Crypto Watcher

Bitcoin mining difficulty adjusts over 13%, the highest since May 2021 The Bitcoin network has reached its all-time high in terms of hash rate, surpassing most projections. The network’s total hash rate currently stands at 240 EH/s and is expected to increase even further. Currently standing at 35 trillion, the mining difficulty will severely strain already stressed Bitcoin miners, further decreasing their revenue. The current hash rate represents a 3x increase from the network’s lows in July 2021 when a government ban triggered a miner exodus from China. The hash rate then dropped to a two-year low of around 89 EH/s. The increase in hash rate follows an equally sharp rise in mining difficulty. On Monday, Oct. 10, Bitcoin mining difficulty saw its sharpest adjustment this year, increasing by 13%.

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Huobi Founder Sells Bitcoin Exchange to Hong Kong Investment Firm According to the post, an agreement has been reached between both parties that will leave “no impact on Huobi’s core operation and business management teams.” . Leon Li Lin, the Chinese founder of Seychelles-based crypto exchange Huobi Global, is selling his controlling stake to a Hong Kong investment firm. About Capital says in Huobi's blog post that under its control, Huobi “will embrace a series of new international brand promotion and business expansion initiatives including a global strategic advisory board led by leading industry figures, the injection of sufficient capital in margin and risk provision fund, as well as measures to further enhance competitiveness.” .

Binance CEO says there's pain and risk in the bear market, but also opportunity: Bloomberg Binance could spend over $1 billion on investment deals by the end of the year.Despite the market downturn, the exchange could spend a significant amount of cash on investments in the next three months, exchange CEO Changpeng Zhao told Bloomberg in an interview. Beyond these investments, Binance has made investments in 67 projects, with a total investment of $325 million. Binance's VC arm has invested in various projects, including multiple investment in Aptos, the company founded by ex-Meta employees. When asked about acquiring crypto lenders, Zhao said: “Many of them, they just take a user’s money and give it to somebody else.

⁣Binance confirms BNB cross-chain bridge hack UPDATE (8:10 p.m. ET): Binance CEO Changpeng Zhao has confirmed the occurrence of a cross-chain bridge exploit and shared details about the incident. "An exploit on a cross-chain bridge, BSC Token Hub, resulted in extra BNB. We have asked all validators to temporarily suspend BSC," Zhao wrote on Twitter. "The issue is contained now. Your funds are safe. We apologize for the inconvenience and will provide further updates accordingly." Zhao went on to explain that "the current impact estimate is around $100m USD equvilent sic, about a quarter of the last BNB burn." _Original report:_ Binance said it would halt deposits and withdrawals via the BNB Smart Chain amid growing concerns over a hack of the network's official cross-chain bridge. Word emerged earlier Thursday evening that more than $400 million worth of BNB tokens were transferred from the Smart Chain token hub to a new address. According to data from DeBank, the address in question holds more than $500 million worth of crypto, with holdings in ETH, MATIC and FTM, among others. Amid the speculation about the exact nature of the transaction, the BNB Smart Chain was stopped. In a tweet, Binance said that the network is "is currently under maintenance." "We will suspend all deposits and withdrawals via BNB chain temporarily until there are further updates," the exchange said.  The official Twitter account for the BNB Smart Chain cited "irregular activity" as the reason behind the stoppage. 

🚛 Celsius Co-Founder Steps Down Mere Days After CEO Tenders Resignation Alex Mashinsky formally resigned from his position as CEO of the now-bankrupt crypto asset management firm Celsius. His resignation was taken into consideration effective immediately, although he remained director of the company, stating that the move would allow him to focus on guiding the Celsius community out of the difficult situation they found themselves in. Last month, Leon had already filed a motion declaring his share of Celsius stocks worthless as a part of his case in U.S. Bankruptcy Court. According to the document, Leon was in possession of 32,600 common shares at the time the motion was filed.

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💰 Bitcoin Pushes $20K as BTC Supply on Exchanges Lowest Since November 2018 Bitcoin’s price is currently testing $20K as the number of BTC on exchanges hits its lowest level since November 2018. A bullish revival was observed in Bitcoin’s price as the third quarter drew to a close, as data suggests a significant uptick in the outflows of tokens from crypto exchanges and into personal wallets. Exchange outflows are typically perceived as bullish for prices since it demonstrates market players having long-term convictions in the asset instead of offloading them in the near term. According to the crypto-analytic platform Santiment, Bitcoin continues to see its supply rapidly moving away from exchanges. This essentially indicated that traders are showing further signs of “being content with their current holdings.”. As per Santiment’s data, the most recent steep fall in Bitcoin balances occurred between September 29 and October 1.

Global Bitcoin adoption 1. Vietnam 🇻🇳 2. Philippines 🇵🇭 3. Ukraine 🇺🇦 4. India 🇮🇳 5. U.S 🇺🇸 6. Pakistan 🇵🇰 7. Brazil 🇧🇷 8. Thailand 🇹🇭 9. Russia 🇷🇺 10. China 🇨🇳 11. Nigeria 🇳🇬 12. Turkey 🇹🇷 13. Argentina 🇦🇷 14. Morocco 🇲🇦 15. Colombia 🇨🇴 Source

​​Binance founder Changpeng ‘CZ’ Zhao shares his vision of web3 opportunities at TC Sessions: Crypto The leader, commonly known as “CZ,” has managed to cultivate a celebrity status in the crypto space rivaled only by some of the space’s patron saints, including the pseudonymous Satoshi Nakamoto and Ethereum founder Vitalik Buterin. Zhao is worth an estimated $65 billion. At the forefront of these changes is Binance founder and CEO Changpeng Zhao.

​​Net Bitcoin ATMs growth drops globally for the first time ever Data on net changes of crypto ATM installations confirm that, in September, 796 crypto ATMs were pulled off from the global network. The domino effect of a prolonged bear market seeped into the Bitcoin (BTC) ATM ecosystem as September 2022 recorded negative growth in global net installations for the first time in history.

The Solana network is experiencing an outage and not processing transactions. Developers across the ecosystem are working on diagnosing the issue and to restart the network. More information will be provided as it becomes available. Source : Click

🟠 Binance has shown its support for the Ethereum Proof-of-Work (ETHW) hard fork by rolling out a mining pool. The world’s largest crypto exchange by trading volume took to Twitter and announced its latest initiative. Binance even decided to give all its ETHW Pool users zero pool fees on ETHW mining. It should be noted that the zero pool fees offer would be in place only for a month till 29th October. Following the promotion period, this offer would end.

📊 Currency strength over the last year

Bitcoin and Gold Contenders to Outperform as Fiat Currencies Devalue According to Bloomberg Intelligence, the outlook for the rest of the decade favors assets such as Bitcoin and gold. Strategists compared the two to the rest of the commodity market as the end is in sight for the Federal Reserve’s aggressive tightening. Assets such as Bitcoin and gold could be the beneficiaries according to analysts. A cost of living crisis means that all but the very wealthy have less money to spend on investments such as crypto or gold. However, when the world finally emerges from this recession, they could be the go-to investments. The more volatile BTC has lost 57% since the beginning of the year, but gold is also down 11% in the same period. Zooming out to a longer-term two-year picture shows that BTC is up 87% whereas gold has lost almost 13%. Another factor to consider is the current currency conundrum as fiat currencies lose their value. Source

BTC UPDATE:- BTC is trading and consolidating inside a huge triangle in the daily time frame. Holding the lower trendline support which is at around $18k level perfectly so far. As long as BTC holds this support we can expect a pump up to to above trendline of the triangle which is at around $21k level. For a good upside rally, BTC needs to break and close above the upper trendline of this triangle. Meanwhile, any daily close below $18k level might create more panic in the market. According to our experts opinion, there is no need to be panic until and unless BTC gives daily close below $18k level. We might see a good bullish rally in the month of October.

👀 Binance will introduce a transaction tax subscription for Terra Classic (LUNC) transactions. If the trading volume of participants in the program reaches 50% of the total asset on the platform, the fee will be extended to all customers, said Changpeng Zhao, head of the company. He said the exchange will begin levying the tax on subscribers when their trading volume with LUNC reaches 25 percent of the total asset on the platform. Once the 50% level is reached, the levy will apply to all exchange traders who interact with the cryptocurrency. Earlier, the Terra Сlassic network activated the v22 update, which put a transaction tax of 1.2% on the blockchain.

💡Vitalik Buterin suggests that Zcash and Dogecoin will move to PoS Ethereum co-founder Vitalik Buterin suggests that Zcash and Dogecoin will move to Proof-Of-Stake (PoS). "As PoS evolves, I expect its legitimacy to grow over time. I expect Zcash to move to PoS, and I expect Dogecoin to move to PoS soon," Buterin said. In mid-2021, Electric Coin Company, the developer of Zcash, wrote a blog post detailing its approach and next steps for PoS integration. In turn, the developers of Dogecoin put forward a similar idea.

​​Shiba Inu adds over 35,000 holders in 3 months despite poor SHIB price performance The ongoing crypto market volatility has significantly impacted meme coins like Shiba Inu (SHIB), which recorded unprecedented growth in 2021. Despite the depressed markets, a section of SHIB investors are potentially betting on the asset to rally by increasingly accumulating the coin ignoring the current market conditions.