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Inactive BTC Wallets Transact $62.8 Million, Degen Chain Faces Shutdown, and More Crypto News

Fernanda T
Latest News
May 13 2024 1:04PM

Bitcoin wallets inactive for a decade move $62.8 million

Two Bitcoin wallets (COIN:BTCUSD), inactive for over ten years, activated on Sunday (12) to transfer a total of 1,000 BTC, which corresponds to over $62.8 million at current prices. The addresses, which received 500 BTC each on September 12, 2013, when the value of Bitcoin was around $124, made the transfers almost simultaneously. The origin and intention behind these movements remain uncertain, as well as the identity of the wallet owners.

Degen Chain disruption halts layer 3 blockchain services

Degen Chain, a third-layer blockchain based on Ethereum and focused on the meme token Degen (COIN:DEGENUSD), experienced a significant disruption, failing to produce new blocks for over 11 hours. This technical issue affected various decentralized applications and services associated with the network, such as Relay Bridge and DegenSwap, preventing transactions from taking place. The technical team, in collaboration with Conduit, is working to resolve the situation. Degen Chain is part of the Arbitrum Orbit infrastructure and uses Degen as its native gas token.

Bitcoin tests limits in volatile market

Bitcoin (COIN:BTCUSD) experiences a 2.50% increase in early Monday afternoon, trading at $62,990, after hitting a peak of approximately $63,269 earlier. The cryptocurrency has attempted to surpass the $64,000 mark several times this month, all unsuccessfully. This oscillation suggests a consolidation phase in the market, indicating that Bitcoin may remain stable for some time. Other cryptocurrencies also show gains in the last 24 hours, with Ethereum (COIN:ETHUSD) up 0.96%, Solana (COIN:SOLUSD) rising 2.15%, Ripple (COIN:XRPUSD) gaining 1.91%, and Dogecoin (COIN:DOGEUSD) increasing by 7.6%.

Toncoin approaches historic high

Recently, Toncoin (COIN:TONCOINUSD) experienced significant growth, nearing its all-time high of $7.77. In the last 24 hours, the token’s price rose by 4.9% to 7.31, below the intraday peak price of 7.54. The cryptocurrency, which has been heavily accumulated by large investors, may be preparing for a correction after breaking the $7.6 resistance. Despite the relative strength index (RSI) indicating an overbought condition, the bullish trend could continue for a few more days before potentially undergoing a correction. If the market reverses, the price could fall to $7 or below.

Resumption of net inflows into Bitcoin ETFs in the US after a period of outflows

Last week, spot bitcoin ETFs in the US recorded net inflows of $116.8 million, after four weeks of outflows totaling over $1 billion. The Grayscale ETF (AMEX:GBTC) was the only one with net outflows, totaling $171.1 million. In contrast, the Fidelity ETF (AMEX:FBTC) led the inflows with $111.3 million, followed by the Ark Invest ETF (AMEX:ARKB) with $82.8 million.

Marathon Digital explores renewable energy and cryptocurrency management in Kenya

Marathon Digital (NASDAQ:MARA), one of the leading bitcoin miners, is collaborating with the Kenyan government to explore ways to manage and monetize the country’s renewable energy through bitcoin mining and to develop its cryptocurrency system. According to Jayson Browder, VP of government affairs at the company, Marathon is focused on optimizing renewable energy resources such as geothermal, wind, and solar. The project also aims to support Kenya in creating a regulatory regime for crypto assets.

Drop in Bitcoin mining difficulty benefits major miners

Bitcoin (COIN:BTCUSD) mining difficulty dropped by about 6% last week, marking the largest decline since the crypto winter of December 2022. This adjustment is seen as beneficial for certain miners, according to a report from brokerage Bernstein. The drop in hashrate, which is the total computational capacity used in mining, occurred due to high costs and lower bitcoin prices, leading to the deactivation of more expensive equipment. This resulted in an increased market share for major miners, who are expected to continue consolidating this advantage through expansions and mergers.

Rise of DeFi projects over traditional blockchain networks

In the last 24 hours, decentralized finance (DeFi) projects Lido (COIN:LDOUSD) and Aave (COIN:AAVEUSD) surpassed traditional blockchain networks like Bitcoin (COIN:BTCUSD), Ethereum (COIN:ETHUSD), and Solana (COIN:SOLUSD) in fee generation. According to DeFillama, Lido raised $2.34 million and Aave $1.85 million, while Ethereum, Bitcoin, and Solana obtained $1.84 million, $1.34 million, and $1.17 million, respectively. This increase in fees highlights the growing interest of cryptocurrency users in DeFi platforms at the expense of traditional networks.

Leadership changes at dYdX: Antonio Juliano passes the baton

Antonio Juliano, founder of dYdX, a decentralized cryptocurrency exchange, announced his resignation as CEO. In a blog post, Juliano revealed that he will assume the roles of chairman of the board and of dYdX Trading Inc., while Ivo Crnkovic-Rubsamen will be the new leader. Juliano stated that he will continue to be a central figure at dYdX, although he does not know what the future holds for him personally.

The evolution of financial management: the rise of intelligent agents

Luke Saunders, CTO of Delphi Labs, suggested that the interface and functionality of current financial tools will soon seem outdated, replaced by autonomous agents that operate efficiently on blockchain platforms, offering transparent, open, and programmable solutions perfectly suited for such technologies. According to him, finances will be managed by intelligent agents, or bots. These agents, programmed to operate autonomously, will be able to conduct transactions and optimize financial resources on our behalf, seamlessly integrating with blockchain technologies.

MoonPay invests $1 million in bipartisan crypto advocacy

MoonPay, a cryptocurrency payment infrastructure company, donated $1 million to Stand With Crypto, a pro-crypto group led by Coinbase Global (NASDAQ:COIN). MoonPay CEO Ivan Soto-Wright highlighted the critical importance of the upcoming elections in the US for the future of the sector, emphasizing the company’s commitment to promoting clear and beneficial regulation for the industry. The group aims to support politicians who favor a friendly and bipartisan approach to crypto regulation.

Liminal expands global presence with regulatory approval in Abu Dhabi

Liminal, a Singapore-based digital custody company, advanced its international expansion by receiving regulatory approval in Abu Dhabi. The company’s First Answer subsidiary in the Middle East was authorized by the Abu Dhabi Global Market Financial Services Regulatory Authority to offer custody services in the region. This development follows a series of regulatory approvals obtained by Liminal in the Asia-Pacific and Middle East and North Africa regions, strengthening its position to serve institutional clients in global strategic markets.

El Salvador enhances transparency with disclosure of Bitcoin reserves

El Salvador made a significant step toward transparent adoption of Bitcoin (COIN:BTCUSD) by publicly revealing the reserves held by the country. El Salvador’s National Bitcoin Office announced that the country holds 5,748.76 BTC, equivalent to about $360 million. Through its own mempool space, these reserves can now be verified online. This announcement comes alongside the country’s commitment to acquire 1 BTC daily since November 2022, recently totaling an additional 30 BTC in a month.

Philippines to test national stablecoin pegged to local peso

The Central Bank of the Philippines (Bangko Sentral ng Pilipinas – BSP) approved a pilot test for PHPC, a stablecoin pegged to the Filipino peso, in collaboration with cryptocurrency wallet provider This test will be conducted within the BSP’s Sandbox regulatory framework, allowing to hold cash reserves equivalent to the amount of PHPC in circulation. The project aims to evaluate the performance of the stablecoin in the real environment and explore its potential for payments and other financial applications.

Lightning Labs tests issuance of stablecoins on the Bitcoin network

Lightning Labs successfully tested the issuance of stablecoins on the Bitcoin blockchain. During the Financial Times Crypto and Digital Assets Summit, Elizabeth Stark, CEO of the company, highlighted the transaction on the Lightning Network using the Taproot Assets protocol. Stark emphasized the potential of “cryptodollars and stablecoins” to solve real problems and attract more users to digital assets, focusing on practical applications rather than passing trends.

Zest Protocol raises $3.5 million for Bitcoin lending innovation

Zest Protocol, focused on Bitcoin lending, raised $3.5 million to enable Bitcoin owners to generate income by deploying their assets on the network. The funding round was led by billionaire Tim Draper and included participation from Binance Labs and other investors. Using the Nakamoto upgrade and the sBTC bridge asset, the protocol aims to offer a native lending experience on the Bitcoin blockchain, expanding Bitcoin’s capabilities in the DeFi sector.