What does the blockchain space need to enable the development of high-storage apps?

The move-to-earn platform had 2 billion $SWEAT tokens locked up in inactive user accounts which the community has voted to be returned to a governance contract.

Ethereum has plunged below $1,700 during the past day. Heres the on-chain indicator that may have signaled this dip in advance.

Ethereum Age Consumed Metric Saw A Spike Before The Price Decline

According to data from the on-chain analytics firm Santiment, institutional investors look to have been expecting the move to take place. The indicator of interest here is the ETH age consumed, which first finds the total number of coins moving on the Ethereum blockchain. Then it multiplies this value by the days these coins had been dormant before their movement.

So, in this way, the metric keeps track of how many coins are being sold/moved each day and uses their age as a weighting factor. This means that many old coins are moved to the network whenever this indicators value is high.

Naturally, low values of the metric, on the other hand, would imply that there arent many coins moving on the chain right now or some coins with a low average age are being transferred.

Now, here is a chart that shows the trend in the Ethereum age consumed over the past month:

As displayed in the above graph, the Ethereum age consumed metric had recently registered a very large spike. This would suggest the potential movement of many dormant coins on the chain during this surge.

Generally, when such large spikes in the indicator are observed, its a sign of selling from the long-term holders (LTHs). The LTH cohort includes all the investors holding onto their coins since more than 155 days ago.

These holders are the experienced hands in the market who dont easily sell even when the market is distressed. Because of this reason, their movements can be something to watch out for, as when they do finally sell, its usually not a positive sign for the price.

The chart shows that the LTHs had also shown a large move earlier in the month. Shortly after these investors became active, the cryptocurrency price plunged.

This time, the spike in the Ethereum age consumed also seems to have preceded a price decline, as the cryptocurrencys value has now dropped below the $1,700 level.

This latest price plunge has come after the news that the US Federal Reserve...

Fighting between GOP crypto maxis and anti-crypto Dems fails to appreciate blockchains importance to the U.S. long-term economic interests.

The difference between winging it and hiring professionals is the difference between Pepecoin and others that never make a dent.

A wallet linked to ransomware attacks funneled funds through a mining pool to make it seem like the digital assets were earned through mining.

The crypto lender has proposed converting all its altcoin holdings into Bitcoin and Ethereum to quell growing regulatory concerns and maximize the value of its assets.

Ethereum price is down today as traders assess the Federal Reserve's hawkish stance for the remainder of 2023.

The narrative that blockchain technology could revolutionize how people interact with technology in Africa may not be stale after all.

The Bitcoin market is once again in turmoil, and the reason is an old acquaintance: no, not the US Federal Reserve, but the worries and rumors about Tethers stablecoin, USDT. Anyone who has been active in the Bitcoin and crypto market for a while knows that rumors about USDTs lack of backing are part of every bear market. And this bear market seems to mean it particularly well as the Tether FUD is now making a reappearance in this cycle.

As NewsBTC reported earlier today, USDT has slightly lost its peg to the US dollar as the Curve 3Pool has lost its balance. The reason for this is that whales are selling USDT and trading it for USDC as well as DAI. However, according to Tether CTO Paolo Arduino, the company is ready to redeem any amount 1:1 against US dollars.

Historically, the de-pegging of USDT is not an uncommon occurrence. Samson Mow, CEO of Bitcoin focused company JAN3, writes:

Tether FUD is always the FUD bottom. Its what they pull out when theres nothing left. Up soon.

Analyst Miles Deutscher has a similar view. He explained: Fun Fact: Stablecoin FUD often marks local bottoms, and shared the following chart.

Bottom Signal For The Bitcoin Price?

As can be seen in the chart, the Tether FUD first surfaced at the end of June 2022. At the time, news emerged that hedge fund Fir Tree Capital Management was shorting Tether after the Terra ecosystem stablecoin Terra USD collapsed. Contrary to speculation, however, Tether was able to process all USDT redemptions, even though the value of USDT had fallen to $0.9520 temporarily.

In mid-November 2022, the cryptocurrency exchange FTX went bankrupt after its competitor Binance backed out of a purchase agreement. The Tether FUD hit a 6-month high and the price of...

This is an opinion editorial by Travis Headley, an emergency medicine physician and medical director of an urban emergency department.

As an emergency medicine physician, I witness the impact of various societal factors on the health and well-being of my patients every day. Among the concerning trends I have observed is the growing number of patients who not only suffer from poor health but also find themselves trapped in a cycle of financial struggle and dependency.

In this article, I will explore the connection between fiat currency and the emergence of what can be called "fiat people" individuals with high time preferences, unhealthy lifestyles, poverty and an increasing inability to care for themselves. Additionally, I will delve into how Bitcoin offers a potential solution to these challenges.

The Health Impacts Of Fiat Currency

Fiat currency refers to a form of money that is not backed by a physical commodity such as gold or silver but is instead declared as legal tender by a government. This system allows for the creation of money by central banks and is based on trust in the issuing authority. While fiat currency has its advantages, such as flexibility and ease of transactions, its inherent characteristics have unintended consequences that impact individual behavior and society as a whole, including manufactured inflation and monetary debasement.

Fiat currency, with its characteristics that can be easily manipulated and inflated, fosters a culture of instant gratification and short-term thinking. When the value of money becomes uncertain, individuals are incentivized to spend rather than save. Consequently, people develop a high time preference, prioritizing immediate consumption over long-term planning and investment.

This mindset leads to detrimental effects on personal health and well-being. People are more likely to engage in unhealthy behaviors such as excessive consumption of processed foods, lack of exercise and neglect of preventive healthcare measures. The consequences of these choices manifest in a rise in chronic illnesses, obesity rates, mental health issues and substance abuse problems. Individuals who cannot afford to regularly eat local whole foods often rely on processed foods made with seed oils and other unnatural ingredients, leading to a downward spiral of obesity, insulin resistance, diabetes, renal failure, stroke and ultimately a complete dependence on the rest of society to care for them.

The prevalence of a high time preference perpetuated by fiat currency creates an environment where individuals fail to accumulate wealth and secure their financial futures. Continuous spending without proper savings leaves people vulnerable to unexpected expenses and economic downturns. Inflation erodes the purchasing power of their incomes, further exacerbating financial struggles.

Without the means to invest in education, acquire assets...

Cardano (ADA) experienced a significant upswing in March, reaching a year-to-date high of $0.4622. Excitement spread among ADA investors as the price climbed, but unfortunately, it was short-lived. The price faced rejection at that level, causing ADA to plummet to the $0.3760 support level. 

However, despite this setback, ADA managed to find some stability as the bulls defended this crucial support level. Throughout May, the price of ADA fluctuated above and below the support level, giving hope to investors.

However, the tides turned in June when intense selling pressure gripped the market. ADA, like many other altcoins, found itself caught in the aftermath of regulatory issues with its supposed security label. The market sentiment turned bearish, and altcoins suffered significant losses as a result.

ADA Not A Security: Gensler Once Again Getting Ahead of Himself #Cardano #cardanofeed #ADA #crypto #cardanocommunity #bitcoin #CoinMarketCap #blockchain #cryptocurrency #CardanoADA #btc $ADAhttps://t.co/cwM1SD0Brm

Cardano Feed ($ADA) (@CardanoFeed) June 14, 2023

Now, the question arises: What lies ahead for ADA as the bearish sentiment continues to loom?

The Correlation Between Bitcoin Price, Altcoin Performance

At the time of writing,...

Hong Kong skyline (Ruslan Bardash/Unsplash)

(Shutterstock)

Tim Byun (OKX)

ToolsGPT marries Bybits market data with ChatGPTs AI to generate technical analysis, price data and trading metrics.

Not all exchanges have disclosed wallet addresses for the funds, however.

(Getty Images)

The stablecoin pool ideally has a weightage comprising 33.3% of USDT, USDC and DAI; however, on June 15, the USDT weightage rose above 70%.

One community member praised the bot, saying that profit is profit, while another said that the event highlights how bad the bear market is.

The Bitcoin and crypto markets are deep in the red today. Even though the US Federal Reserve announced the hoped-for interest rate pause yesterday, the release of the updated dot plot was a nasty surprise for the financial markets.

The Fed revealed in its updated dot plot that it sees the average terminal interest rate at 5.6% instead of 5.1% for 2023. As Fed Chairman Jerome Powell explained, almost all FOMC members think further hikes are reasonable. And the resulting price slump in the crypto markets is also having an impact on Tethers stablecoin, USDT, at the moment.

Tether (USDT) De-Pegs Slightly

USDT has slightly lost its peg to the US dollar at the time of writing. On Binance, the USDC / USDT exchange rate was at 1.0030. The reason for this seems to be Curves 3Pool, which is one of the most important pools for stablecoin trading in decentralized finance.

Currently USDT accounts for 73.79% of the Curve 3Pool, DAI for 13.05% and USDC for 13.16%. Apparently, users are rushing to exchange tens of millions of USDT in favor of the stablecoins USD Coin (USDC) and Dai (DAI).

The ideal balance of the Curve 3Pool should be 33.33% for each of the three stablecoins. Due to the imbalance, USDT is currently de-pegging.

Chinese journalist Collin Wu also reports that in Aave V2, the USDT lending rate skyrocketed, including the deposit rate by more than 20% and the loan rate by more than 30%. Some big whales are borrowing USDT on Aave and selling it on DEX like Curve.

One of them is Ethereum whale @samczsun. He borrowed 31.5 million USDT from Aave V2 using 17,000 ETH and 14,000 stETH as collateral, and then exchanged all the borrowed USDT for USDC on 1inch. The borrower then deposited USDC 10 million and USDC 21 million to V2 and V3 respectively. This guy then borrowed 12 million USDT from V3 and deposited it with V2. Wu further explains:

The move reduces the likelihood of artificial price differences between the naira and cryptocurrencies in different markets.

Shiba Inu (SHIB) enthusiasts and investors find themselves at a crucial juncture as they seek to protect the coin from sinking below the lows witnessed in 2021 and the overall range lows. 

The cryptocurrency experienced a significant drop earlier this week, plunging to $0.00000543, even breaching the 2021 lows of $0.00000510. This decline triggered worries and sparked debates among market participants, questioning whether SHIB has the potential to recover from its recent losses.

However, all eyes are not solely fixated on SHIBs price movements. Many are looking toward the US Federal Reserve for potential signals that could impact the future of this meme coin.

The Feds actions and monetary policy decisions have far-reaching effects on the broader financial landscape, and cryptocurrencies are not immune to their influence.

Shiba Inu Price Watch Amid Fed Deliberations

Currently, there is a sense of optimism among central bank market observers, as they anticipate a likely dovish stance and a pause on rate hikes from the Fed. If this expectation materializes, it could potentially alleviate the negative sentiment surrounding the coin and provide a favorable environment for a reversal of recent losses. 

Investors and supporters of the meme coin are hopeful that a more accommodative monetary policy from the central bank would contribute to renewed interest and confidence in SHIB, ultimately driving its price upwards.

Shiba Inu is currently priced at $0.00000655 according to CoinMarketCap, experiencing a 3.73% slump in the last 24 hours and a significant decline of 17.5% over the past seven days.

Shiba Inu statistics made available by IntoTheBlock shows that 93% of SHIB investors are currently experiencing a loss on their investments. Additionally, the data illustrates the grim truth of one of the most well-liked meme coins available.

The data reveals that only 7% of Shiba Inu investors are, instead, turning a profit. 2% of users achieve financial break-even.

...

Bitcoin fell below $25,000 amid bearish market sentiment. (mana5280/Unsplash)

Fahrenheit's bid to buy Celsius must still be approved (Mustang Joe/Flickr)

DoJ lawyers said the decision came following litigation filed by the FTX co-founder in the Bahamas protesting the additional charges, which could be lengthy.

Kyle Davies and Su Zhu (Kyle Davies/Twitter)

Tether (Nikhilesh De/CoinDesk)

Fed chair Jerome Powell was all bark, no bite with his hawkish comments, which sent BTC price action below $25,000, says Material Indicators Keith Alan.

Beginning June 15, users who are interested in Bitcoin mining but who lack the equipment can subscribe to Binances cloud mining services.

For the first time since mid-March, Bitcoin price dropped below $25,000 as trade volumes decreased and the U.S. Federal Reserve left interest rates untouched based on projections but warned of additional hikes this year to combat inflation.

At the time of writing, Bitcoin was trading at $24,995, down 3.8% in the last 24 hours, data from crypto market tracker CoinMarketCap shows. BTC has now lost 5.26% of its value in the last seven days. Crypto assets may be particularly vulnerable to the central banks projection of a higher terminal rate later this year.

Bitcoin price had been stable around $26,000 for the past few days as the market processed the SECs lawsuit against Binance and Coinbase and rising macroeconomic anxiety about interest rate signals from the Fed.

SEC Lawsuits, Hawkish Fed Message Hammer Bitcoin Price

According to Benjamin Stani, head of business development and sales at cryptocurrency trading platform Matrixport, the SECs lawsuit against the two largest cryptocurrency exchanges is a major factor in the markets recent losses. The majority of altcoins also took a beating in value as a result.

CoinMarketCap data shows that in the past 24 hours, the entire cryptocurrency market cap has dropped 2.7%, to $1.02 trillion, while daily crypto trading volume has decreased 5.3% to $31.89 billion.

Despite widespread expectations for a rate suspension, the Federal Open Markets Committee signaled future rate hikes in its statement, which normally dampens investor enthusiasm for risk assets like cryptocurrencies.

Since early 2022, the US central bank has been gradually increasing interest rates, with the most severe effects seen by the riskiest assets. When interest rates rise, it becomes more expensive to borrow money, which leads to lower levels of investment and consumer spending.

And because of the pro...

Leif Ferreira, CEO of Bit2Me. (Bit2Me)

Hong Kongs central bank reportedly asked major banks including HSBC, Standard Chartered and Bank of China why they arent accepting crypto exchanges as clients.

Customers will soon be able to load up the Voyager app and see how much will be available for withdrawal.

Management consulting firm McKinsey & Co believes AI will have the biggest impact on high-wage workers.

Sam Bankman-Fried leaving court on February 16, 2023 (Liz Napolitano/CoinDesk)

The trading platform has provided instructions for the recovery of funds lost through a contract approval vulnerability.

A testimony given at a United States House of Representatives hearing by the blockchain firms co-founder, Aaron Kaplan, has drawn the attention of those in the crypto space.

Solana gained bearish momentum and traded below $15 against the US Dollar. SOL price might now struggle to recover above the $15 and $17.50 resistance levels.

• SOL price is showing bearish signs below the $20 resistance against the US Dollar.
• The price is now trading below $15 and the 100 simple moving average (4 hours).
• There is a major bearish trend line forming with resistance near $15.25 on the 4-hour chart of the SOL/USD pair (data source from Kraken).
• The pair could recover but upsides might be limited above $17.50.

Solana Price Drops 20%

In the past few days, Solanas price started a fresh decline from well above $20. SOL gained bearish momentum and was able to trade below the $17.50 support.

The bears gained strength and pushed the price below the $15 support. The price is now showing bearish signs below $15, similar to Bitcoin and Ethereum. A low is formed near $13.00 and the price is now consolidating losses.

SOL is now trading below $15 and the 100 simple moving average (4 hours). There is also a major bearish trend line forming with resistance near $15.25 on the 4-hour chart of the SOL/USD pair. On the upside, immediate resistance is near the $15 level and the trend line.

The trend line is close to the 23.6% Fib retracement level of the downward move from the $22.32 swing high to the $13.00 low. The next major resistance is near the $16 zone.

Source: SOLUSD on TradingView.com

The main resistance is now forming near the $17.50 level or the 50% Fib retracement level of the downward move from the $22.32 swing high to the $13.00 low. A close above the $17.50 level could resend the price toward the $18.80 resistance zone. Any more gains might send the price toward the $20 level.

More Losses in SOL?

Ethereum price is showing bearish signs below $1,700 against the US Dollar. ETH could continue to move down below the $1,600 level.

• Ethereum is down 5% and there was a move below the $1,720 support.
• The price is trading below $1,700 and the 100-hourly Simple Moving Average.
• The bears struggle near a key bearish trend line with resistance near $1,740 on the hourly chart of ETH/USD (data feed via Kraken).
• The pair could struggle to recover above the $1,680 and $1,700 resistance levels.

Ethereum Price Dives 5%

Ethereums price failed to gain pace for a move above the $1,780 resistance. ETH reacted to the downside below the $1,720 support after the Fed interest rate decision, similar to Bitcoin.

There was a clear move below the $1,700 and $1,640 support levels. The price declined over 5% and traded close to $1,630. A low is formed near $1,630 and the price is now consolidating losses. It is trading below $1,700 and the 100-hourly Simple Moving Average.

There is also a key bearish trend line forming with resistance near $1,740 on the hourly chart of ETH/USD. Immediate resistance is near the $1,660 level or the 23.6% Fib retracement level of the recent drop from the $1,749 swing high to the $1,630 low.

The next major resistance is near the $1,680 level. The first major resistance is near $1,700 or the 61.8% Fib retracement level of the recent drop from the $1,749 swing high to the $1,630 low. A proper move above the $1,680 and $1,700 resistance levels might start a steady recovery wave.

Source: ETHUSD on TradingView.com

The next resistance sits near $1,740 and the trend line, above which Ethereum could rise toward the $1,780 level. Any more gains above the $1,780 resistance zone might send the price toward...

0.00010 BTC = 2.50 USD
1.00 USD = 0.00004 BTC
Converter

Floating Point Group informed customers that withdrawals had been halted after experiencing a security breach on June 11.

Bitcoin price started a fresh decline below the $25,500 support. BTC is now at a risk of more losses toward the $24,000 support zone.

• Bitcoin is gaining bearish momentum below the $25,500 support.
• The price is trading below $25,500 and the 100 hourly Simple moving average.
• There was a break below a key rising channel with support near $25,800 on the hourly chart of the BTC/USD pair (data feed from Kraken).
• The pair could correct higher but upsides might be limited above $25,500.

Bitcoin Price Extends Decline

Bitcoin price failed to start a fresh increase above the $26,200 resistance zone. BTC failed to remain in a positive zone after the Fed interest rate decision and declined below the $25,500 support.

The price declined below the $25,400 support to trade to a new weekly low. Besides, there was a break below a key rising channel with support near $25,800 on the hourly chart of the BTC/USD pair.  There was a move below the $25,000 support zone.

A low is formed near $24,818 and the price is now consolidating losses. It is trading near the 23.6% Fib retracement level of the recent decline from the $26,063 swing high to the $24,818 low.

Bitcoin price is now trading below $25,500 and the 100 hourly Simple moving average. Immediate resistance is near the $25,200 level.

Source: BTCUSD on TradingView.com

The first major resistance is near the $25,500 level. It is close to the 50% Fib retracement level of the recent decline from the $26,063 swing high to the $24,818 low. A clear move above the $25,500 resistance might start a fresh increase. The next major resistance is near the $26,000 level, above which the bulls might send BTC toward the $26,500 resistance zone.

More Losses in BTC?

If...

Miami Mayor Francis Suarez has signed paperwork signaling his intention to run for the United States presidency.

The price of Bitcoin plunged 4% as the Federal Reserve pressed pause on interest rates but forecasted more hikes would come later this year.

(Todd Cravens/Unsplash)

Miami Mayor Francis X. Suarez (Danny Nelson/CoinDesk)

The number sixth ranked cryptocurrency by market cap, XRP, is showing signs of a strengthening bullish trend according to a technical indicator designed to measure the underlying power behind price movements. 

Historically, when a particular signal appears on the monthly timeframe, a breakout occurs and sends the coin soaring higher. 

XRP Trend Strength Rises Above Key Level As Bulls Get Bold

XRP is still stuck at the center of a legal battle with the SEC, but technicals are potentially pointing toward a positive outcome in the case. That is according the Average Directional Index, which shows a strengthening bullish trend on weekly timeframe. 

The ADX was created by J. Welles Wilder, Jr. who also developed the Relative Strength Index, Parabolic SAR, and Average True Range. It was designed to gauge trend strength. 

A reading above 20 indicates a growing trend, while a reading below the level suggests a lack of a clear trend. When readings reach 50 or higher, a trend is strong but possibly becoming overextended. XRP weekly charts are currently at 25 and marching higher. 

Getting Directions From The Crypto Market On Whats Ahead

The ADX uses two other indicators in its calculation: the positive directional indicator and negative directional indicator. If the +DI is above the -DI then the market is bullish and vice versa. 

In the image above, the +DI is above the -DI highlighting that bulls are in control on the weekly timeframe. The same is true on monthly timeframes, yet the largest moves in XRP arrive when the +DI rises above the ADX itself. 

The ADX takes both the -DI and +DI and combines them, then smoothes the results. As such, the stronger the +DI becomes, the more it influences the ADX to increase. Could a growing weekly trend and ADX help give the monthly +DI that it needs?

If the monthly DI+ can spike above the ADX, #XRP will have one hell of a run...

(Ripple Labs)

The Autorit des marchs financiers ombudsman saw mediation requests rise by almost a quarter in a year; the number of digital asset service providers more than doubled in that time.

The proposal suggests that a cap should be imposed on the use of CRV as collateral, preventing this wallet address from adding more loans.

ApeCoin DAO organizational chart. (Vulkan/Twitter)

The SEC is attempting to front-run congressional action by baking unsupported assumptions about its crypto jurisdiction into the proposed rules, says Paul Grewal.

Layer 2s with native tokens and blockchain bridges might introduce more problems than they fix as blockchain scaling solutions, Trust Machine's Rena Shah argues. (Creative Commons, modified by CoinDesk)

AI robot (Andriy Onufriyenko/GettyImages)

Apple Rejects Bitcoin Wallet Zeus (Lauren Heymann/Unsplash)

Bitcoin daily chart (CoinDesk)

A pro-Bitcoin nonprofit says it will flag potential civil liberty concerns as more countries are expected to develop CBDC technology.

Fed Chair Jerome Powell announced a pause in interest rates, but Bitcoin options data still warns that a BTC price drop to $25,000 is possible.

The bipartisan bill purportedly seeks to hold companies accountable for harm, but its unclear whether Section 230 even applies to AI.

Brazil flag. (Getty Images)

EigenLayer launches on Ethereum mainnet (Mohan Murugesan/Unsplash)

Computer hacker (Shutterstock)

The Marriner S. Eccles Federal Reserve Board Building in Washington, D.C. (AgnosticPreachersKid/Wikimedia)

$200m DAI flash loan (Arkham)

(Unsplash)

(Barth Bailey/Unsplash)

Prometheum founder and co-CEO Aaron Kaplan went on CoinDesk TV to discuss is Financial Industry Regulatory Authority (FINRA) broker-dealer license approval. (CoinDesk)

Bitcoin supply slid to a three-year low. (Sergio Silva/Unsplash)

Gemini founders Tyler and Cameron Winklevoss (Joe Raedle/Getty Images)

Gradually, then suddenly, goes the Hemingway trope about going bankrupt that Bitcoiners have so enthusiastically adopted. When crypto exchanges, stablecoins and banks are collapsing left and right, it looks suspiciously like we are already in the suddenly portion. And it is suddenly that currencies of the past have moved from the pocketbooks to the history books.

Hyperinflation is a general increase in prices by 50% or more in a single month. Alternatively, sometimes economists and journalists use a lower rate of monthly inflation sustained over a year (but that still amounts to 100%, 500% or 1,000%). The imprecision leads to some confusion in what does or does not constitute a hyperinflation.

Definitional quibbles aside, the main point is to illustrate the ultimate death of a fiat currency. Hyperinflation of whichever caliber is a situation where money holders rush for the exits, like depositors in a bank run rush for their funds. Literally anything is better to hold on to than the melting ice cube that is a hyperinflating currency.

A hyperinflating currency is often accompanied by collapsing economies, lawlessness and widespread poverty; and is usually preceded by extremely large money printing in service of covering equally vast government deficits. Double- or triple-digit increases in general prices cannot happen without a massive expansion of the money supply; and that generally doesnt take place unless a countrys fiscal authority has difficulty financing itself and leans on the monetary authority to run the printing presses.

BACKGROUND: What Hyperinflation is and how it happens

In 1956, the economist Phillip Cagan wanted to study extreme cases of monetary dysfunction. As weve learned over the past few years, whenever prices go berserk there is a big kerfuffle about whos to blame greedy capitalists, vague supply chain bottlenecks, unprecedented money printing by the Fed and fiscal deficits by the Treasury or that evil-looking dictator halfway around the world.

Cagan wanted to abstract away from any changes in real incomes and prices, and therefore placed his threshold at 50% price rises in a single month; any offsetting or competing changes in real factors, said Cagan, can then be safely disregarded. The threshold stuck, even though 50% a month makes for astronomically high rates of inflation (equal to about 13,000% annually). The good news is that such an extreme collapse and mismanagement of fiat money is rare so rare, in fact, that...

Oliver von Landsberg-Sadie. (Shutterstock/CoinDesk)

(Jos Martn Ramrez Carrasco/Unsplash)

(Sean Gallup/Getty Images)

Bitcoin development nonprofit, Brink, has received a significant financial boost with a pledge of $5 million from Jack Dorsey's #startsmall organization. The pledge, totaling $1 million per year for the next five years, aims to support Brink's efforts in funding Bitcoin developers and ensuring the long-term sustainability of Bitcoin's core codebase.

Brink aims to provide fellowship and support to Bitcoin and Bitcoin-adjacent developers. The organization offers developer grants, mentorship programs and funding opportunities to promote open-source development for Bitcoin and related technologies. By nurturing new contributors and decentralizing Bitcoin's protocol development, Brink hopes to strengthen the Bitcoin network and developer ecosystem.

Expressing his gratitude for the generous pledge, Mike Schmidt said, "Brink is very grateful for this extended pledge to support our Bitcoin developer funding efforts. $1,000,000 a year for each of the next 5 years means that we can help make Bitcoin development a sustainable career for the talented developers that are building, securing, testing, and reviewing the Bitcoin Core codebase."

The support from #startsmall will contribute significantly to Brink's mission of supporting Bitcoin development and fostering open-source decentralized systems. This substantial funding injection will enable Brink to provide ongoing support to Bitcoin developers and facilitate their crucial work in maintaining and enhancing the Bitcoin ecosystem.

Brink is actively engaged in creating a sustainable environment for Bitcoin development. With the additional funding, they can attract more talent, further educate developers, and expand their fellowship and grant programs. This financial backing not only demonstrates the commitment of #startsmall to open-source initiatives but also highlights the growing importance of Bitcoin and its underlying technology.

To learn more about Brink and its programs, visit their website at brink.dev.

The Ethereum symbol. (ethereum.org)

Alchemy introduced its AI tool suite, AlchemyAI (Alchemy)

The latest price moves in bitcoin (BTC) and crypto markets in context for June 14, 2023. First Mover is CoinDesks daily newsletter that contextualizes the latest actions in the crypto markets.

Fed Chair Jerome Powell (Samuel Corum/Getty Images)

Binance won registration as a crypto asset service provider in Cyprus last year. (Sasha Cures/Unsplash)

So far, the supply of Bitcoin (BTC) held on exchanges has recently seen a significant decrease, reaching levels last observed in February 2018. This trend underscores a developing pattern in the crypto market traders and investors preferring to secure their digital assets outside of these platforms.

Data from the blockchain intelligence firm, Santiment, confirms this trend, as reported in a recent tweet. It revealed that the decline in Bitcoins supply on exchanges could be attributed to the prevailing uncertainty associated with the legal actions taken by the Securities and Exchange Commission (SEC) against cryptocurrency giants, Binance and Coinbase.

Regulatory Tensions Drive Bitcoin Off Exchanges

According to Santiment, the ongoing SEC lawsuits against major exchange platforms have prompted a shift in the dynamics of Bitcoin storage. The firm maintains that as long as these lawsuits persist, Bitcoin holders will continue to seek safer self-custody options, minimizing their reliance on exchange platforms.

As Santiment pointed out:

Bitcoins exchange supply has now fallen to its lowest level since February 2018. Traders continue moving BTC to self-custody during the uncertainty surrounding Binance and Coinbase. As long as these SEC lawsuits loom, this trend should continue.

Notably, the latest reports reveal that Amy Berman Jackson, a District Judge in the United States, has instructed the Securities and Exchange Commission (SEC) and Binance.US to find common ground concerning the original order to freeze the exchanges assets.

Highlighting the broader implications of an outright shutdown, Jackson noted in a hearing on June 13:

A total shutdown would yield considerable repercussions, not only for the firm but also for the overall digital asset market.

(Shutterstock)

The number of new wallets making initial transactions has gradually decreased post-airdrop, indicating a decline in new user adoption following the event.

Strike, the global money app, has announced the expansion of its payment service, "Send Globally," to Mexico, the largest market for cross-border payments from the United States. This move comes as cross-border payments from the U.S. to Mexico reach historic highs, with Mexico receiving a record $60 billion in remittances from the U.S. alone in 2022.

By leveraging Bitcoin's Lightning Network, Strike aims to provide a faster, cheaper and more accessible alternative to traditional money transfer providers in Mexico. With Send Globally, users will be able to enjoy instant payments to a Mexican bank account without added transaction fees. In a press release shared with Bitcoin Magazine, Jack Mallers, founder and CEO of Strike, stated, "We're excited to bring fast, low-cost cross-border payments via the Lightning Network to Mexico, enabling more people to send money home."

To facilitate these transfers, dollars are converted into bitcoin, which is sent via the Lightning Network to a third-party partner. The partner then converts the bitcoin into local currency and sends it directly to the recipient's bank account. Strike has partnered with Relampago in Mexico to enable transfers from U.S. dollars that are received as local currency in a recipient's bank account.

Immanuel Joy, CEO of Relampago, expressed pride in the partnership, stating, "By harnessing the Lightning Network, we enable instant, low-cost, cross-border payments and are transforming the financial landscape for millions of Latin American individuals."

Since its launch in December 2022, Strike has expanded Send Globally to over a dozen countries, including the Philippines, Vietnam, Nigeria, and now Mexico. These countries are among the top 10 largest cross-border markets in the world.

Strike's expansion of Send Globally to Mexico demonstrates its commitment to providing accessible and efficient cross-border payment solutions. With the rising importance of remittances and the demand for faster and cheaper transfers, Strike's innovative approach has the potential to positively impact millions of people in Mexico and other countries around the world.