The infamous transaction fees of the Ethereum (ETH) ecosystem underwent a decremental phase from Jan. 10 to record the lowest average and median fees of $14.17 and $5.67 — lowest since September 2021. Data from Blockchair shows that the average transaction fee of ETH in January was $53.03, which at its peak was $70.83 back in May 2021. Just within…
The Spanish parliament has introduced an amendment to the tax model 720 used to declare cryptocurrency and other holdings abroad, softening some of the penalties associated with it. The modification, which has not yet been approved, changes some of the harsher penalties that were declared illegal by the Court of Justice of the European Union last month. New Model 720…
Seven executives of the collapsed South Korean scam cryptocurrency exchange, V Global, were recently handed lengthy jail sentences as punishment for their role in running one of the country’s biggest crypto frauds. Verdict Sets New Benchmark Seven former masterminds of the now-defunct scam crypto exchange, V Global, were recently given jail sentences for their part in misappropriating nearly $1.9 billion…
The Bitcoin (BTC) network has recorded a new hash rate all-time high of 248.11M TH/s as of Feb. 12, 2022, further securing the decentralized ecosystem through a growing network of global BTC miners. The hash rate correlates to the computing power required by a miner’s computer equipment to confirm a transaction. The recent spike in BTC’s network hash rate ensures…
On February 10, the well-known developer of Cydia and iOS Jailbreak, Jay Freeman, otherwise known as Saurik, published a Twitter thread about a bug he found in the Layer-2 (L2) scaling protocol known as Optimism. According to Freeman, the vulnerability, which has been patched, could have allowed an attacker to create an infinite amount of tokens. Cydia Creator ‘Saurik’ Discovers…
Last year, El Salvador dominated headlines as the first country to adopt Bitcoin as legal tender. The move is controversial both in and outside of the country, heralded for its potential to bring financial services to large portions of El Salvador’s unbanked population and criticized for its top-down implementation. This has created a sense of uncertainty and made some Salvadorans…
In brief A CryptoPunks NFT sold for 8,000 ETH today, or $23.7 million. It doubles the previous CryptoPunks record of $11.8 million, set last June. CryptoPunks predate the modern NFT craze by years, and that O.G. status has made the 2017 Ethereum profile picture collection a legend in the space. Dozens of CryptoPunks have sold for a million dollars’ worth…
The governor of Hungary’s central bank has called for a ban on cryptocurrency trading and mining in the European Union. “It is clear-cut that cryptocurrencies could service illegal activities and tend to build up financial pyramids,” he said. Hungarian Central Bank Chief Wants EU-Wide Crypto Trading and Mining Ban The Hungarian National Bank, the central bank of Hungary, published a…
2021 was a big year for cryptocurrency. El Salvador became the first country to adopt Bitcoin (BTC) as legal tender. In November 2021, the price of Bitcoin hit an all-time high approaching the psychologically significant mark of $70,000. And, all along the way, industry influencers like Elon Musk have been tweeting their enthusiasm about cryptocurrency more broadly. I anticipate 2022…
Financial services firm Wells Fargo says that cryptocurrencies are viable investments that have entered the “hyper-adoption” phase. “Cryptocurrencies have been following an adoption pattern similar to other new advanced technologies, such as the internet,” the firm’s global investment team detailed. Crypto in Hyper-Adoption Phase, Says Wells Fargo Wells Fargo’s investment institute published a special report titled “Understanding Cryptocurrency” this week.…
