Bitcoin held on crypto exchanges reaches ‘multi-year lows’: Report
With Bitcoin (BTC) net outflows averaging 96,200 coins per month for the past two years, the cumulative BTC balances of exchanges have hit “multi-year lows,” as per crypto analytics firm Glassnode. More Bitcoin is heading away from exchanges and into addresses that periodically purchase BTC but don’t spend it. Glassnode pointed out that the amount of BTC being accumulated each day is much higher than the amount of new BTC being created.
Crypto prices today: Bitcoin falls 2.3%, ETH down 4%
Bitcoin is currently trading at $45,486.8, a 2.37% decrease over the previous day. Ethereum is down 4.2% over the last 24 hours to $3,369.64. Solana fell 3.93% to $127.2, while Cardano is trading lower by 3.44% at $1.16. Meanwhile, Dogecoin jumped 9% to $0.165. The global crypto market cap stands at $2.10 trillion, a 2.8% decline over the previous day.
New bill rakes aim at El Salvador’s ‘careless gamble’ on Bitcoin
The US is pressing legislation aimed at protecting its financial system from El Salvador’s Bitcoin Law. American lawmakers introduced a new bill asking the State Department to mitigate the risks of El Salvador’s adoption of Bitcoin. Congresswoman Torres said the bill was necessary to protect the US financial system from El Salvador’s “careless gamble.”
Dominance of public Bitcoin miners jumps nearly sixfold in 15 months
According to Blockchain.com, the dominance of public Bitcoin miners over network hash rate has increased more than sixfold in the last 15 months. Hash Rate is the rate at which Bitcoin miners generate possible answers for constructing Bitcoin’s next block. Comprising 19% of the network hash rate, public miners have a 19% probability of solving new blocks right now.
Coinbase to hire 1,000 people in India expansion
Crypto exchange Coinbase plans to quadruple the number of employees in India by year-end. The company will add 1,000 to the existing 300 staff at its Indian tech hub, which started last year. Coinbase will host a crypto community event in Bangalore to discuss the future of crypto and Web 3 in India.
Starbucks announces plans to get into NFT business
Starbucks CEO Howard Schultz has announced plans to get into the non-fungible token (NFT) business. The company is working on digital innovation through NFTs and plans for the continued evolution of partner benefits.
