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ETH Mining Pool Decides To Distribute One Of The Transfers Miners

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The ETH mining pool which received the second $2.6 million fee transaction recently announced that it will distribute these funds to miners after only four days. We can see that the name in question here is Etherchain, a fund that received a lot of funds as part of the abnormal string of transactions seen last week.

Moreover, a tweet published on June 15 (seen above) in the Ethereum latest news shows that the pool will distribute the windfall to all miners participating in that block, according to a snapshot which was taken at the time of the transaction. The company tried to justify the transaction and said that “given the amount involved we believe four days is sufficient time for the sender to get in touch with us.”

Anyways, this ETH mining pool which received the funds will have several actors who are the owners of the account. However, they were unable to provide a valid signature that would prove they were the original owners.

Meanwhile, the core Ethereum developers Vlad Zamfir and Peter Szilagyi criticized this decision and Zamfir was befuddled, while Szilagyi said that “I’d honestly wait a month or two if you’re serious about giving it back.”

The crypto news also show that the ETH mining pool Etherchain noted that it will automatically distribute the funds to miners if any such occurrence were to happen again. This may suggest that the pool was not enthusiastic about returning the money in the first place.

If you are asking yourself how much money will miners receive, you can see that the $2.6 million fee is approximately one day’s worth of block rewards on Ethereum, calculated along with an ETH price as of press time which is $223. However, this fee is not spread evenly on the entire network as the Etherchain Ethermine pool only controls 21% of the hashrate, according to one source. This is why miners on that pool can expect to receive the equivalent of about 5 days of normal mining.

Meanwhile, the Chinese analysis firm PeckShield before theorized that hackers gained access to an exchange but are unable to withdraw its funds because the private keys are compartmentalized. Anyways, no one confirmed if this story is true.

Source: https://www.dcforecasts.com/ethereum-news/eth-mining-pool-decides-to-distribute-one-of-the-transfers-miners/

Blockchain

Not Wasting Time: PayPal Reportedly Considering to Buy Crypto Companies, Including BitGo

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  • PayPal, the world’s largest online payment processor, is reportedly exploring acquisitions of cryptocurrency-oriented companies.
  • Citing sources familiar with the matter, Bloomberg reports that this includes the popular Bitcoin custodian BitGo.
  • The sources also revealed that PayPal has been in talks with BitGo, and it could potentially reach a deal “within weeks.”
  • However, the negotiations could still “fall apart,” and, in this case, PayPal could choose to buy other companies.
  • At the time of this writing, PayPal and BitGo haven’t provided official statements on the matter, and it’s not clear how much would the payment processing giant pay for the acquisition of BitGo, should the deal move forward.
  • This comes a day after PayPal announced that it would enable its customers to buy, sell, and hold Bitcoin and other cryptocurrencies on its platform.
  • As CryptoPotato reported, the company is “working with central banks and thinking of all forms of digital currencies.”
  • It’s worth noting that PayPal will initially allow US-based customers to opt in to buy and sell crypto within the “coming weeks.” Accounts registered in other countries should be able to do so in the first quarter of 2021.

Featured image courtesy of PYMNTS

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Source: https://cryptopotato.com/not-wasting-time-paypal-reportedly-considering-to-buy-crypto-companies-including-bitgo/

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Institutional ‘Takeover’ of Crypto Continues as CME OI Surges

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Open Interest on one of the world’s largest exchanges continues to increase as proof.

According to data from Skew analytics, Open Interest on the Chicago Mercantile Exchange (CME) has surpassed that of retail exchange Binance and taken the second spot.

The move was noted by long-term Bitcoin trader Nick Cote who likened it to an ‘institutional takeover’.

Open Interest is a measure of the total number of outstanding derivative contracts, such as options or futures that have not been settled for the asset, in this case, Bitcoin.

Previously, exchanges such as BitMEX dominated for derivatives but since the legal proceedings against its executives, there has been somewhat of an exodus from the embattled exchange.

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OKEx OI is approaching a billion dollars which has been a historical rejection point, while CME is not far behind now with almost $800k. Aggregated OI across all the major exchanges has hit a monthly high of $5 billion according to the analytics provider. Bakkt comparably has very little OI with just $15 million.

Binance still leads the way for 24-hour futures volumes however with $4.75 billion according to Skew. Huobi and OKEx are second and third at $3.5 and $2.9 billion respectively.

The Institutions Cometh

Grayscale assets under management (AUM) continues to surge with the latest figure at $7.3 billion according to the institutional crypto trust provider.

The largest trust offering exposure to Bitcoin markets is now worth $6 billion which is more than the total AUM just two weeks ago.

As reported by CryptoPotato, Grayscale marked Q3 as its best quarter yet with over $720 million of Bitcoin inflows.

The big players in finance are certainly paying attention now, billionaire hedge fund manager Paul Tudor Jones III recently stated he liked Bitcoin even more now than when he first added it to portfolios in May. Meanwhile, veteran trader Peter Brandt attributed this rally to the increasing involvement of institutions.

Crypto Market Outlook

At the time of writing Bitcoin was still dominating crypto market momentum. Total capitalization was near its highest level this year, close to $390 billion according to Tradingview.com. It has increased by over 110% since the beginning of the year.

For the past two years, the fourth quarter has been bearish but 2020 seems to be following the 2017 pattern, ending the year on a bull run.

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Source: https://cryptopotato.com/institutional-takeover-of-crypto-continues-as-cme-oi-surges/

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Market Watch: Ethereum Finally Reclaims $400 As BTC Struggles With $13K

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Bitcoin spiked above $13,000 once again and came close to painting yet another 2020 high. Ethereum jumped above $410, and most altcoins have followed alone with notable increases. The market cap has gained $8 billion more.

Bitcoin Swings At Another YTD High

CryptoPotato reported yesterday that the primary cryptocurrency surged to a fresh 2020 high of just about $13,220. The impressive price increase came after the giant online payment processor PayPal announced it will start supporting the purchase, selling, and storing of digital assets.

Bitcoin retraced in the following hours to about $12,700. However, the bulls regained control since then and drove BTC above $13,000 again.

The cryptocurrency didn’t stop at that coveted level. Bitcoin came just a few dollars away from breaking its own 2020 record but, according to data from Bistamp, it peaked at $13,205.

A new retracement followed, and BTC currently hovers above $12,900.

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The technical indicators suggest that the most significant resistance in Bitcoin’s way is at $13,350. The next one is at $13,900, before having a chance to break the 2019 record as well at $14,000.

Alternatively, if BTC seizes its bull run, the support levels it could rely on are at $12,300, $11,950, and $11,400.

BTCUSD. Source: TradingView
BTCUSD. Source: TradingView

Ethereum At $415, Market Cap Adds Another $8B

Although the altcoins had a sluggish start initially when Bitcoin was rising during the weekend, they have caught up. In the past 24 hours alone, Ethereum has jumped by over 5% to above $410. Just three days ago, ETH was struggling below $370.

Bitcoin Cash (2.5%), Polkadot (1.4%), and Cardano (1.3%) are also in the green from the top ten. However, Chainlink has outperformed them all with a 5.5% surge. As such, LINK has neared $12.

Cryptocurrency Market Overview. Source: quantifycrypto
Cryptocurrency Market Overview. Source: quantifycrypto

Further gains are evident from mid and lower-cap altcoins. Aave leads the way with a 21% jump. Energy Web Token (12%), Celcius (10.5%), Synthetix Network Token (10%), and Ampleforth (10%) follow.

The cumulative market capitalization of all digital assets has increased by $8 billion since yesterday to $394 billion. On a weekly scale, it has surged by 11.5% from $353 billion on October 16th.

Cryptocurrency Market Cap. Source: CoinMarketCap
Cryptocurrency Market Cap. Source: CoinMarketCap
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Disclaimer: Information found on CryptoPotato is those of writers quoted. It does not represent the opinions of CryptoPotato on whether to buy, sell, or hold any investments. You are advised to conduct your own research before making any investment decisions. Use provided information at your own risk. See Disclaimer for more information.

Cryptocurrency charts by TradingView.


Source: https://cryptopotato.com/market-watch-ethereum-finally-reclaims-400-as-btc-struggles-with-13k/

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