Did you know that Bitcoin’s fees depend on the miners’ location? Despite Bitcoin’s price rising, due to miners’ migration from Sichuan province, BTC fees decreased. And while the BTC price and fees both make users happy, the news about transactions being censored by mining pools worry crypto society. More news that will probably be interesting to our readers: Ethereum 2.0 staking and competition between crypto ATM owners.
Read about this and other news in our summary of the main and current affairs in the cryptocurrency market this week:
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- Bitcoin pleased fans with a rise in price and a reduction in fees. By the end of this week, its price had hit $16,250. After October’s hash power decline, which can probably be attributed to the end of the rainy season in the Chinese mining hub of Sichuan, analysts fixed reducing mempool activity. It led not only to fees being reduced, but also a chance for users to perform transactions that otherwise may not have been practical. Sichuan province provides cheap hydroelectric power, attracts around 80% of Chinese miners during the wet season and accounts for 54% of global mining activity. Most likely, Chinese miners will restore operations in Xinjiang and the Inner Mongolia district.
- By the end of this week, the Ether price was $460. As Ethereum 2.0 phase 0 has been started, the crypto community started to pick apart the project’s perspectives and opportunities. One of the main issues is the staking mechanism. As prospective stakers will not be able to withdraw or transfer their stake until the rollout of Phase 1, some companies plan to offer intermediated staking that would let users have access to their capital and protocols that would allow people with less than 32 ETH to get involved in staking. Despite dim prospects of making rewards on staking, Ethereum 2.0 already holds 52,801 ETH (around $23.8 million) out of 524,288 ETH (about $200 million).
- This week, the Lumi Wallet team published a crypto glossary, where you can find the specific meaning of a crypto word such as bulls, bears, whale, hamster, FOMO and so on. Read it on our blog and leave a comment about what vocabulary you want to know about in the future. Also, we want to notify our users, VNDC token is now available to purchase & store in our wallet.
- The market is cruel, especially when there is big money at stake. Since the Crypto ATM boom is spreading around the world, companies are starting to fight for the biggest piece of the pie. One of Puerto Rico’s Blockchain firms, Bots Inc., after acquiring a patent for Bitcoin ATM technology, explored the possibility of demanding between $14 million and $18 million from firms operating Bitcoin ATMs across the United States. Currently, the estimated number of crypto ATMs around the world that allow customers to buy and sell Bitcoin (BTC) and other altcoins for cash is about 11,665 ATMs.
- One month after the announcement, Paypal launched a crypto trading feature. Currently, this option will be available only for the U.S., and customers will be able to trade up to $20,000 a week. After a while, PayPal will make crypto payments available for all users (26 million people) around the world.
- DeFi projects, after weakening positions last month, are starting to rise again. Despite DeFi shedding significant value, the sector’s user count increased by nearly 40%, from roughly 555,000 to 775,000, during October. During the first 11 days of November, 85,000 users joined the DeFi sector. Moreover, institutional money appears to be flowing into the decentralized finance (DeFi) sector, with Yearn Finance (YFI) among the top beneficiaries.
- The beta version of a new Bitcoin mining pool (Blockseer Mining Pool) will censor the transactions of blacklisted wallets, which shouldn’t be processed. The data of such wallets and transactions will be collected by verified sources, such as the United States Office of Foreign Assets Control (OFAC) blacklist for crypto. Some crypto leaders think it is a dangerous trend which may become widespread as a result of regulatory pressure.
All information stated above is provided only for general information purposes. We do not promote any cryptocurrency, do not recommend or advise anything. All decisions about investments should be made by yourself. Our team works to satisfy our clients’ needs.
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