Welcome to the Daily Crypto News: A complete News Review, Coin Calendar and Analysis. Enjoy!
🗞 Market Wrap: Bitcoin Stuck Below $50K, and Blockchain Data May Show Why
Bitcoin ended the first week of March with little fanfare as the market reset after the prior week’s 21% plunge. There are more signs the global economic recovery might come faster than previously expected, and traders are speculating on what that might mean for the largest cryptocurrency.
- Bitcoin (BTC) trading around $49,196.78 as of 21:00 UTC (4 p.m. ET). Climbing 1.93% over the previous 24 hours.
- Bitcoin’s 24-hour range: $46,393.39-$49,462.13 (CoinDesk 20)
- BTC trades above its 10-hour and 50-hour averages on the hourly chart, a bullish signal for market technicians.
$50,000 also appears to be a key short-term resistance level, according to IntoTheBlock’s newsletter Friday, citing a key blockchain data metric In/out of the money around price (IOMAP).
Ether underperforms bitcoin, market watches July hard fork
At press time, ether’s price was down approximately 25% from its all-time high at $2,036.55 on Feb. 19. That’s a steeper drop-off than bitcoin 17% retreat from a record $58,332.36 on Feb. 21.
The main reason ether has been underperforming “is that high ether prices are detrimental to Ethereum’s primary use case as a smart contract platform, making transactions extremely costly and resulting in activity moving to other platforms,” said OKCoin’s Lau.
🗞 An Upgrade to Reduce the Supply of Ethereum Gets a Launch Date
- Ethereum is getting a major upgrade this July.
- It changes the way Ethereum transaction fees work.
- Lots of miners, those who help to secure the network and are rewarded for it, aren't happy.
An Ethereum upgrade that lowers the volatility of transaction fees has been scheduled for Ethereum’s next major hard fork.
The upgrade, EIP-1559 (EIP stands for Ethereum Improvement Proposal), is scheduled to go live in Ethereum’s “London” hard fork this July.
What is EIP-1559?
EIP-1559 overhauls the way users pay Ethereum’s transaction fees. Currently, fees are paid to miners for processing transactions.
The cost of those fees depends on the supply of miners and users’ demand for them. If there’s a bottleneck on the network, miners can charge usurious rates of over $20 per transaction.
🗞 PAID Crashes on Alleged Massive Exploit News
PAID, the native token of PAID Network, a DeFi-focused protocol, crashed by almost 80% in less than an hour on major exploit news. (Updated on March 6, 05:23 UTC with the latest comments and market data.)
Per multiple analysts on social media, the exploit is worth around USD 100m.
"Paid Network $PAID got exploited. Someone just printed 51M $PAID," ICO Analytics said.
"Looks like casual rug pull. PAID deployer made an attacker the owner of PAID admin contract. This attacker deployed a new implementation contract for PAID token and minted almost 60M tokens," Igor Igamberdiev, a research analyst at The Block, said.
🗞 Twitter CEO Jack Dorsey Selling First-Ever Tweet...as an NFT
Twitter CEO Jack Dorsey, proud owner of the first-ever tweet on the social media platform, is auctioning it off as a non-fungible token (NFT).
Dorsey today put the tweet from March 21, 2006, which reads "just setting up my twttr," on sale via the platform Valuables.
As of 8:00 p.m. Eastern, the top bid was $88,888.88 in ETH. The auction lasts until Dorsey accepts a bid.
According to the Valuables website, "The tweet itself will continue to live on Twitter. What you are purchasing is a digital certificate of the tweet, unique because it has been signed and verified by the creator."
🗞 Daily Crypto Calendar, March, 6th💰
- Aergo (AERGO)
We will be publishing our official roadmap within a week.
- BSCEX (BSCX)
"Bscdottools announces that their IDO/ Public Sale/ $TOOLS Token Launch Date will be at 10:30 EST, March 6th..."
- Yield (YLD)
"The implication of the above is that the Yield mainnet will ahem soon be going live, this is slated to happen in the first week of March"
- Fuse Network Token (FUSE), MANTRA DAO (OM)
"$25,000 Worth of $USDC and $OM tokens will be supplied set to go live Saturday 6th March at 3 pm UTC."
- The Smokehouse Finance (SMOKE)
"We are aiming to release it [farm] middle to late next week, depending on test results."
- 🗞 Daily Crypto News & Video, March, 5th💰
- 🗞 Daily Crypto News & Video, March, 4th💰
- 🗞 Daily Crypto News & Video, March, 3rd💰
- 🗞 Daily Crypto News & Video, March, 2nd💰
- 🗞 Daily Crypto News & Video, March, 1st💰
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