CRYPTO NEWS: Latest Bitcoin News, Ethereum News, 1inch News
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Bitcoin remains at risk, why BTC could fall below $30,000
The price of bitcoin is trading in bearish territory below $33,000 against the U.S. dollar.
Over the past few days, the bitcoin price has followed a bearish pattern below the $33,000 reference level. The price is now holding the $31,000 support zone and consolidating in the range. A recent low was formed around $31,154 and the price is now correcting losses. There has been a breakout above the $31,500 resistance zone.
1inch Foundation Updates Governance System
1Inch is adding instant governance to the 1inch Network Governance system, similar to those used in many other leading Ethereum-based projects.
The 1inch Network Governance system will offer a clear and easy process for proposing and voting on protocol improvements. Unlike Instant Governance, which focuses on protocol parameters, 1inch Network Governance will focus on major improvements that will change the entire 1inch ecosystem and possibly the DeFi space as a whole.
Users can choose one subcategory for the Aggregation Protocol, Liquidity Protocol, Limit Order Protocol, or general offerings.
Unlike instant management, which is only available to 1INCH stackers, all users who own 1INCH tokens on Ethereum or Binance Smart Chain, including those who have put their tokens, can vote.
1inch is updating its management system
Ethereum locked in smart contracts and exchange reserves shrink
On the eve of EIP-1559 activation, Ethereum supply dynamics are dominated by two trends pointing at each other.
Ethereum supply on centralized exchanges has plummeted to 2018 levels. According to Glassnode, a leading network data provider, Ethereum holders are aggressively withdrawing their coins from centralized exchanges.
Binance stops trading exchange tokens amid increased scrutiny from international regulators.
Binance announced the completion of Binance’s 16th quarter coin burn
Binance announced the completion of its 16th quarterly Binance coin burn on Monday, July 19, about $393.6 million was burned. The burn came only after the suspension was announced last Friday, July 16, that Binance would no longer offer digital equity-linked tokens.
SoftBank unit invests in cryptocurrency exchange Optimistic amid SPAC moves
SB Northstar LP, a business unit of SoftBank, intends to invest in the operator of a yet-to-be-launched cryptocurrency exchange.
Last week, Bullish unveiled its SPAC plans through a public filing that valued the company at $9 billion. According to a new report from Bloomberg, the public filings indicate how SB Northstar will buy 7.5 million bullish shares when SPAC takes effect. The documents also indicate that SB Northstar is buying 3 million private placement warrants in connection with the SPAC, dubbed Far Peak Acquisition Corp.
Bitcoin mining difficulty dropped another 5%, but the hash rate increased
The last adjustment on Saturday, July 17, fell another ~5% for the fourth consecutive time
The previous adjustment led to the biggest drop in percentage terms, falling 28% over two weeks ago. With the latest drop, the bitcoin mining difficulty has reached a new low since January 2020.
Major Korean bank intends to provide cryptocurrency storage services
South Korean financial institution Woori Bank is entering the DACS market.
Woori Financial Group will begin offering cryptocurrency storage services to its customers. It is one of South Korea’s largest financial institutions.
Bank of America began clearing bitcoin futures
Bank of America has entered the bitcoin futures trading game.
Bank of America is clearing cash-settled bitcoin futures, a type of contract that is settled in U.S. dollars rather than the bitcoin itself. CoinDesk first reported the development on Friday morning, July 16.
800,000 ETH moved between Anon wallets, while Ethereum is below $1,900
Two transactions totaling 800,000 ETH have been made by anonymous whales in the last sixteen hours.
Whale Alert reported that two large Ethereum transactions were made by anonymous users in the last sixteen hours.
Each of the two transfers was for 400,000 ETH, the equivalent of about $769 million. Thus, unregistered wallet holders moved more than $1.4 billion worth of ether.
Bitcoin mining with nuclear power to appear in Ohio in December
According to a press release, energy company Energy Harbour Corp announced that it has partnered with bitcoin mining hosting provider Standard Power.
Bitcoin mining will begin in December 2021. Standard Power will turn an abandoned paper mill in Coshocton, Ohio, into a mining facility that uses energy from Energy Harbor’s nuclear power plants.