Blockchain Explained

🔵 Coinbase Adds Support for 🥇 Bitcoin Lightning Network The largest American cryptocurrency exchange, Coinbase, has added support for the Lightning Network on its platform to enable faster and cheaper payments. According to a blog post, the Lightning Network integration on Coinbase will reduce the cost of sending bitcoin (BTC) globally by 20x compared to the 2% charged on United States credit card transactions and the $30 paid for wire transfers. Source https://t.me/Blockchain_Explained

💰 Bitcoin faces potential miner capitulation as hash rate continues to drop The price of Bitcoin has tumbled from its highs of around $73,500 to below $57,000, and as a result of this, further hash rate drops are expected. Luxor’s “hashprice” metric, which quantifies the expected value of 1 TH/s of hashing power per day, currently sits at a five-year low of $0.045 per terahash/second per day. If this trend persists, the digital asset community may witness a miner capitulation event, where Bitcoin mining becomes too expensive relative to the cost of mining. Source https://t.me/Blockchain_Explained

🇺🇸 McHenry slams Gensler for misleading Congress about 🪙 Ethereum’s classification House Financial Services Committee Chairman Patrick McHenry has accused SEC Chair Gary Gensler of misleading Congress concerning the classification of Ethereum during his testimony in April 2023. The accusation comes amid escalating tensions over the regulatory approach to digital assets in recent months, with some industry participants filing lawsuits against the watchdog for overstepping its authority. Source https://t.me/Blockchain_Explained

💰 Bitcoin's 61-Day Streak Above $60K Threatened, $271M in Liquidations as BTC Nears Critical Threshold Bitcoin prices experienced a notable decline on Tuesday, dropping more than 2% against the U.S. dollar in the last 24 hours, following a 7.8% decrease over the previous week. Global trading volumes on spot crypto exchanges have remained subdued, and in the past day, derivatives exchanges saw $271 million in both short and long positions liquidated. Source https://t.me/Blockchain_Explained

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🇭🇰 Hong Kong Bitcoin, Ethereum ETFs expected to outperform US counterparts’ volume on day 1 Hong Kong braces for the debut of its first spot Bitcoin and Ethereum ETFs, expectations are soaring that the initial trading volumes will eclipse those witnessed during similar launches in the US, local media reported on April 29. Huaxia Fund Management (Hong Kong), along with digital asset service provider OSL, are spearheading the launch of these ETFs, which are set to go live on the Hong Kong Stock Exchange on April 30. Source https://t.me/Blockchain_Explained

📊 Tether, USDC and DAI transaction volume surpasses Visa's 2023 monthly average: Nansen Crypto's three largest stablecoins — Tether , USDC and DAI — have seen higher volumes in the past 30 days than Visa’s average monthly total from last year, according to onchain specialist Nansen. Nansen data showed that the largest stablecoin by market capitalization, Tether, processed $654 billion in the past 30 days, while DAI managed over $394 billion of flows and USDC saw $321 billion in trading volume. Source https://t.me/Blockchain_Explained

🟠 Binance-linked HKVAEX Officially Stops Supporting Hong Kong Users From April 30 Hong Kong-based crypto exchange HKVAEX, affiliated with Binance, has announced the permanent closure of its trading platform. The decision comes just over a year after HKVAEX launched its virtual asset trading platform (VATP) in February 2023. The move was aimed at securing its position as a pre-existing service provider to meet regulatory requirements set by the Securities and Futures Commission (SFC). Source https://t.me/Blockchain_Explained

🇨🇦 Institutional Interest in Crypto Assets Surges in Canada: KPMG Report Institutional investors in Canada substantially increased their cryptocurrency exposure last year compared to the previous bull market cycle, according to a recent survey by accounting firm KPMG. The consulting group’s bi-annual survey, “Institutional Adoption of Cryptoassets,” received 65 responses, including 31 institutional investors managing over $500 million in assets and 34 financial services organizations. Source https://t.me/Blockchain_Explained

🟠 Binance’s defense against SEC could be aided by Mango Markets case Binance could strengthen its defense against the US Securities and Exchange Commission (SEC) by drawing on an unrelated case. On April 26, Binance and related parties filed a government document from an unrelated case against Mango Markets exploiter Abraham Eisenberg, who was convicted by a jury on April 18. Binance’s defense team drew attention to a specific paragraph in which the US government expressed its position on whether a particular stablecoin, USDC, is a security. Source https://t.me/Blockchain_Explained