Tokens in Overdrive: Bitcoin Congestion and Ethereum's Wild Ride
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Here’s what we’ve got for you today:
The enormous demand for BRC-20 tokens has led to an all-time high congestion in the Bitcoin network.
ETH goes on a rollercoaster ride as Ethereum Foundation cashes out $30M - buckle up for a wild price prediction!
Meme of the day
The enormous demand for BRC-20 tokens has led to an all-time high congestion in the Bitcoin network.
Fees on the Bitcoin blockchain have surged to two-year highs as the ‘Bitcoin Request for Comment’ (BRC-20) tokens and the rising popularity of the Ordinals protocol drives demand for block space.
Bitcoin's mempool is so crowded, it's like rush hour traffic on steroids!
With over 400k transactions waiting in line, it's a new record-breaking jam. The culprits? BRC-20 tokens, the brainchild of Twitter's very own Domo. These tokens have become the cool kids on the Bitcoin block, accounting for a whopping 6 percent of all Bitcoin activity. Looks like Domo's creation is taking the market by storm, causing quite the crypto commotion!
Binance Had Temporarily Closed Bitcoin Withdrawals
Bitcoin has been making waves lately, and not just in terms of its value. The network congestion reached a new yearly all-time high over the weekend, with over 400,000 transactions in the pipeline. It's like rush hour traffic on steroids!
As a result, Binance, the largest centralized exchange, had to temporarily halt Bitcoin withdrawals. A whopping 178,518 Bitcoins were withdrawn in the past 24 hours alone, leaving the exchange with 401,007 coins. Withdrawals have since resumed, but it certainly caused a stir.
Some of these tokens have jumped over 21,000% in value so, of course, everyone is trying to get in on the action now…
What's even more interesting is the rise of BRC-20 tokens, thanks to the ingenious creation of Domo (@domodata). These tokens have captured the market's attention, accounting for 6 percent of all Bitcoin activity since their inception. Domo believes this could open the floodgates for more capital into the BRC-20 market.
According to Binance CEO Changpeng Zhao, the Binance withdrawals were affected on Sunday due to a sharp uptick in handling fees in excess of 400 BTC.
ETH goes on a rollercoaster ride as Ethereum Foundation cashes out $30M - buckle up for a wild price prediction!
An analytics platform that tracks large crypto transactions and transfers of "Smart Money" wallets, Vitalik Buterin sent nearly half a million worth of Ethereum to a major exchange.
Vitalik.eth, the man himself, made waves by moving 200 Ethereum (approximately $400,000) to Kraken exchange. But that was just the beginning. The Ethereum Foundation decided to join the action, transferring a whopping 15,000 ETH to Kraken, adding up to a jaw-dropping $40 million in fiat currency. Talk about big moves!
This isn't the first time Buterin has cashed out. In February, he sold 210 ETH for around $325,000 in USDC stablecoin, also on Kraken. March brought another transaction of 200 ETH, this time sold at $1,656 per coin. Looks like Vitalik has a knack for timing his sales.
Ethereum on verge of breaking $2,000: Reasons
Santiment, the data aggregator, revealed that ETH flows to crypto exchanges reached an eight-month high. Brace yourselves for potential volatility as this surge in activity mirrors previous market shifts, like the FTX collapse and the Merge. Are we in for another bumpy ride?
But there's more! Ethereum is showing signs of decoupling from BTC and may soar past the $2,000 mark. The sky's the limit for ETH!
And let's not forget the burning frenzy. Meme coin season is in full swing, causing a record amount of ETH to go up in flames. As meme coins ride on Ethereum's rails, high fees are driving active movements and providing the perfect opportunity to decrease the circulating supply.
Hang tight as Ethereum continues to surprise us with its twists and turns. It's an exciting time for crypto enthusiasts!