Tuesday , September 21 2021
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Jordan Lyanchev



Articles by Jordan Lyanchev

$12M in Bitcoin Stolen in the Latest DeFi Hack Against the Cross-Chain Protocol pNetwork

22 hours ago

The cross-chain DeFi protocol, pNetwork, has informed that it has become the latest victim of a security breach. By leveraging a codebase bug, the unknown perpetrator has stolen 277 bitcoins.
As announced by the team behind the project, the hacker “was able to leverage a bug in our codebase and attack pBTC” on the Binance Smart Chain (BSC). Ultimately, he managed to take 277 bitcoins, most of which were collateral.
Even with today’s prices when the cryptocurrency dumped by $4,000 in 24 hours, this substantial amount has a USD value of over $12 million.
The project updated later that it had identified the bug, proposed a fix, and was waiting for “everyone to review it.”
pNetwork reassured that all other bridges of its network were not affected and the remaining funds stored

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Celsius CEO Refutes Allegations of Uncomplying With US State Laws

2 days ago

Several US state regulators have gone after the popular cryptocurrency lender Celsius Network for failing to comply with local securities laws.
The project’s CEO was quick to refute the allegations, promising that all protocol services will remain unaffected for now.
US State Regulators After Celsius
United States watchdogs have intensified their actions against the cryptocurrency industry lately, and the latest example became known on Friday. Firstly, the Texas State Securities Board filed for a hearing that could potentially impose a cease and desist order against Celsius.
The regulator argued that the lending company has continuously provided unlicensed securities. The hearing will take place on February 14, 2022, before an Administrative Law Judge. Should the Judge

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Bitcoin Maintains $48k Amid Another Minimal Trading Volume Weekend (Market Watch)

2 days ago

Bitcoin neared $49,000 for the first time in over a week but failed to breach it and has returned to around $48,000. Most alternative coins are slightly in red, except for Solana, which has jumped by 4% in a day to above $160.
Bitcoin Maintains $48K
After the volatile start of the week, in which bitcoin surged by $1,500 and dropped by $3,000 in minutes, the cryptocurrency enjoyed a steady price increase. In a matter of days, it bounced off the $43,300 low reached on Monday and added more than $5,000 until Friday.
After a brief retracement, the bulls stepped up once again yesterday and pushed the asset north. This time, BTC broke above $48,000 decisively and kept climbing to a daily high of around $48,900 (on Bitstamp).
As bitcoin was preparing to challenge the $49,000

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3 Reasons Why Bitcoin Can Reach $100K This Year, According to Bloomberg Senior Analyst

3 days ago

The number of people believing that bitcoin could top $100,000 by the end of the year continues to grow, with the latest being Bloomberg’s Senior Commodity Strategist – Mike McGlone. By outlining the growing mass adoption, declining active supply, among other reasons, McGlone predicted that BTC could more than double its value in the next three months.
BTC to $100K: Bloomberg
This year has already been a wild roller-coaster when it comes down to BTC’s price as it surged from below $30,000 to above $60,000 for a new all-time high in a few months before crumbling back down to its 2021 entry-level.
Since those dark days in July, it has gained roughly $20,000 and currently stands just below $50,000. And, although there’re less than four months left until the end of the year,

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Bitcoin at 11-Day High: AVAX Marks Another All-time High (Weekend Watch)

3 days ago

After yesterday’s dump below $47,000, bitcoin has resumed its bullish trajectory by adding $2,000 and nearing $49,000. Most alternative coins have stalled, but not Avalanche. AVAX has registered yet another all-time high, this time above $70.
Bitcoin Charts an 11-Day High
This week began with enhanced volatility following fake reports claiming that Walmart has adopted cryptocurrency payments for its online services. Bitcoin went up by $1,500 before dumping by $3,000 minutes later. This culminated with a drop to $43,300.
Since then, though, the bulls have remained firmly in control of the market. They started pushing the cryptocurrency north gradually, and BTC reclaimed several thousand dollars in days.
This briefly changed on Friday when the asset retraced by more than

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Bitcoin Golden Cross Just Took Place: What Does it Mean and What’s Next for BTC?

6 days ago

Bitcoin’s recent price surge has led to the formation of a golden cross as the 50-day moving average has gone over the 200-day moving average. Although it’s considered a lagging indicator, previous similar cases have resulted in further price increases for BTC, with investors anticipating a similar move now as well.
Bitcoin Golden Cross Took Place
This popular indicator occurs when a short-term moving average (the 50-day one in this case) surpasses a major long-term moving average (200-day) to the upside. Consequently, it works precisely in the opposite way of the death cross, and analysts typically regard it as a long-term bullish signal.
History shows numerous such examples in BTC’s over a decade-long existence, with some of the most brought up ones at the end of 2015

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Ray Dalio: If Bitcoin Succeeds, Regulators and Governments Will Try to Kill It

6 days ago

If the primary cryptocurrency’s mainstream adoption continues and the asset succeeds, regulators and governments will kill its progress, said Ray Dalio. At the same time, he believes most bigger countries, like China and India, have already started trying to do so.
Speaking to CNBC on September 15th, the founder of Bridgewater admitted once again that he had allocated a certain amount of his portfolio in bitcoin. This comes even after spending years bashing the cryptocurrency in the past.
Despite buying BTC, though, the 72-year-old billionaire still doubts its future success because of regulators and governments. Talking about bitcoin’s potential, he noted, “I think at the end of the day if it’s really successful, they will kill it, and they will try to kill it.”
He added

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Google Cloud Partners With Dapper Labs to Enhance Scalability of the Flow Blockchain

7 days ago

The Cloud arm of the world’s largest search engine has partnered with Dapper Labs – a blockchain-based company that developed the NBA Top Shot marketplace. Google Could will provide the necessary support to help scale Dapper’s Flow blockchain.
As reported by Forbes on September 14th, Google has decided to make its first steps in the blockchain space by inking a partnership with Dapper Labs.
Founded in 2018, Dapper Labs is a Canada-based blockchain company that is perhaps best known for creating the NBA Top Shot marketplace for non-fungible tokens.
Google, through its cloud service, will serve as a network operator in order to help Dapper Labs’ blockchain – Flow – to scale.
Aside from NBA Top Shot, Flow also currently supports other popular applications, including

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Elon Musk Bought a Shiba Inu Dog: New Dogecoin Copycats Skyrocketed as a Result

8 days ago

Tesla’s CEO – Elon Musk – bought a new dog and gave him a name (Floki) – so far, nothing out of the extraordinary. But the puppy’s name has caused fluctuations in the cryptocurrency space, with recently emerging coins called Floki skyrocketing in value.
The Hype Around Meme Coins and Musk’s Role
It’s safe to say that the digital asset industry has its rather controversial moments. Meme coins are typically a good example. Dogecoin – a token created as a joke in 2013 – surged in popularity this year, led by the hype created by Elon Musk and mimicked by the likes of Mark Cuban, Snoop Dogg, and more.
This resulted in a massive price surge, traditional media coverage, records, and a nearly $100 billion dollar market cap at one point. Dogecoin was the fourth-largest digital

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Scaramucci’s SkyBridge, Algorand, and NAX Will Launch a $250M Fund to Enhance Blockchain Adoption

8 days ago

The New York City-based global investment firm intends to double down on its cryptocurrency endeavors by partnering with a trading platform called NAX and Algorand to raise a quarter of a billion dollars to spread blockchain usability among institutions.
CNBC report outlined SkyBridge Capital’s latest endeavor in relation to the digital asset industry. The institution has joined forces with NAX to raise $250 million through a series of fundraising events.
The plan is to develop a fund called UNLOX, and the co-founder and CEO of SkyBridge – Anthony Scaramucci – will serve as chairman.
It will focus on numerous decentralized finance (DeFi) endeavors. It will also promote blockchain and its merits to institutions to increase their engagement and usage.
More specifically,

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Coinbase to Raise $1.5 Billion for Product Development Through a Senior Note Offering

8 days ago

Coinbase announced today its intentions to hold a private offering of $1.5 billion of senior notes. The company plans to allocate the funds to product development, acquisitions, and new personnel.
According to a press release dated September 13th, the largest US-based exchange will offer $1.5 billion aggregate principal amount of its senior notes due 2028 and 2031 in a private offering.
The firm said it will “fully and unconditionally” guarantee the notes. The parties aiming to purchase the notes will have the option to negotiate the interest rate, redemption provisions, and “other terms of each series.”
Brian Armstrong’s exchange will use the raised funds to increase the “already-strong balance sheet with low-cost capital.” Additionally, the firm wants to utilize the net

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$1K Invested in Solana In January 2021 Worth $138K Today: FTM ROI Follows

9 days ago

Playing “what if” is a dangerous game, especially when it comes down to investing. Sometimes, however, it could be rather intriguing to review what could have happened if investors made a particular investment. The highly volatile cryptocurrency market could produce some impressive scenarios. For example, putting $1,000 in Solana on January 1st, 2021, would have resulted in nearly $140,000 today.
The Cryptocurrency Landscape Change in a Year
It’s safe to say that the past year or so has been wildly bullish for the cryptocurrency industry. A brief look at the landscape in September last year shows that the entire market capitalization was roughly $300 billion. Today, it’s in excess of $2 trillion even after the recent market crash that wiped out billions – in fact, it

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Market Watch: Avalanche (AVAX) Explodes 30% to New ATH, Bitcoin Stagnant at $45K

9 days ago

After falling to $44,000 and spiking to $46,000, bitcoin has calmed once again around the $45,000 mark. Most altcoins are slightly in green on a daily scale, but some have charted impressive gains. Avalanche is among those as AVAX has surged by more than 30% to tap a new ATH.
ETH at $3,300 as AVAX Marks a New ATH
Most larger-cap altcoins have mimicked BTC in the past few days. Ethereum plummeted during the mid-week crash, attempted rapid recovery, but failed to increase any higher than $3,600. In the following two days, it kept losing value gradually and dropped below $3,300. As of now, it has gained about 2% in a day and currently stands around that level.
Cardano, whose network is set to undergo its long-anticipated hard fork today, has spiked by more than 6% and has

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One in Every Four Americans in Favor of Legalizing Bitcoin in the US: Survey

10 days ago

El Salvador’s decision to accept bitcoin as a legal tender is already rattling some cages. Other small nations in the region dabble with the same idea. A recent survey from the North – specifically in the United States – showed that nearly 30% would agree to have BTC as a legal currency as well.
Americans on Legalizing Bitcoin
El Salvador – a small Central American nation – shocked the world in June this year when it announced it will vote to make bitcoin a legal tender within its borders. It sounded like a dream come true for BTC maximalists, but that dream became a reality three months later.
Thus, as of September 7th, the cryptocurrency is indeed a legal means of transaction in the country, and El Salvador already purchased portions of the asset. Somewhat surprisingly

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Bitcoin Drops Below $45K, Crypto Market Cap Slumps $120B (Weekend Watch)

10 days ago

After a few days of consolidation around $46,000, bitcoin has headed south and dropped beneath $45,000. Most altcoins have retraced in a similar fashion, with a few exceptions. LUNA is among those as it pumped by double-digits to tap a new ATH above $40.
Bitcoin Slides Below $45K
The primary cryptocurrency had a rough week. As it was preparing to become a legal tender in El Salvador, its price went to a multi-month high at just over $53,000. However, shortly after it became official, BTC plummeted in value.
In just a matter of hours, it lost over $10,000 and bottomed at $43,000. It bounced off somewhat rapidly to $46,000 and even challenged $47,000 a day later, but it ultimately failed to continue higher.
Just the opposite, the bears pushed it south once more in the past

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WallStreetBets Partners With Balancer to Launch Exchange-Traded Portfolios (ETPs)

10 days ago

WSBDApp, the blockchain-based trading platform related to the WallStreetBets movement, has partnered with Balancer to launch exchange-traded portfolios (ETPs) on the latter’s V2 platform. These products will aim to enhance decentralization for retail investors seeking alternative investment opportunities.
WSBDApp Partners With Balancer
The statement shared with CryptoPotato reads that Balancer – the automated portfolio manager and liquidity provider – will enable WBSDApp to roll out its novel ETPs on the recently launched second version of its platform.
WSBDApp intends to support the so-called “little guy” – which has been WallStreetBets’ mission since its inception in 2012 – through the decentralized nature of the portfolios. Retail investors will be able to hedge against

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Switzerland’s Six Exchange Greenlighted to Launch Digital Token Trading Platform

11 days ago

Switzerland’s stock exchange, SIX, said today it had obtained two licenses from the nation’s markets regulator to launch a stock exchange and depository for blockchain-based securities.
Based in Zurich, Switzerland, the SIX Swiss Exchange is the country’s principal stock exchange that also trades particular securities like government bonds and derivatives such as stock options.
According to a CNBC report, the organization has received two licenses from the nation’s regulator – the Swiss Financial Market Supervisory Authority (FINMA).
This regulatory approval will enable SIX to operate a stock exchange and depository for DLT-based securities.
It will also have the ability to launch regulated trading, settlement, and custody infrastructure based on blockchain.
SIX failed to

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Grayscale Doubles the Number of its SEC-Reporting Products With LTC, ETC, and BCH

11 days ago

The largest digital asset manager – Grayscale Investments – has announced that the Bitcoin Cash Trust, the Ethereum Classic Trust, and the Litecoin Trust have become SEC reporting products. Thus, the total number grew to six.
Speaking to Forbes, Grayscale’s CEO – Michael Sonnenshein – indicated that the company’s portfolio of funds reporting to the Securities and Exchange Commission has doubled.
He specified that those funds were the Grayscale Bitcoin Cash Trust (BCHG), the Grayscale Ethereum Classic Trust (ETCG), and the Grayscale Litecoin Trust (LTCN).
Having to report to the country’s securities regulator means that these products will need to provide the Commission with regular financial statements and disclosures.

“This is something that investors not only have

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Algorand Foundation Launched a $300M Fund for DeFi Innovation: ALGO Taps a 2-Year High

11 days ago

The Foundation behind the popular blockchain project – Algorand – has started a new initiative aiming to enhance the developments in the DeFi sector. Called Viridis DeFi Program, it will be a $300 million fund to support innovation on the Algorand network.
In a statement dated September 10th, The Algorand Foundation announced the launch of its latest product called Viridis DeFi Program.
In it, the organization has allocated 150 million of the native cryptocurrency – ALGO – which today has an approximate price of over $300 million.
The general idea is to support the innovation of DeFi protocols utilizing the Algorand blockchain. More specifically, it will focus on decentralized exchanges, money markets, options markets, synthetic asset applications, and NFT platforms.

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Binance Will Support Cardano’s Hard Fork Occuring on September 12

12 days ago

With just a few days left until the long-anticipated Cardano network upgrade and hard fork, Binance indicated that it will support the event. This comes as more than 80% of the Cardano pools have successfully upgraded to Alonzo 1.29.0.
In a statement from September 9th, the leading digital asset exchange announced its intentions to support the upcoming Cardano network upgrade.
The event is expected to take place on September 12th at around 21:45 (UTC) – during epoch 290. Binance will halt deposits and withdrawals of Cardano’s native token – ADA – approximately 30 minutes before the hard fork.
However, the exchange will not suspend ADA trading. The statement urged investors to “leave sufficient time for deposits to be processed prior to the above cut-off time.”
It also

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Fidelity Director: El Salvador’s Bitcoin Adoption Is Slightly Overplayed

12 days ago

El Salvador made history earlier this week when it became the first country to officially accept Bitcoin as a legal tender. While the community rejoiced about the significance of the news, Fidelity’s Director of Global Macro – Jurrien Timmer – said the move had been overplayed.
BTC Adoption in El Salvador is Overplayed
Three months after the surprising announcement that the country will adopt Bitcoin, El Salvador officially went into the history books on September 7th as it made the cryptocurrency a legal tender within its borders.
Being the first nation to do so, it urged prominent community members to highlight the importance of the move, and some even argued that other countries should follow suit.
However, the move, which was met with enhanced criticism by

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Blockstream Partners With Financial Firm Macquarie to Develop Zero-Emission Bitcoin Mining Facilities

12 days ago

Blockstream, the blockchain-focused company spearheaded by Adam Back, will develop and manage zero-emission Bitcoin mining facilities with the first to be built in North America. The firm’s initiative will come to life through a partnership with an Australian multinational independent investment bank – Macquarie Group.
The Canada-based blockchain company continues with its effort to minimize the environmental damage caused by Bitcoin mining.
The latest initiative comes through a partnership with Macquarie – an Australian financial services giant with over $400 billion in AUM.
Both parties will work on zero-emission Bitcoin mining facilities with the first to see the light of day in North America. The statement didn’t provide a precise timeframe when it will be operational

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Bitcoin Struggles at $50K: Polygon (MATIC) Skyrockets 20% (Weekend Watch)

16 days ago

After touching a multi-month high above $51,000, bitcoin has retraced slightly and currently stands around the coveted $50,000 mark. Most altcoins have also stalled on a 24-hour scale, except for Polygon, which has surged by roughly 20% in a day.
Bitcoin Stands Around $50K
Ever since the primary cryptocurrency recovered from its dip to $46,300 at the start of the month, the bulls have had control over the market. They pushed the asset to and beyond $50,000, as reported yesterday.
Furthermore, bitcoin went to just over $51,000, which became the highest price tag since the mid-May correction. However, as it happened with the previous attempts to overcome this particular level, BTC was rejected and dumped by a few thousand dollars.
This resulted in a drop to around $49,000

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Multi-Month Highs: Bitcoin Reached $51K as ETH Touched $4K (Market Watch)

17 days ago

The Bitcoin bulls continued to push the cryptocurrency north in the past 24 hours, resulting in a multi-month high of just over $51,000. Most altcoins also performed well in the same timeframe, with ETH touching $4,000 for the first time since mid-May.
Bitcoin Tapped $51K
September didn’t start all that well for bitcoin as the asset fell to a multi-day low of $46,300 on Wednesday. However, this is where the situation quickly changed.
The primary cryptocurrency started rising somewhat rapidly. It added $4,000 of value in a day and briefly exceeded $50,000. Conquering that level, though, wasn’t all that easy, and BTC dropped by $2,000 to $48,400.
Yet, bitcoin didn’t stay down for too long and initiated another leg up in the past 24 hours. This time, it spiked above $50,000

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The SEC Opens an Investigation Against Uniswap’s Developer: WSJ Report

18 days ago

The Securities and Exchange Commission has purportedly started an investigation against Uniswap Labs – the leading developer of the giant DEX Uniswap.
According to a WSJ report from earlier on September 3rd, the top US securities regulator has gone after the developers of the largest decentralized cryptocurrency exchange – Uniswap Labs.
Citing people familiar with the matter, the coverage reads that the watchdog is in an early-stage investigation process.
The SEC is trying to determine how customers are utilizing the exchange, how it is marketed, and how it operates in general.
Uniswap Labs spokesman asserted that the organization is “committed to complying with the laws and regulations governing our industry and to providing information to regulators that will assist them

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The SEC Filed Charges Against BitConnect, its Founder, and Top US Promoter

19 days ago

Years after halting its services, the saga with BitConnect has taken another turn as the SEC has filed an action against the founder and some of the promoters. The Commission has alleged that they have swiped more than $2 billion from retail investors through an unregistered offering of digital assets.
The SEC Files Charges Against BitConnect Founder
Launched in early 2016, BitConnect promoted itself as a platform with a highly advanced trading bot that urged users to deposit various cryptocurrencies to earn extraordinary high returns. Although that sounds too good to be true, the platform actually gathered billions of dollars worth of digital assets, and its own crypto (BCC) found a home in the top ten coins by market cap for a while.
However, it all started to crumble in

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Hacked C.R.E.A.M. Finance Promises to Repay Users With Protocol Fees and Offers 10% Bounty Bug

20 days ago

The popular DeFi protocol Cream Finance, which became the latest hack victim earlier this week, will allocate 20% of all the fees it charges to repay the affected customers.
Additionally, the project has offered a bug bounty to the still unknown perpetrators and up to 50% for third parties who can assist with recovering the funds.
What Happened to Cream?
CryptoPotato reported earlier this week when Cream Finance – a permissionless, open-source, blockchain agnostic platform – was exploited for the second time in six months. At that point, the estimations showed that the unknown attackers managed to swipe around $25 million in ETH and AMP.
The project provided an update on September 1st that has a different amount, though.
“At approximately 12 pm on August 31st (UTC +8),

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Bitcoin’s Dominance Declines as ETH Reclaimed $3,500 (Market Watch)

20 days ago

Bitcoin’s recent struggles continued in the past 24 hours as the asset dropped to a five-day low of around $46,500. In contrast, some alternative coins have been on the rise. Ethereum is a prime example as it jumped above $3,500 for the first time in more than three months.
ETH Above $3.5K; DOT Spikes 10%
It’s safe to say that most altcoins have been outperforming Bitcoin in the past few weeks. Ethereum, for instance, had dropped below $3,200 on Monday. However, the second-largest crypto has added more than $300 since then.
As a result, it breached $3,500 for the first time since mid-May, and it still trades above that level.
Ripple has gone up by a similar percentage as ETH in the past 24 hours and tapped $1.2 hours ago. Even more gains are evident from Polkadot and

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KSM Spikes 30% to a Two-Month High Ahead of Kusama’s Parachain Auction Start

21 days ago

With the anticipation building ahead of Kusama’s upcoming parachain auctions, the price of the native token has skyrocketed in the past 24 hours to a two-month high at nearly $400.
CryptoPotato reported earlier this month Kusama’s announcement in regards to the new parachain auctions.
This edition comes after the success of the previous six auctions, which saw massive competition between participants. They took place between June 15th, 2021, and July 20th, 2021.
Some of the success stories from July included Polkadot’s DeFi hub – Acala. The project managed to raise over $100 million in KSM tokens from over 8,000 different addresses.
The next one – the Sixth Kusama Parachain Slot auction commences tomorrow – September 1st, at 12:00 GMT. The following ones will begin on

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Over $8 Billion: Bitcoin Weekly Transactions Volume Reaches a New All-Time High

22 days ago

While the price of bitcoin seems stuck beneath the $50,000 line, the network has actually seen a few all-time highs lately. On-chain data revealed that the weekly BTC transaction volume has exploded to a fresh record, while the number of token holders is recovering nicely.
Transactions on the Bitcoin Network to New Highs
The analytics company Glassnode recently highlighted the massive uptick in transaction volume on the Bitcoin network. The firm’s data shows that the average weekly transaction volume (an hourly chart with a 7-day moving average) has surged to a new all-time high of over $8 billion. This impressive number was actually more than 50% higher than the previous record.
Bitcoin Transaction Volume. Source: GlassnodeIt’s worth noting, though, that this significant

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