Ethereum’s co-founder, Vitalik Buterin, has introduced an innovative approach aimed at enhancing the platform’s decentralization by implementing penalties for simultaneous failures among validators.
This proposal, shared on the Ethereum Research forum on March 27, aims to create incentives for decentralized staking by introducing “more anti-correlation incentives.”
Buterin’s proposal focuses on imposing harsher penalties on validators that are under the control of a single entity and fail simultaneously, compared to individual failures.
“The theory is that if you are a single large actor, any mistakes that you make would be more likely to be replicated across all ‘identities’ that you control,” Buterin explained, highlighting the risk of correlated failures especially within staking pools due to common infrastructure.
The core of Buterin’s suggestion is to penalize validators based on how their failure rates deviate from the norm.
In scenarios where a significant number of validators fail at the same time, each validator’s penalty would increase, aiming to discourage large stakers from causing widespread disruptions due to correlated failures.
This approach, supported by simulations, could potentially level the playing field between large and small Ethereum stakers.
Buterin’s proposal extends beyond just penalties.
READ MORE: Bitcoin Surges Past $71,000, Signaling Bullish Momentum and Potential for Record HighsC
It advocates for measures that encourage the use of separate infrastructures for each validator and promote the economic viability of solo staking in comparison to joining staking pools.
Additionally, Buterin has floated the idea of exploring alternative penalty schemes and the impact of these measures on both geographic and client decentralization within the Ethereum network.
The discussion around staking decentralization also touches upon the dominance of staking pools and liquid staking services, such as Lido, which currently holds a significant portion of the total ETH supply staked.
This dominance raises concerns about potential centralization and the disproportionate advantages that large pools could have over individual stakers.
Despite the suggestions, Buterin did not address the possibility of lowering the solo staking threshold of 32 Ether, which is a significant financial commitment for individual participants.
This proposal comes amid ongoing discussions within the Ethereum community about the risks of centralization and the need for mechanisms that ensure a more equitable and decentralized network, especially in light of the significant amounts of ETH managed by services like Lido and the potential for “cartelization.”
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The XRP token, with a price-to-sales ratio of 61.689, stands out for its valuation nearly double that of Nvidia’s ratio of 37, reflecting a stark contrast in the investment attractiveness of these two entities.
This metric, which offers insight by dividing market capitalization by total sales over the last year, positions XRP in a unique light compared to Nvidia, one of the most actively traded stocks.
In 2023, the Ripple XRP ledger saw over $583,000 in network fees, as reported by Messari.
In stark contrast, Nvidia’s revenue reached $26.97 billion, as highlighted in its fiscal report for the same year.
Despite these differences, the XRP token experienced a slight increase of 0.15% in its price to $0.6205, boasting a market capitalization of $34 billion, per CoinMarketCap.
Meanwhile, Nvidia’s shares saw a slight decline of 0.49% in pre-market trading, setting its price at $898.25, based on Yahoo Finance data.
Nvidia, standing as the top semiconductor chip manufacturer globally and the third-largest company by market cap at $2.25 trillion, reported a significant 265% revenue increase year-on-year.
This surge is attributed to the escalating demand for artificial intelligence (AI) equipment globally.
The XRP token, on the other hand, marked a 20.55% price increase over the past year. Nvidia’s shares soared by over 241%, driven by the heightened demand for semiconductor chips essential for advanced AI models.
However, XRP’s growth faces challenges, notably the lawsuit initiated by the SEC in December 2020 against Ripple, alleging unregistered securities offerings through XRP sales.
The legal landscape for XRP saw a notable development in July 2023, with Judge Analisa Torres ruling that XRP is not a security, except when sold to institutional investors.
This nuanced legal stance stems from the Howey test criteria.
In a March 25 court filing, the SEC proposed a $1.95 billion civil penalty against Ripple for its alleged defiance of the law regarding XRP sales, underscoring the ongoing legal challenges that Ripple faces.
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On Wednesday, the ARK 21Shares spot Bitcoin exchange-traded fund (ETF) saw an unprecedented surge in interest, recording $201.8 million in inflows, marking a significant spike and nearly five times its average daily inflows.
This remarkable influx came as Bitcoin neared the $72,000 mark, showcasing a notable enthusiasm in the cryptocurrency market.
According to preliminary figures from Farside Investors, this day’s inflow was four times the ETF’s average daily inflow of $43.9 million since its inception on January 11.
It also represented a substantial increase from the $73.6 million inflow observed the previous day, highlighting a growing investor interest in Bitcoin despite the absence of inflows on March 25.
In comparison, other Bitcoin ETFs experienced considerably lower inflows.
The Valkyrie Bitcoin ETF, Invesco Galaxy Bitcoin ETF, Franklin Bitcoin ETF, and VanEck Bitcoin ETF reported inflows ranging from $1.9 million to $5.1 million, all in single digits, with BlackRock’s data pending at the time.
This surge in interest in the ARK 21Shares Bitcoin ETF coincided with Bitcoin reaching a high of $71,670, although it later dipped below the $69,000 support level, closing at $69,698.
Currently, Bitcoin’s price hovers around $69,464.
READ MORE: Bitcoin Surges Past $71,000, Signaling Bullish Momentum and Potential for Record Highs
The investment community’s focus has largely been on Bitcoin’s short-term price movements. However, crypto analysts suggest a broader perspective is necessary.
Crypto researcher Gumshoe emphasized the significance of the overall influx of funds into Bitcoin, criticizing the narrow focus on daily price fluctuations.
“Bitcoin ETFs seeing ATH inflows and people are panicking over the daily close of a candle,” he highlighted.
Matt Hougan, Bitwise’s chief investment officer, pointed out the regulatory challenges hindering professional investors from accessing Bitcoin ETFs, especially in the UK, due to the Financial Conduct Authority’s cautious stance on cryptocurrency.
He predicted a gradual change over the next two years as due diligence processes evolve.
Echoing a positive outlook, Bitcoin Munger suggested that the next $13 billion in inflows could significantly boost Bitcoin’s price.
This optimism is backed by a Cointelegraph report noting that $13.2 billion has been invested in products like spot Bitcoin ETFs since the start of the year, indicating a robust interest in cryptocurrency investment vehicles.
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In British Columbia, Canada, authorities have targeted assets linked to QuadrigaCX, a defunct cryptocurrency exchange, through an unexplained wealth order.
This legal maneuver aims to seize cash, 45 gold bars, and luxury items from a safe deposit box associated with Michael Patryn, a founder of QuadrigaCX.
An unexplained wealth order requires individuals to justify their asset’s origins, underlining the government’s stance against illicit financial gains.
Mike Farnworth, British Columbia’s public safety minister, emphasized the province’s commitment to combating financial crime, stating, “Through this action, we are demonstrating again that criminals will have to prove that their assets are the proceeds of lawful activity and not financial crime.
The international, criminal actions of Quadriga Coin Exchange (Quadriga CX) led to thousands of people losing their life savings.”
QuadrigaCX’s story took a notorious turn in February 2019 when it went bankrupt after the sudden death of Gerald Cotten, its co-founder.
Cotten’s death meant the loss of access to the exchange’s digital wallets, leaving many investors out of pocket.
The legal documents assert that the seized assets, found in a bank’s safe deposit box and linked to Patryn and Cotten, are believed to be proceeds from criminal undertakings.
This box held not only Canadian cash and gold but also luxury watches, jewelry, a firearm with ammunition, and identity documents under various names, revealing Patryn’s significant role in QuadrigaCX’s malpractices.
Civil forfeiture laws in British Columbia, in place since 2006, facilitate the confiscation of assets believed to be connected to criminal activities, even absent formal criminal charges.
This case not only spotlights the aftermath of QuadrigaCX’s collapse but also Patryn’s checkered past, including a history of financial crimes in the U.S. and involvement in new decentralized finance projects under an alias.
The seizure underscores the authorities’ resolve to trace and reclaim assets tied to financial crimes, setting a precedent for accountability in the murky waters of cryptocurrency exchanges.
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BitFloki (BFLOKI) is currently trading at a discount, down 46% over the last 30 days and presenting an excellent buy-the-dip opportunity.
BitFloki (BFLOKI) has been identified as a token that is likely to replicate the success of Shiba Inu (SHIB) and DogWifHat (WIF), and create a new wave of crypto millionaires.
BFLOKI is currently trading at $0.00001677, and has a market cap of around $4 million.
The memecoin, which was recently listed on MEXC and also trades on PanCake Swap, has been attracting interest from other memecoin investors, including SHIB, WIF and DOGE holders.
While those other coins already have market caps in the billions of dollars, BFLOKI is still early in its rise, meaning it offers much more upside potential to investors who buy BitFloki tokens now.
BitFloki (BFLOKI) Price Prediction
BFLOKI is trading at $0.00001677 according to CoinMarketCap data, and the token is poised to recover to its all-time high by the end of the week, delivering a circa 500% return to investors who buy now.
BFLOKI’s price is then likely to breach the $0.0002 mark in late April, as new exchange listings and token burns are announced, resulting in a 1500% return on investment.
Shiba Inu, meanwhile, is currently trading around $0.000027 – down 2% in the last day – giving it a market cap of approximately $15 billion.
As for DogWifHat, it is down 7% in the last 24 hours, trading at $3.66.
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Bitcoin Cash (BCH) is experiencing a notable surge, trading at $574.84, reflecting a 9.06% increase in the last 24 hours, as the crypto community anticipates the second BCH halving event slated for next week.
This event has sparked significant trading activity, with traders actively adjusting their positions in anticipation.
According to NiceHash, the BCH halving is expected on April 4, leading to substantial movements in the market on March 28, with $190,140 liquidated in short positions and $211,870 in long positions.
Furthermore, Bitcoin Cash futures perpetual contracts reached a historic peak in open interest (OI), hitting $708.75 million, marking an 18.26% rise in a single day and a staggering 165% increase over the week, as reported by CoinGlass.
This surge in interest is a significant jump from May 2021, when OI was at $684.12 million, around the time BCH hit its five-year peak price of $1,399.
Contrastingly, back on the same date in 2020, just before the first BCH halving, futures open interest was significantly lower at $63.29.
READ MORE: Driving Cats NFT Club Drop Begins in Challenge to SHIB, BONK, PEPE and DOGE
During the first halving in April 2020, miner rewards were halved from 12.5 BCH to 6.25 BCH, a change that miners are responding to by ramping up their efforts in anticipation of the upcoming halving.
“DavidShares,” a prominent user on X, highlighted that the Bitcoin Cash hash rate has doubled in the past week. Hash rate, a critical measure of the computational power in a proof-of-work blockchain, reflects the mining and transaction processing capacity.
While Bitcoin is nearing its fourth halving on April 21, amid record highs, Bitcoin Cash’s price remains well below its all-time high of $4,355, achieved in December 2017, as noted by CoinMarketCap.
The earlier scheduling of the BCH halving, relative to Bitcoin’s, stems from a temporary algorithm adjustment made by Bitcoin Cash in 2017.
This adjustment expedited the block creation process, setting the stage for the earlier halving event compared to Bitcoin, scheduled for April 21.
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AI Pepe King (AIPEPE) is currently 240% up in the last 24 hours, according to Bitrue data.
AI Pepe King (AIPEPE) has witnessed a meteoric rally in the last 24 hours, benefitting from Shiba Inu (SHIB) and Dogecoin (DOGE) investors pouring funds into this new coin in search of 10x-100x gains.
AIPEPE has rallied 240% in the last 24 hours, according to Bitrue data, but its market cap is currently just $5 million, meaning it has massive potential for further growth.
It is therefore not surprising that many memecoin investors, including SHIB and DOGE holders, are continuing to invest in AIPEPE.
AI Pepe King (AIPEPE) Price Prediction
AIPEPE is currently trading around $0.000000001025 on Bitrue, and the token is expected to breach the $0.000000002 mark in the next 72 hours.
Looking further ahead, if AI Pepe King is able to reach a market cap of $500 million – a relatively conservative estimate – it would deliver a 100x return to investors who buy in at the current price.
Shiba Inu, meanwhile, is currently trading around $0.000027 – down 2% in the last day – giving it a market cap of approximately $15 billion.
As for Dogecoin, it is down over 15% in the last 24 hours, trading around $0.175.
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In the latest market update, Bitcoin‘s price trajectory aimed for higher levels during the week’s closing Wall Street session, showcasing the bullish sentiment undeterred by prevailing market uncertainties.
Tracking the Bitcoin (BTC) price movement, data from Cointelegraph Markets Pro and TradingView highlighted a significant rebound as the cryptocurrency crossed the $71,000 threshold.
This resurgence came after a tumultuous previous day marked by sharp fluctuations.
The volatility was primarily driven by the legal tussle between Coinbase, a major U.S. exchange, and the Securities and Exchange Commission (SEC), which saw Bitcoin dip below the crucial $69,000 support level.
Despite this, the market’s resilience was on display as buyers propelled a recovery, aiming to reclaim positions near record price levels.
Amid these dynamics, Skew, a recognized trader, cautioned followers about potential deceptive price movements, attributed to manipulative liquidity strategies.
Notably, a sudden influx and subsequent withdrawal of bid support in the $70,200 to $70,600 range on the Binance platform exemplified these tactics.
With Bitcoin’s all-time high still serving as a formidable resistance, trader Daan Crypto Trades speculated on the possibilities of price exploration beyond current records.
“Break all time high and low $80Ks should follow shortly afterwards I think,” he advised on X, pointing to immediate trendline support highlighted by the 200-period simple and exponential moving averages on 4-hour charts.
Further insights into the Bitcoin market dynamics were provided by Ki Young Ju, CEO of the on-chain analytics firm CryptoQuant.
His analysis shed light on a notable shift in ownership among Bitcoin’s largest holders.
According to Ki, long-established Bitcoin whales are distributing their holdings to new institutional investors, rather than to retail market participants.
This transition is underscored by the substantial daily acquisition of BTC by U.S. spot Bitcoin exchange-traded funds (ETFs), effectively reducing the circulating supply.
“Old whales are selling Bitcoin to new whales(TradFi), not retail investors,” Ki remarked, presenting on-chain data to support his observation.
He also linked these ownership changes to historical precedents of price rallies towards all-time highs, similar to those seen in the 2017 and 2021 bull markets.
Despite reaching new heights, mainstream interest in Bitcoin has seen a decline, a trend reported by Cointelegraph amidst the cryptocurrency’s breakthroughs.
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In a stark demonstration of the escalating threat posed by phishing scams within the cryptocurrency sector, recent data has revealed a significant uptick in stolen funds on the Ethereum layer 2 solution, Base.
According to Scam Sniffer, a blockchain anti-scam platform, there was an alarming 18-fold increase in losses due to phishing in March compared to January.
The figures are staggering, with approximately $3.35 million reported stolen in March alone.
This marks a 334% surge from February, which saw losses of $773,900, and a shocking 1,880% increase from January’s $169,000, as per Dune Analytics data compiled by Scam Sniffer.
The issue isn’t isolated to Base; Binance’s BNB Smart Chain also experienced a surge in phishing scams during the same period, highlighting a broader vulnerability in the crypto ecosystem to such types of fraud.
The overall impact across all chains was profound, with $71.5 million lost to phishing scams from 77,529 victims, eclipsing the losses recorded in January and February, which stood at $58.3 million and $46.8 million, respectively.
Scam Sniffer identifies phishing links from fraudulent social media accounts as a predominant method of scamming, with over 1,500 incidents detected in March.
These scams are increasingly prevalent despite a notable decline in crypto hack thefts, which fell 48% to $187.2 million in March, as reported by blockchain security firm PeckShield.
READ MORE: The Latest DeFi Marvels: What’s New and Why It Matters
Notably, of the total losses, $98.8 million was recovered, largely thanks to efforts surrounding the $97 million Munchibles exploit, with prominent cryptocurrency sleuth ZachXBT playing a key role in the recovery efforts.
The surge in phishing activities coincides with a memecoin craze on Base, significantly boosting its total value locked to over $3.2 billion, a 370% increase in 2024, according to L2Beat.
This growth occurs even as significant losses have been reported from smart contract exploits, including a $40 million loss from Curio’s MakerDAO-based contract and an $11.6 million hack of Prisma Finance, with ongoing negotiations for the return of the stolen funds.
This landscape underscores the complex challenges and risks present in the rapidly evolving crypto market.
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On April 2, blockchain data revealed a significant transaction involving $2 billion in Bitcoin previously confiscated by the U.S. government, linked to the infamous Silk Road marketplace.
Initially, a minor transaction of 0.001 BTC was sent from a wallet associated with the U.S. Justice Department to a Coinbase Prime address, likely a test move.
This was followed by a substantial transfer of 30,174 BTC to a new address. Internet investigators traced the origin of this large transaction back to a wallet holding Bitcoin seized from James Zhong.
Zhong, convicted in 2022 for illegally acquiring cryptocurrency from Silk Road, had amassed over 50,000 BTC through illicit means from the platform in 2012.
In a dramatic 2021 raid on Zhong’s residence, U.S. officials unearthed Bitcoin wallets hidden in unconventional places, including one ingeniously concealed within a popcorn tin under blankets.
READ MORE: The Latest DeFi Marvels: What’s New and Why It Matters
The majority of these confiscated cryptocurrencies were then consolidated into the wallet that executed the April 2 transfer.
Prior to this transaction, in March 2023, the U.S. government disclosed the sale of approximately 9,861 BTC, obtained from Zhong, for over $215 million.
This sale reduced the holdings from the seizure to about 40,000 BTC. The movement of funds coincided with a significant drop in Bitcoin’s value, which fell over 7% to $65,475 at the time of the report.
Silk Road, a marketplace operational over a decade ago, was notorious for facilitating the sale of illegal goods such as drugs, weapons, and stolen credit card data.
Ross Ulbricht, the mastermind behind Silk Road, was apprehended by U.S. law enforcement in 2013 and is currently serving two life sentences without parole.
The recent transaction underscores ongoing efforts by authorities to manage and liquidate assets tied to digital crime, illustrating the complex intersection of cryptocurrency and law enforcement.
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