Bitcoin Faces Data Availability Challenges, Layer 2 (L2) Scaling Solutions May Need Consideration

Bitcoin faces significant challenges as a data availability (DA) layer. The main points are as follows:

Limited Block Space: The upper limit of Bitcoin's block size is 4MB, and data released by ZK-Rollup every 6-8 blocks can occupy 10% of the block space.

High Costs: At a rate of 10-50 sat/vByte, the monthly data publishing cost for Rollup is approximately $460,000 to $2.3 million.

Economic Viability: Rollup needs to handle a large volume of transactions each month and charge sufficient fees to be profitable. For example, with a monthly transaction volume of 20 million, the transaction fee needs to be $0.05-0.23 to break even.

Increased Competition: The introduction of Rollup will increase competition for block space, potentially raising transaction fees for all users.

Alternative Options: If costs are too high, Rollup might switch to alternative DA layers like Celestia or develop L3 solutions.

Security Trade-offs: Using Bitcoin as a DA layer is very costly but offers great decentralization and security.

#Bitcoin❗ #Layer2 #Blockchain #Write2Win #cryptonews

$BTC

Montenegro Court Facilitates Extradition of Do Kwon to South Korea

On August 1, according to Bloomberg, Montenegro's appellate court upheld the decision to extradite Do Kwon, co-founder of Terraform Labs Pte., to his home country of South Korea, rejecting the request to extradite him to the U.S.

Thursday's ruling is the latest in a series of decisions for Montenegro, which is facing dual requests from the U.S. and South Korea for the extradition of the disgraced crypto mogul. The Podgorica court stated in a Thursday statement that there were no appeals against the decision.

The ruling also maintained the expedited extradition procedures previously issued by another Montenegrin court. After the ruling was announced, Do Kwon's lawyer, Goran Rodic, told Bloomberg that Montenegro would arrange the extradition with the assistance of Interpol and expressed hope that the process could be completed "as soon as possible."

#Montenegro #DoKwon #SouthKorea #cryptonews #Bloomberg

Bitcoin Drops Below $63,000 Amid Market Uncertainty and Regulatory Concerns

Several factors could have contributed to the recent decline in Bitcoin's price below $63,000:

Market Sentiment: Negative sentiment in the overall cryptocurrency market can cause a sell-off. This can be triggered by various news events, regulatory concerns, or macroeconomic factors.

Regulatory News: Any new regulations or government actions against cryptocurrencies, such as crackdowns on exchanges or restrictions on crypto activities, can lead to a decrease in price.

Technical Factors: Bitcoin's price is highly influenced by technical analysis. If it breaks a significant support level, it can lead to further selling pressure.

Whale Activity: Large holders of Bitcoin (whales) selling significant amounts can influence the market. The movement of large amounts of Bitcoin to exchanges can indicate potential sell-offs.

Economic Data: Broader economic data, such as inflation rates, interest rate changes, and economic performance indicators, can impact investor confidence in risk assets like cryptocurrencies.

Market Corrections: After periods of significant gains, the market often experiences corrections. This can be part of a natural market cycle where prices adjust before potentially moving higher again.

Hack or Security Breach: News of hacks, security breaches, or significant losses in cryptocurrency platforms can also lead to a loss of confidence and subsequent selling.

Without specific news pointing to the exact cause, it's likely a combination of these factors contributing to the recent price drop.

$BTC

#Bitcoin❗ #BTC☀ #cryptonews #Blockchain

Bitcoin Falls Below $63,000

On August 1, according to HTX market data, Bitcoin has fallen below $63,000, decreasing by 5.41% in the past 24 hours.

$BTC

#Bitcoin❗️ #BTC☀ #MarketUpdate #cryptomarket #Blockchain

Massive Transfer of Meme Cryptocurrencies: $1.567 Million with $1.486 Million Net Profit

On August 1, according to monitoring by ai_9684xtpa, a smart money address 0x7ea...41416 transferred Pepe and MOG worth a total of $15.67 million to a new address two hours ago. The total floating profit of these two tokens is as high as $14.86 million.

This address withdrew 51.54 million Pepe (approximately $860,000) from the exchange platform at an average price of $0.000001671 a year ago, with its value increasing more than fivefold.

MOG also saw a significant position opened at a low a year ago, spending only $246,000 to buy 7.06 trillion tokens on the chain. The cost was as low as $0.000000003487, yielding a return exceeding 478 times.

#Memecoins #PEPE✈ #MOG_COIN #cryptocurrency #Blockchain

"Who Owns Bitcoin, Makes the Rules"

Mars Finance News reported that "Who owns Bitcoin, makes the rules," is a prophetic view by Max Keizer about Bitcoin's impact on reshaping global power dynamics. This statement has elicited strong reactions in the financial community as Bitcoin is no longer just a store of value but is becoming the foundation of future governance frameworks.

$BTC

#Bitcoin❗️ #BTC☀ #FinancialNews #cryptocurrency

Crypto Meme Sector Experiences Sharp Decline, WIF Drops Over 16% in 24 Hours

On August 1, according to HTX data, the meme coin sector has generally declined, impacted by the downward market trend. Key declines include:

WIF down over 16% in 24 hours
SATS down over 13% in 24 hours
BONK down over 12% in 24 hours
Pepe down over 12% in 24 hours
FLOKI down over 12% in 24 hours
PEOPLE down over 12% in 24 hours

#Memecoins🤑🤑 #Bonk #PEPE✈ #FLOKI #PEOPLE

DEX Trading Volume Increases by Approximately 34% from January to This Month

DEX trading volume has shown slow and steady growth in 2024, rising from $133.5 billion in January to $179.5 billion this month, marking an increase of approximately 34%.

#dex #tradingvolume #Crypto #Blockchain #FinancialNews

Kujira Responds to Liquidation Concerns: Establishing DAO for Asset and Protocol Management

On August 1st, PANews reported that the Kujira team announced on platform X their decision to use part of their operational funds to enhance ecosystem liquidity. This decision was deemed reasonable at the time. However, subsequent events, including security vulnerabilities and social engineering attacks, caused market instability. Misleading claims of an "exit scam" by some social media influencers exacerbated market fears. The team clarified that 14 million KUJI remains secure in the organization's treasury, and the entire treasury is not at risk. To improve transparency and accountability, Kujira will establish a Decentralized Autonomous Organization (DAO) to manage the treasury and core protocols.

Previously, KUJI token experienced a 40% drop due to the liquidation of Kujira Foundation's operational wallet.

#Kujira #KUJI #DAO #Crypto #Blockchain

Notcoin Launches New Gaming Division "Not Games" with First Game "Lost Dogs"

Notcoin has introduced a new gaming section called "Not Games," showcasing games from various developers. Users can earn rewards based on their participation and tournament levels within Notcoin.
The first game under Not Games is "Lost Dogs: The Way," a nurturing game where players vote on the story direction daily and receive rewards in Fake or Not. Mad Tail, the Chief Business Officer (CBO) of the Lost Dogs series, mentioned that integrating Notcoin into the game enhances user experience.

#NOTCOİN #NotGames #LostDogs #CryptoGaming #blockchaingaming

Ethena Labs Takes Precautions Against Potential Risks Using USDe for Derivatives Collateral

Ethena has introduced a feature allowing traders to use USDe as collateral for derivatives trading. Conor Ryder, head of research at Ethena Labs, explained that they have taken the necessary precautions to mitigate potential risks. Guy Young, Ethena Labs' founder, stated that the company and its partners have implemented appropriate safeguards. Ethena collaborates with five exchanges to diversify short bets on USDe: 48% on Binance, 23% on Bybit, 20% on OKX, 5% on Deribit, and 1% on Bitget. The collateral for USDe is diversified: 50% supported by Bitcoin, 30% by Ethereum, 11% by Ethereum Liquid Tokens, and 8% by USDT. Bybit has also announced the use of USDe for derivatives trading, offering up to 20% annual interest.

#EthenaLabs #usde #Derivatives #cryptotrading #Binance

July NFT Sales Total Estimated at $430 Million, Down 2% from Previous Month

CryptoSlam's data on NFT sales across 20 blockchains shows that in July 2024, total NFT sales reached approximately $430 million, a 2% decrease from $439 million in June. Sales on the Ethereum blockchain accounted for 33.07% of the total, around $142 million, making it the top platform. Solana followed with 22.69%, approximately $97.66 million. Bitcoin came next with $77.31 million, Polygon with $33.92 million, Immutable with $21.03 million, and Mythos with $17.51 million.

#NFT #Ethereum(ETH) #Solana⁩ #Bitcoin❗️ #cryptonews

OKX Officially Begins HMSTR/USDT Futures Pre-Market Trading

OKX has officially launched its pre-market trading feature, with the HMSTR/USDT futures contract available in the initial phase. Through OKX's pre-market trading, users can trade before the currency launches, becoming the first to buy and sell digital currency futures contracts selected by the platform and enjoy double leverage.
Pre-market trading delivery contracts are essentially USDT-based delivery contracts. They are typically delivered before the new token is launched on the spot trading market, allowing users to participate in the initial price formation of the new token. OKX has noted that the pre-market trading token price is determined by the market and carries significant volatility risks. Users should exercise caution when participating. Pre-market delivery contracts do not guarantee that the currency will ultimately be listed for spot trading. Please pay attention to OKX announcements for specific currency listing details.

#Write2Win #cryptonews #airdrop

The U.S. saw net outflows from Ethereum and Bitcoin ETFs.

ChainCatcher reported that on July 31, according to Lookonchain's data monitoring:
Nine U.S. Ethereum ETFs had a total net outflow of 15,691 ETH, equivalent to approximately $51.94 million. Grayscale withdrew 63,612 ETH, worth about $210.56 million, bringing its current holdings to 2,107,764 ETH, valued at approximately $6.98 billion.Nine U.S. Bitcoin ETFs had a total net outflow of 26,823 BTC, equivalent to approximately $1.77 billion. Grayscale withdrew 27,753 BTC, worth about $1.84 billion, bringing its current holdings to 242,413 BTC, valued at approximately $16.03 billion.

#CryptoETF #Ethereum(ETH) #Bitcoin❗️ #Grayscale # #Lookonchain

The market capitalization of stablecoins has reached its highest level in nearly two years, with liquidity flowing into the crypto economy.

according to Coingecko data, the market capitalization of stablecoins reached $164 billion, the highest in nearly two years, with a 24-hour trading volume of $53.2 billion and liquidity flowing into the crypto economy.

#Stablecoins #CryptoEconomy #MarketCapLeaders #coingecko #Write2Win

DePIN project Daylight completes $9 million Series A funding round led by a16z crypto.

the DePIN project Daylight has completed a $9 million Series A funding round led by a16z crypto, with participation from Framework Ventures, Lattice Fund, Escape Velocity, and Lerer Hippeau. Co-founder and CEO Jason Badeaux declined to disclose details of this funding round. To date, the company has raised a total of $13 million.

#DePIN #CryptoFunding #Blockchain

Nansen CEO Alex Svanevik has launched a new meme coin on the Solana platform called IQ.

According to Foresight News and The Block, Alex Svanevik, CEO of the analytics platform Nansen, has introduced a new meme currency called IQ based on Solana. Data from DEXScreener shows that IQ reached a market capitalization of $5 million within a day of its launch. The current price of IQ is $0.0061, marking a 7000% increase in the past 24 hours.
Svanevik launched the meme coin using the MakeNowMeme platform, which allows users to create a new meme coin from a post on X, requiring users to tweet with specific text formatting.

$SOL $IO

#Solana⁩ #IQCoin #cryptonews #memecoin‬⁩ #Blockchain

In the past 24 hours, the total value of liquidated contracts across the network reached $114 million, primarily from long positions.

on July 31 that Coinglass data shows the entire value of liquidated crypto market contracts in the last 24 hours amounted to $114 million. Of this, long positions accounted for $82.18 million, and short positions accounted for $31.78 million. The total liquidation value for BTC was $26.35 million, and for ETH, it was $29.87 million.

#BTC☀ #eth‬ #cryptonews

Liminal denies allegations of cyberattack on WazirX infrastructure.

According to ChainCatcher, Decrypt reported that Indian crypto exchange WazirX was hacked this month, resulting in a loss of $230 million. It was claimed that the compromised multi-signature smart contract wallet used in the attack was linked to the Liminal platform.

However, crypto custody service provider Liminal refuted the allegations that the attack was related to their infrastructure. A spokesperson stated that their system was not breached and did not cause WazirX to lose $230 million in crypto assets. The spokesperson emphasized, “As a platform supporting wallet infrastructure, we stress that this incident originated from an external source, highlighting the critical importance of comprehensive security measures across platforms.”

#Write2Win #CryptoHack #BlockchainSecurity #CyberSecurity #cryptonews

U.S. Securities and Exchange Commission (SEC) accuses the founders of decentralized social media platform BitClout of fraud and issuing unregistered crypto securities.

On July 30, the SEC revealed it is accusing Nader Al-Naji of orchestrating a fraud involving hundreds of millions of dollars related to BitClout, a decentralized social media platform, and its native token, BTCLT.

The SEC’s lawsuit alleges that starting in November 2020, Al-Naji raised over $257 million through unregistered BTCLT offerings, falsely claiming that profits would not be used to compensate himself or BitClout employees. Instead, he reportedly used over $7 million for personal expenses, including a Beverly Hills mansion and gifts for family.

The complaint further alleges that Al-Naji misrepresented BitClout as a decentralized project with “no company behind it,” using the pseudonym “Diamondhands” to maintain this illusion while actually being the main driving force. He is also accused of receiving misleading legal advice suggesting BTCLT was unlikely to be considered a security and secretly informing investors he was evading legal scrutiny.

The SEC’s lawsuit, filed in the U.S. District Court for the Southern District of New York, accuses Al-Naji of violating securities registration and anti-fraud provisions. The lawsuit also names his wife, mother, and organizations he owns as defendants, seeking restitution. The U.S. Attorney’s Office for the Southern District of New York has also announced charges against Al-Naji.

#SEC #BitClout #CryptoFraud #Blockchain #LegalNews