2023-11-07 16:01

Copyrighted Image by: Reuters The Bitcoin network experienced its fifth significant congestion event today, leading to a temporary halt in block production for an hour, according to reports from blockchain experts Colin Wu and BTC.com. The interruption, which occurred between 11:47 AM and 12:56 PM, is part of a recurring issue that has plagued the network this year and last. This latest congestion mirrors previous instances that took place twice in May 2023 and twice in 2021. Such disruptions have serious implications for cryptocurrency exchanges, particularly Binance, one of the leading platforms in the market. In response to these network congestions, Binance was compelled to temporarily suspend Bitcoin (BTC) withdrawals. The surge in popularity of Inscription and BRC-20 has been identified as a significant factor contributing to these network congestions. These platforms have seen increased usage over the past two years, putting additional strain on the Bitcoin network. The repeated disruptions emphasize the growing pains faced by Bitcoin as it continues to navigate the complexities of widespread adoption and increased transaction volumes. https://www.investing.com/news/cryptocurrency-news/bitcoin-network-grapples-with-fifth-congestion-event-halts-block-production-93CH-3225328

2023-11-07 15:41

Copyrighted Image by: Igor Faun Bitcoin transaction fees are nearing $6 due to the increased activity from ordinals, a variant of non-fungible tokens (NFTs) stored on the Bitcoin blockchain. This surge in demand has been driven by active projects such as $RATS and those minted by $BEES, gpts, and HALV, according to BitInfoCharts. On Monday, the vibrant market activity pushed Ordinals sales to reach $18.33 million over the past week, marking a 191% increase, as reported by CryptoSlam. This spike in fees and market activity mirrors the highs seen in June when secondary sales of Bitcoin Ordinals also peaked. While October's secondary sales for these Ordinals surpassed $16 million, November has already outpaced this with a total of $18.5 million so far. Dune Analytics noted a revival in the rate of Ordinals inscriptions after an October slowdown, with total inscriptions now exceeding 38 million. CryptoSlam data further indicates an 18.4% rise in Ordinals buyers to 13,176 and an 80.9% uptick in weekly transactions to 35,786. The increased competition is adding significant transaction numbers for Bitcoin miners to process on-chain, congesting the mempool and slowing transactions without high fees. According to GeniiData, nearly one million such "mints" have occurred in the past week. Mempool's live data shows over 120,000 unconfirmed Bitcoin transactions, up from less than 30,000 in early October. This congestion is proving beneficial for Bitcoin miners, whose income is rapidly increasing due to the higher transaction fees. Glassnode data reveals that on Sunday, 8.5% of miners' income came from increased fee rates—the highest daily proportion since early June. https://www.investing.com/news/cryptocurrency-news/bitcoin-transaction-fees-near-6-amid-surge-in-ordinals-inscriptions-93CH-3225264

2023-11-07 15:20

Chainlink's native token, LINK, experienced a 2.7% appreciation against the dollar within a day ending at 22:00 PM E.T on Monday, with its value standing at $27.12 or 0.00077664 BTC. This recent surge culminated in a total rise of 4.7% against the dollar over the past week. LINK is currently backed by a market capitalization of $198.47 million and holds a total and circulating supply of 7,319,100 and 7,319,101 coins respectively. LINK cryptocurrency operates on the LINK Chain blockchain network which was established on September 2nd, 2018. The performance-oriented and stable network supports decentralized applications (dApps) for LINE users. Prospective investors interested in trading LINK can first purchase Ethereum or Bitcoin from exchanges such as Gemini, Changelly, or Coinbase (NASDAQ:COIN) using US dollars, before buying LINK. CryptoCompare describes LINK as a universally used base cryptocurrency in the LINK ecosystem. The broader cryptocurrency market presented mixed performances over the same period. KILT Protocol rose by 1.1%, trading at $0.30 or 0.00000854 BTC, while cryptocurrencies such as Aidi Finance, Zoo Token, CareCoin, and OmniaVerse fell by 2.2%, 2.2%, and 8.9% respectively. Kitty Inu and Hokkaido Inu experienced an increase of 1.9% and 1.2% respectively, however, Jeff in Space and Lumi Credits saw a decrease of 2.2% and 1.6%. Chainlink, launched by Sergey Nazarov and Steve Ellis on September 19, 2017, aims to connect real-world data to Ethereum's smart contracts through its native token LINK. Currently, it has a total supply of 1 billion tokens with over half in circulation. Chainlink supports applications such as financial services and supply chain management through its enhancement of decentralized applications (DApps). Investors interested in acquiring Chainlink or other cryptocurrencies can purchase Ethereum or Bitcoin from exchanges like Changelly, Gemini, or Coinbase, before using these to buy Chainlink. https://www.investing.com/news/cryptocurrency-news/chainlink-and-link-cryptocurrency-see-growth-amid-mixed-market-performance-93CH-3225247

2023-11-07 14:48

Dogecoin (DOGE), XRP, and newcomer Everlodge (ELDG) are making waves in the cryptocurrency market, despite recent market fluctuations. Following a period of downturn, Dogecoin's trading volume and market cap are projected to rebound, spurred by an oversold RSI signal. The virtual coin's price is expected to rise from its current value of $0.067390 to $0.073478. The rise in XRP's value has been catalyzed by Ripple Labs' collaboration with the National Bank of Georgia. The partnership aims to develop the Digital Lari, a Central Bank Digital Currency (CBDC), and explore its potential applications for businesses and government bodies. This collaboration has led to a 14.2% surge in XRP's price over the past month, with a potential retest of $0.689733 on the horizon. In the meantime, Everlodge has entered the cryptosphere with an innovative approach to luxury vacation property investment. Utilizing Non-Fungible Token (NFT) technology and fractionalization, Everlodge aims to democratize access to this investment sector. Real Estate NFTs on Everlodge represent shares in these properties that can be acquired for as low as $100. Everlodge's native token, ELDG, is currently priced at $0.23 during its presale phase due to the Ripple-Georgia partnership. In addition to offering staking opportunities and project funding, ELDG provides diversified income streams for investors. The venture also promises community engagement and future exchange listing as it leverages blockchain technology in its operations. https://www.investing.com/news/cryptocurrency-news/crypto-momentum-builds-for-dogecoin-xrp-and-newcomer-everlodge-93CH-3225228

2023-11-07 14:41

Copyrighted Image by: Reuters. Bitcoin ETF Token (BTCETF), a new cryptocurrency launched on Monday, November 6, 2023, has already raised more than $35K within a day of its presale. The ERC-20 token, which is speculating on potential Bitcoin ETF approvals by the SEC, began its presale at a token price of $0.005. The token aims to raise nearly $5 million with no minimum or maximum investment limit. The token's price is designed to increase by 36% across presale rounds, creating a sense of urgency among potential investors. The presale of 40% of its 2.1 billion tokens on btcetftoken.com has attracted substantial initial interest. BTCETF also offers high staking yields of up to 5,410%. Over 5.7 million tokens have been staked so far, making up 25% of the token supply. This staking protocol is part of the cryptocurrency's strategy to ensure network stability. In addition to staking rewards, BTCETF has implemented deflationary measures to enhance token holder value and discourage quick profits. One such measure is a transaction burn tax that decreases by 1% with each significant Bitcoin ETF milestone until Bitcoin reaches $100k. This tax aims to reduce the supply over time. The token also plans to burn 25% of the total supply in five events tied to Bitcoin and ETF updates. These burn events are expected to cut the total token supply down to 1.57 billion tokens if all milestones are met. Google (NASDAQ:GOOGL) Trends data indicates a growing interest in BTCETF, and upcoming listings on decentralized exchanges (DEX) could trigger substantial growth due to its speculative nature and deflationary pressure reducing selling. Positive decisions by the SEC regarding Bitcoin ETFs could also significantly impact BTCETF's value. Investors can earn a referral bonus that rewards 5% of the purchase made through their referral link. Regular updates can be accessed by joining the Bitcoin ETF Token's Telegram channel. https://www.investing.com/news/cryptocurrency-news/bitcoin-etf-tokens-presale-attracts-35k-in-one-day-promising-deflationary-measures-93CH-3225225

2023-11-07 14:39

Copyrighted Image by: Reuters. In the wake of a Bitcoin (BTC) price rally in October, the cost of transacting on the Bitcoin network has significantly increased. Data from mempool.space on Tuesday revealed that users paid average transaction and block fees of 0.00017510 BTC ($6.08) and 0.5796 BTC ($20,131) respectively, surpassing the U.S.'s average Big Mac price of $5.58 in July 2023, as per the Economist's Big Mac Index. The surge in transaction fees is attributed to the limited block space on the Bitcoin blockchain, which caps the number of transaction confirmations. When there are high volumes of transactions on-chain, competition for this limited block space intensifies, leading users to outbid each other to get their transactions confirmed. This increase in transaction costs has resulted in a windfall for Bitcoin miners, who have collected 983.46 BTC ($34.16 million) as mining rewards on Tuesday alone. The substantial rewards underscore the escalating demand for Bitcoin transactions amid a period of bullish market activity. The recent price rally in October has not only driven up the value of Bitcoin but also increased demand on the network. As a result, transaction fees have soared, making it more expensive for users to transact on the Bitcoin network. This trend highlights the challenges faced by the Bitcoin network in scaling to meet increasing demand while maintaining manageable transaction costs. https://www.investing.com/news/cryptocurrency-news/bitcoin-transaction-fees-surpass-big-mac-price-amid-october-rally-93CH-3225220