triggered by the transfer of 47,229 Bitcoin by the defunct Japanese crypto exchange Mt. Gox.
This marked its first significant transaction since May, moving the coins, worth approximately $2.71 billion at that time, to a new wallet address.
Bitcoin’s price briefly fell to $55,200 on Coinbase following the transfer.
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Oladotun Wilfred Akangbe, the chief marketing officer of Flincap, a platform for African over-the-counter crypto exchanges, emphasized the cryptocurrency industry’s impressive growth and maturity, with a particular focus on Solana’s resilience and community efforts in Africa.
Akangbe discussed with Cointelegraph how the crypto industry is steadily maturing, showcasing its ability to overcome challenges that previously would have caused significant market downturns
Despite obstacles, including regulatory issues with Binance and its founder Changpeng Zhao pleading guilty in November 2023 to violating U.S. money laundering laws, the industry continues to expand.
Akangbe noted that the strength and adoption of technology largely depend on the vitality of its community.
Crypto projects that consistently address community problems, especially in areas like remittances and international payments, demonstrate positive year-on-year growth.
“With the kind of communities built around several crypto projects, we’re closer to mainstream adoption than ever before,” Akangbe stated.
His comments follow a series of Solana Allstars Nigeria community meetups across various Nigerian locations, highlighting Solana’s robust community presence in Africa.
The Solana Foundation has launched numerous activities, including meetups, hackathons, and educational workshops, effectively integrating many Africans into the Solana ecosystem.
These initiatives enhance community engagement and drive the practical application of blockchain technology.
Globally, various decentralized groups promote Solana, with the Solana Allstars team in Nigeria recently emerging as one of the most active Web3 adoption groups.
Akangbe pointed out that these efforts shift user focus from price fluctuations to the real-world utility of Solana’s projects.
Speculation has grown around the potential approval of a spot Solana exchange-traded fund (ETF) in the U.S.
Bloomberg analyst Eric Balchunas suggested that such an ETF might only become feasible with a change in U.S. administration and leadership at the Securities and Exchange Commission.
Several ETF issuers have submitted applications for a spot Solana ETF. On June 28, 21Shares filed an S-1 application with the SEC, a day after ETF issuer VanEck filed their application.
On July 1, Solana (SOL) dropped over 15% in 48 hours, reaching a low of $121. Weekly losses for SOL stood at around 10%, with a 23% decline over the past month.
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Donald Verrilli, former U.S. Solicitor General from 2011 to 2016, has asserted in an appellate brief that the digital asset industry is being targeted by federal regulators through systematic efforts to restrict their banking access.
On July 3, representing the Blockchain Association, Verrilli filed an amicus brief with the U.S. Tenth Circuit Court of Appeals in support of Custodia Bank’s appeal.
This follows a district court ruling in March which upheld the Federal Reserve’s decision to deny the bank a master account.
Custodia Bank had initially applied for a master account in October 2020. After facing prolonged delays, the bank sued the Federal Reserve in June 2022.
The lawsuit cited “unlawful delay” by the Fed in processing its application.
In 2023, the Fed formally rejected the application, pointing to Custodia’s ties with the cryptocurrency sector as a factor.
A judge later endorsed this decision in March 2024, leaving Custodia without recourse to further review its application.
In the brief, Verrilli highlighted the broader regulatory actions against the crypto industry, stating, “Unfortunately for Custodia, its application was caught in the current of federal regulators’ aggressive, coordinated efforts to ‘debank’ the digital asset industry.”
Further complicating matters, Verrilli referenced statements from January 2023 by the Federal Reserve, Federal Deposit Insurance Corporation, and the Office of the Comptroller of the Currency, which collectively suggested that involvement with cryptocurrencies was likely incompatible with safe banking practices.
READ MORE Bitcoin Drops Below $58,000 for First Time in Two Months Amid Major Liquidations
Following these statements, Custodia’s application was denied.
“Through no fault of its own, Custodia became the focus of federal banking regulators’ campaign to isolate the digital asset industry from the greater national economy,” Verrilli added.
Support for Custodia has come from various quarters, including former U.S. Senator Pat Toomey, Wyoming Secretary of State Chuck Gray, and members of key congressional committees.
Another former Solicitor General, Paul Clement, also filed a supporting brief, emphasizing that Custodia had become unfavorably viewed by federal regulators.
The timing of the appellate court’s decision remains uncertain.
The outcome could potentially be influenced by a recent Supreme Court decision that overturned the Chevron doctrine, which had previously mandated judicial deference to federal agency interpretations of law, possibly impacting the review of Custodia’s application.
Amidst these legal battles, the U.S. House of Representatives is set to revisit a Securities and Exchange Commission rule that restricts banks from engaging with crypto, following a veto by President Joe Biden. A successful override of the veto would require a two-thirds majority in the House.
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As Venezuela’s economic conditions deteriorate, there has been a notable increase in crypto remittances by expatriates to support their families back home.
Amid persistent inflation and supply shortages, cryptocurrencies accounted for 9% of the $5.4 billion sent to Venezuela in remittances in 2023, which amounts to $461 million.
This trend of growing remittances has been consistent each year since 2018, apart from a brief dip in 2020, as reported by Chainalysis.
Typically, remittances are processed through services like Western Union, but their high fees and the logistical challenges related to currency availability often render these options impractical for many in developing countries.
Despite possessing the world’s largest proven oil reserves, Venezuela continues to struggle with severe inflation, economic sanctions, supply disruptions, and government corruption.
In an attempt to circumvent U.S. sanctions, the Venezuelan government launched a state-backed cryptocurrency, the Petro,
in 2018. However, this initiative failed to achieve mainstream acceptance due to widespread corruption concerns and its non-recognition as legal tender domestically.
The Petro struggled for six years before being discontinued in 2024.
The government, nonetheless, remains interested in using digital assets to bypass sanctions.
Earlier in the year, there were reports of Venezuela’s plans to use cryptocurrencies in international oil transactions.
READ MORE: Bitcoin Drops Over 2% on July 4 as Key Support Line Faces Retest Since October 2023
Subsequently, Tether, a stablecoin issuer, froze Venezuelan assets in compliance with U.S. sanctions.
Additionally, Venezuela faces severe energy shortages, which have led to new restrictions.
In May 2024, Venezuelan authorities imposed bans on cryptocurrency mining, citing its excessive demand on the national power grid—a grid that has been failing for the last decade.
This anti-mining stance is not new for the Maduro government. In 2023, the closure of mining facilities was prompted by a corruption investigation involving the country’s oil industry and Joselit Ramirez Camacho, the head of its cryptocurrency ministry.
This move reflects ongoing governmental resistance to cryptocurrency operations within the nation.
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Tron founder Justin Sun has announced that his team is developing a gasless stablecoin solution aimed at enabling free peer-to-peer transfers for everyone.
Sun plans to launch the stablecoin solution on the Tron blockchain in the fourth quarter, with subsequent integration on Ethereum and other Ethereum Virtual Machine-compatible public chains.
“Transfers can be made without paying any gas tokens, with the fees being entirely covered by the stablecoins themselves,” Sun explained in a July 6 X post.
However, he didn’t provide details on how this mechanism would operate.
Sun believes this gas-free stablecoin could revolutionize the industry for companies aiming to offer stablecoin services:
“I believe that similar services will greatly facilitate large companies in deploying stablecoin services on the blockchain, elevating blockchain mass adoption to a new level.”
Currently, Tron leads the peer-to-peer stablecoin transfer market, consistently processing two to three times the volume of Ethereum, the second-placed blockchain, according to blockchain analytics firm Artemis in a June 27 X post.
Tron hosts over $50 billion of Tether’s $112 billion in value issued across multiple blockchains, as per DefiLlama data.
Tron’s new solution could rival PayPal’s PYUSD, which allows certain US-based users to make cross-border payments for free. Similarly, Circle’s USD Coin on Ethereum layer-2 Base via Coinbase Wallet also facilitates free transfers.
The decision by Circle and cryptocurrency exchange Binance to remove support for USDC on Tron might have spurred Tron to develop its own solution.
Additionally, Tron is exploring the possibility of building a Bitcoin layer-2 solution to support a “wrapped” version of Tether, potentially channeling billions of dollars into the Bitcoin ecosystem.
For now, Tron is utilizing existing cross-chain protocols to bridge USDT and other tokens between Bitcoin and Tron.
With these advancements, Tron aims to enhance its dominance in the stablecoin transfer market and push the boundaries of blockchain technology and adoption.
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Dogecoin (DOGE) experienced a significant sell-off on Thursday as a major holder transferred 400 million DOGE tokens to Binance.
Whale Alert, a platform monitoring large cryptocurrency transactions, reported that an anonymous whale moved approximately $41.08 million worth of DOGE from an undisclosed wallet to Binance, coinciding with the memecoin’s drop below the critical support level of $0.1.
Surprisingly, a few hours later, the whale withdrew 50.4 million DOGE tokens, valued at around $4.8 million.
This sudden reversal suggests a possible change in strategy or sentiment by the investor, opting perhaps to retain a portion of their holdings amidst the volatile market conditions.
At press time, the whale retained 379.8 million DOGE, valued at approximately $37.21 million, according to Blockchair.
Analysis of the transaction history suggests this whale had accumulated around 1 billion DOGE from Binance earlier in the year, indicating a strategic move amidst market fluctuations.
The whale’s move occurred amid broader turmoil in the cryptocurrency market.
DOGE experienced a flash crash to as low as $0.93 following fears of a potential sell-off of around $9 billion worth of Bitcoin by creditors of the infamous Mt. Gox exchange.
Further worsening the bearish sentiment, the German government’s ongoing sale of approximately 50,000 Bitcoins added to the market’s fear, uncertainty, and doubt (FUD).
Over the past 24 hours, approximately $640 million worth of cryptocurrency assets have been liquidated, according to Coinglass.
Bitcoin led the liquidation figures, followed closely by Ethereum and then Solana. Dogecoin also faced substantial liquidations, sitting in the fifth position with around $11 million worth of positions closing in the red.
Despite these challenges, market analysts view the recent events as indicative of waning confidence in Dogecoin’s short-term profitability.
Some analysts, like Cryptolicca, suggest that DOGE’s price may find support within its current trading range of $0.17 to $0.95 “level 2.”
Notably, according to Intotheblock, Dogecoin has established a significant demand barrier at $0.099, where over 1.14 million addresses collectively hold 11.36 billion DOGE.
Should the price drop further, strong support is anticipated around $0.081, backed by holdings from 1.16 million addresses totaling 23.7 billion DOGE.
Additionally, there has been a notable uptick in DOGE accumulation. Data from IntoTheBlock reveals a steady increase in addresses with positive balances, marking a positive trend for DOGE.
As of June 17, there were approximately 6.48 million addresses with nonzero balances, a significant rise from 4.77 million on the same day in 2023.
This surge in network activity and accumulation of assets bodes well for Dogecoin’s potential upward price movement in the future.
At press time, DOGE was trading at $0.0988, reflecting a 10.78% drop over the past 24 hours.
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