On April 23, the Bitcoin network achieved a new record with the highest number of confirmed daily transactions, just three days after entering a new halving cycle that started on April 20.
This surge brought the total to over 1.6 million unique transactions processed between various senders and receivers.
Data comparisons from sources such as Blockchain.com and Glassnode have linked the spike in transactions to the launch of Bitcoin Runes.
This new offering serves as an alternative to the existing Bitcoin Ordinals and the BRC-20 protocol on the Bitcoin blockchain, capturing a significant portion of the daily transaction volume.
Notably, Runes accounted for 81.3% of all Bitcoin transactions on the day of the record.
Despite this initial dominance by Runes, Bitcoin (BTC) transactions regained their majority status over the network by April 29, with BTC transactions making up 77.8% of the total, while Runes transactions had decreased to 18.8%.
The remainder of the transaction volume was made up of ordinals at 1.2% and BRC-20 transactions at 2.3%.
The influx of Bitcoin Runes transactions has proven beneficial for the mining sector. Major U.S. mining firms such as Stronghold Digital Mining and Marathon have reported positive impacts from the Runes transactions, both financially and functionally, as communicated to Cointelegraph.
READ MORE: Republic First Bank Closure Sparks Crypto Debate Amidst First U.S. Banking Failure of 2024
Since the halving, Rune transactions have contributed over 1,200 BTC in transaction fees to miners.
Although the excitement surrounding Bitcoin Runes seems to be waning, Ignas, a pseudonymous decentralized finance (DeFi) researcher, sees continued potential in this market.
In a post dated April 17 on platform X, Ignas commented, “Runestone, RSIC, and PUPS are already pumping, promising holders shiny new Rune token airdrops.
And FOMO threads keep coming. But, like the NFT frenzy post-JPEG reveal, the market could soon cool off.”
Runes and BRC-20 tokens represent new fungible token standards designed to expand Bitcoin’s utility within the emerging sector of Bitcoin DeFi, or BTCFi.
This initiative marks a significant shift towards integrating more complex financial functions directly on the Bitcoin blockchain, illustrating a growing trend of innovation within the cryptocurrency landscape.
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Oil King (OILKING) could become a viral memecoin, like Shiba Inu (SHIB) and Dogecoin (DOGE).
Oil King (OILKING), a Solana memecoin that was launched today, is aiming to challenge other memecoin giants, such as Shiba Inu (SHIB) and Dogecoin (DOGE).
Early investors in SHIB and DOGE made astronomical returns, and Oil King presents a similar opportunity.
Oil King has market cap below $25,000 at the moment, meaning that when it just reaches a modest market cap of $200,000-$500,000, early investors would generate massive returns in a matter of days or hours.
The exciting memecoin is poised to rally 8,300% in the coming two days, and Oil King could potentially reach a multi-million dollar market cap within a few weeks.
Currently, Oil King can only be purchased via Solana decentralized exchanges, like Jupiter and Raydium, and early investors stand to make huge returns in the coming days.
To buy Oil King on these platforms, users need to connect their Solflare, MetaMask or Phantom wallet, and swap Solana for Oil King by entering its contract address – H5LmDBec75DmGLwtALURVAtLuVDUX1GMh5CGQ8r5h5rU – in the receiving field.
In fact, early investors could make returns similar to those who invested in Shiba Inu (SHIB) and Dogecoin (DOGE) before these memecoins went viral and exploded in price.
If this happens, a new wave of memecoin millionaires could be created in a matter of weeks – or potentially even sooner.
The Solana memecoin craze continues amid larger memecoins, like Shiba Inu (SHIB), Dogecoin (DOGE) and DogWifHat (WIF) trading sideways in recent weeks and losing momentum.
This is why many SHIB, DOGE and WIF investors are instead investing in new Solana memecoins, like OILKING.
Consensys’ legal battle with the United States Securities and Exchange Commission (SEC) has brought to light significant revelations regarding the SEC’s position on Ether.
According to a report by Fox Business producer Eleanor Terret, the SEC and its chair, Gary Gensler, held the belief that Ether constituted a security, at least for a certain period.
Terret, referencing court documents filed by Consensys on April 29, stated that the SEC and Gensler “appear to have believed for at least a year” that Ether was an “unregistered security trading out of compliance with current federal regulations.”
This disclosure follows Consensys’ submission of an unredacted complaint against the SEC to a Texas federal court on April 25, in response to a Wells notice from the SEC outlining its intent to sue Consensys for alleged violations of federal securities laws.
The newly revealed documents indicate that on March 28, 2023, Gurbir Grewal, the head of the SEC’s Division of Enforcement, sanctioned a formal investigation into Ether’s classification as a security.
Dubbed the “Ethereum 2.0” investigation, this initiative empowered enforcement personnel to scrutinize and subpoena individuals and entities engaged in the trading of the cryptocurrency.
Sources familiar with the matter, speaking on condition of anonymity, disclosed that subpoena recipients were instructed to maintain strict confidentiality regarding the investigation if they sought additional information from the SEC.
The genesis of the “Ethereum 2.0” investigation stemmed from the SEC’s suspicion that potential unregistered offerings and sales of Ether had taken place since at least 2018.
READ MORE: Republic First Bank Closure Sparks Crypto Debate Amidst First U.S. Banking Failure of 2024
Should the SEC under Gensler’s leadership deem Ether a security, it would contradict prior guidance provided by the SEC under former Chair Jay Clayton.
In June 2018, Bill Hinman, then-Director of Corporation Finance, declared in a speech the SEC’s stance that Ether, along with Bitcoin, did not qualify as securities.
Further revelations from the filings indicate that the five-member commission authorized the Division of Enforcement’s “Ethereum 2.0” investigation on April 13, 2023, merely five days before Gensler faced questioning before the House Financial Services Committee, where he declined to clarify the SEC’s stance on Ether’s classification as a security.
This development coincides with recent assertions by applicants and entities involved in a potential Ether exchange-traded fund in the U.S., suggesting an anticipated delay by the SEC in reaching a decision regarding the approval of such a product in May.
ETF analyst Eric Balchunas from Bloomberg believes that Gensler’s ambiguous position on Ether could influence the decision-making process, given his previous reluctance to define Ether as a security.
To submit a crypto press release (PR), send an email to sales@cryptointelligence.co.uk.
Doctor Pepe (DOCPEPE), a newly launched Solana memecoin, has been attracting significant investment from early Shiba Inu (SHIB) and Dogecoin (DOGE) buyers.
Doctor Pepe (DOCPEPE) has surged around 225% in the first few hours since its launch, delivering huge returns for early investors and attracting investment from early Shiba Inu (SHIB) and Dogecoin (DOGE) buyers.
However, DOCPEPE still has plenty of potential to rise more, and it’s poised to rally another 3,000% in the coming 48 hours.
Furthermore, it has already been announced that the token will soon be listed on MEXC – as its first listing on a centralized exchange – and this will be another massively bullish event for its price.
Despite the rally so far, DOCPEPE still just has a market cap of around $34,000, meaning it has immense potential for more gains in the coming days and weeks.
Currently, Doctor Pepe can only be purchased via Solana decentralized exchanges, like Jupiter and Raydium, and early investors stand to make huge returns in the coming days.
To buy DOCPEPE on these platforms, users need to connect their Solflare, MetaMask or Phantom wallet, and swap Solana for DOCPEPE by entering its contract address – 3n8HMVVfMF2uqdpts5TUETAHUrvD1AFg8V1XLahpeTT8 – in the receiving field.
Early investors could make returns similar to those who invested in Shiba Inu (SHIB), Dogecoin (DOGE) and Bonk (BONK) before these memecoins went viral and exploded in price.
If this happens, a new wave of memecoin millionaires could be created in a matter of weeks – or potentially even sooner.
Lido Finance, the premier decentralized finance (DeFi) protocol for liquid staking on Ethereum, has celebrated a significant milestone, reaching one million Ethereum validators.
This achievement was announced through an April 29th post on X, underscoring Lido Finance’s position as a leader in the DeFi space.
Liquid staking protocols such as Lido Finance play a crucial role in democratizing staking for retail users with limited capital.
Typically, individuals would require 32 Ether to operate their own validator nodes on Ethereum.
However, Lido Finance offers an alternative avenue, making staking accessible to a broader audience.
According to data from Dune, Lido Finance commands a substantial portion, 28.5%, of staked Ether, with an additional 13.6% staked through the Coinbase exchange.
Presently, over 27% of the entire Ether supply is engaged in staking activities.
The appeal of liquid staking protocols like Lido lies in the liquidity benefits they provide.
Users who participate in staking through Lido receive Lido Staked ETH (stETH) in return, which can be utilized in various other DeFi protocols.
This stands in contrast to traditional staking methods, where staked Ether remains locked and inaccessible for the duration of the staking period.
READ MORE: Shiba Inu Prepares for Shibarium Network Overhaul with May 2nd Hard Fork
The rise of liquid staking is significantly contributing to the growth of DeFi.
Total value locked (TVL) in DeFi protocols has experienced a substantial surge, reaching $97 billion in the first quarter of 2024 from a low of $36 billion in the fourth quarter of 2023.
Current TVL stands at $92.32 billion, according to DefiLlama.
This growth, which saw a 65.6% increase quarter-on-quarter, can be primarily attributed to liquid staking protocols like Lido, as noted by on-chain intelligence provider Messari.
The cumulative TVL amassed by liquid staking protocols exceeds $47.7 billion, with Lido alone accounting for over $29.9 billion.
Despite its success, concerns have been raised about Lido’s growing dominance within the ecosystem. Ethereum co-founder Vitalik Buterin has previously expressed apprehensions regarding potential centralization risks associated with Lido.
In a blog post dating back to September 2023, Buterin highlighted the need for vigilance against such risks, acknowledging the efforts made by protocols like Lido in implementing safeguards while cautioning that one layer of defense may not suffice.
To submit a crypto press release (PR), send an email to sales@cryptointelligence.co.uk.
Following Binance‘s expulsion from the Philippines, traders in the country now face increased trading fees and a reduced selection of crypto tokens, as indicated by a regional executive.
On December 14, 2023, the Philippines Securities and Exchange Commission (SEC) initiated a three-month countdown to a Binance prohibition.
Kelvin Lee of the SEC noted Binance’s failure to register in the Philippines and adhere to regulations.
The National Telecommunication Commission (NTC) instructed local internet service providers to block the exchange on March 25.
Subsequently, on April 23, the SEC directed Apple and Google to remove the Binance app from their stores.
With the ban in full effect, Cointelegraph contacted local stakeholders to gauge the impact of the Binance ban on the Philippine crypto space.
Ethan Rose, CEO of Pouch, which facilitates Bitcoin payments in the Philippines, applauded the ban, citing former Binance CEO Changpeng Zhao’s involvement in serious financial crimes.
READ MORE: Epic Satoshi from Fourth Bitcoin Halving Block Sells for $2.13 Million
Rose emphasized the ban’s protective nature for Filipino traders.
Rose highlighted a shift of business to local exchanges due to the ban, predicting a positive effect on the local economy and global investment funding for Philippine crypto businesses.
However, Rose acknowledged the trade-offs, foreseeing higher trading fees and fewer token options for Filipino traders.
Arlone Polo Abello, CEO of Global Miranda Miner Group, characterized the SEC action as not a significant crackdown but a reflection of the US SEC’s registration requirements for exchanges like Binance.
Abello noted Binance’s lack of communication with Filipino traders, which was apparent in their focus group discussions.
Jay Ricky Villarante, CEO of Moneybees, emphasized the importance of regulatory compliance in the crypto industry.
He viewed the ban as a step towards regulatory clarity in the Philippine crypto market, fostering confidence and responsible innovation.
In summary, while acknowledging both positive and negative implications, Villarante deemed the ban a significant development for crypto in the Philippines.
To submit a crypto press release (PR), send an email to sales@cryptointelligence.co.uk.
Crazy Wolf (CRAWOLF) could become a viral memecoin, like Shiba Inu (SHIB) and Dogecoin (DOGE).
Crazy Wolf (CRAWOLF), a Solana memecoin that was launched this week, is aiming to challenge other memecoin giants, such as Shiba Inu (SHIB) and Dogecoin (DOGE).
Early investors in SHIB and DOGE made astronomical returns, and Crazy Wolf presents a similar opportunity.
The exciting memecoin is poised to rally 7,300% in the coming two days, and Crazy Wolf could potentially reach a multi-million dollar market cap within a few weeks.
Currently, Crazy Wolf can only be purchased via Solana decentralized exchanges, like Jupiter and Raydium, and early investors stand to make huge returns in the coming days.
To buy Crazy Wolf on these platforms, users need to connect their Solflare, MetaMask or Phantom wallet, and swap Solana for Crazy Wolf by entering its contract address – 4cra6VGCDowfFz3HDz5ctXtCSAhQQ5FEscKMLGzB56ML – in the receiving field.
In fact, early investors could make returns similar to those who invested in Shiba Inu (SHIB) and Dogecoin (DOGE) before these memecoins went viral and exploded in price.
If this happens, a new wave of memecoin millionaires could be created in a matter of weeks – or potentially even sooner.
The Solana memecoin craze continues amid larger memecoins, like Shiba Inu (SHIB), Dogecoin (DOGE) and DogWifHat (WIF) trading sideways in recent weeks and losing momentum.
This is why many SHIB, DOGE and WIF investors are instead investing in new Solana memecoins, like CRAWOLF.
Cryptocurrency analyst Willy Woo predicts that the cryptocurrency industry could hit its inaugural billion-user mark by the conclusion of 2025.
Woo conveyed his insights in an April 29 X post, stating, “On track for 1 BILLION crypto users by the end of 2025.
An extrapolation of many independent prior studies in this chart. Binance estimates that 65% of crypto users hold Bitcoin.”
The chart presented by Woo marks a significant advancement, offering a comprehensive model aimed at delineating existing crypto asset users and forecasting the initial billion adopters.
Daniel Batten, an investor and author of the Bitcoin ESG Forecast, lauded the chart’s significance, remarking in an X reply to Woo, “Incredible chart.
The first view we’ve had of when we’ll cross the 1B threshold, with a full backtrace.”
The criteria for defining crypto users in the chart are unique entities that have completed Know Your Customer (KYC) verification and have previously engaged in blockchain transactions.
Attaining the milestone of the first billion crypto users has long been regarded as a pivotal moment for mainstream adoption.
READ MORE: Whale Transfers Signal Potential Upswing for Bitcoin and Ether as $1.3 Billion Enters Coinbase
Mainstream adopters have the potential to inject fresh capital into the ecosystem, a factor crucial for the appreciation of digital assets.
The trajectory towards 1 billion crypto users is underscored by substantial growth in ownership.
According to a January 2024 report by Crypto.com, the number of cryptocurrency owners surged by 34% to 580 million in 2023.
Bitcoin holders, constituting 51% of global crypto holders, swelled by 33%, from 222 million in January to 296 million by December 2023.
The report attributes this growth primarily to developments surrounding Bitcoin exchange-traded funds (ETFs).
Despite these strides, achieving the coveted billion-user mark by 2025 appears challenging, given the need for a 72% increase from the current 580 million users, based on 2023’s growth trajectory.
A joint 2022 report by Boston Consulting Group, Bitget, and Foresight Ventures forecasts reaching the billion-user milestone by 2030.
Drawing parallels with the internet’s adoption curve, the report suggests that sustained crypto adoption could emulate a similar trajectory.
Currently, crypto adoption remains relatively low, with ample room for expansion, as only 0.3% of individual wealth is invested in crypto compared to 25% in global equities, as estimated by BCG.
To submit a crypto press release (PR), send an email to sales@cryptointelligence.co.uk.
The notable Bitcoin whale known as “Mr. 100” recently made a significant purchase of Bitcoin, marking his first buy since the Bitcoin halving event in April 2024.
As the Bitcoin price briefly dipped to $56,000, Mr. 100 added over 4,100 BTC to his holdings, purchased around the $58,000 level.
This acquisition, valued at approximately $242 million, was highlighted by the analysis of on-chain data from Bitinfocharts, brought to attention by user HODL15Capital.
This transaction comes after a hiatus since April 19, the day before the halving, during which the whale did not acquire any additional Bitcoin.
The “Mr. 100” wallet, which began receiving regular BTC deposits following the November 2022 collapse of FTX, had been consistently accumulating at least 100 BTC daily since mid-February, excluding the period right after the halving.
Currently, “Mr. 100” holds over 65,155 BTC, making him the 12th-largest Bitcoin holder. The value of his wallet now exceeds $3.86 billion, with unrealized profits of $1.4 billion, a 33% increase from the average purchase price of $36,572 per BTC.
Amid this buying activity, market analysts have been debating the trajectory of Bitcoin’s price.
Analyst Rekt Capital suggested in a May 2 video analysis that the current market conditions represented a prime buying opportunity, explaining, “Whenever we’d get close to a 20% downside, that was typically a fantastic buying opportunity before price reversals towards the upside.
So if we’re deeper than 20%, it is an even better opportunity than we had this cycle, because the deeper we go the closer we get to a bottoming in Bitcoin’s price action.”
Other experts, like Jag Kooner from Bitfinex, predict a short-term consolidation in Bitcoin prices.
Kooner anticipates a trading range with significant swings over the next couple of months, influenced by macroeconomic factors.
He told Cointelegraph, “We could see a one-to-two-month consolidation in Bitcoin prices, trading in a range with swings of $10,000 on either side.
READ MORE: Australian Stock Exchange Set to Approve Spot Bitcoin ETFs by End of 2024
We expect the positive impact of the halving, which has brought about a reduction in Bitcoin supply, will be seen in later months.
At this point, the economy is also expected to be performing better, having achieved a soft landing and avoiding a recession, providing further impetus to crypto assets.”
The $52,000 mark is seen as a crucial support-resistance level on Bitcoin’s weekly chart. A close above this threshold would likely indicate potential for further gains, according to crypto trader Marco Johanning.
Further context about the “Mr. 100” address was provided by Crystal Intelligence to Cointelegraph, identifying the address as associated with the Upbit exchange.
The firm clarified, “We have found that the number and value of transactions associated with this wallet are indicative of a VASP-type service.
‘Additionally, we can confirm with high accuracy that the incoming transactions originate from Upbit, and these have maintained a consistent value since the collapse of FTX.”
This analysis was reinforced by the findings of Mai, an on-chain sleuth, who noted the operational similarities between Mr. 100’s transactions and Upbit’s typical activity with altcoins.
To submit a crypto press release (PR), send an email to sales@cryptointelligence.co.uk.
Doctor Pepe (DOCPEPE), a newly launched Solana memecoin, has been attracting significant investment from early Shiba Inu (SHIB) and Dogecoin (DOGE) buyers.
Doctor Pepe (DOCPEPE) has surged around 225% in the first few hours since its launch, delivering huge returns for early investors and attracting investment from early Shiba Inu (SHIB) and Dogecoin (DOGE) buyers.
However, DOCPEPE still has plenty of potential to rise more, and it’s poised to rally another 3,000% in the coming 48 hours.
Furthermore, it has already been announced that the token will soon be listed on MEXC – as its first listing on a centralized exchange – and this will be another massively bullish event for its price.
Despite the rally so far, DOCPEPE still just has a market cap of around $34,000, meaning it has immense potential for more gains in the coming days and weeks.
Currently, Doctor Pepe can only be purchased via Solana decentralized exchanges, like Jupiter and Raydium, and early investors stand to make huge returns in the coming days.
To buy DOCPEPE on these platforms, users need to connect their Solflare, MetaMask or Phantom wallet, and swap Solana for DOCPEPE by entering its contract address – 3n8HMVVfMF2uqdpts5TUETAHUrvD1AFg8V1XLahpeTT8 – in the receiving field.
Early investors could make returns similar to those who invested in Shiba Inu (SHIB), Dogecoin (DOGE) and Bonk (BONK) before these memecoins went viral and exploded in price.
If this happens, a new wave of memecoin millionaires could be created in a matter of weeks – or potentially even sooner.