Here are the major events happening in the crypto-verse, the news you should be aware of: price action, Cash app launches instant BTC, 50BTC moved from old address, 369MB block on BSV, Steem vs HIVE, and much more.Read on to find the latest and don’t lose track of this ultra fast-moving industry.
BTC, ETH price action
Bitcoin fell from $9,700-ish to around $8,800 this week, shedding about $900 in the process.The currency traded sideways for most of the week before it started depreciating as the week ran out.
Ethereum, on the other hand, was stable.Starting the week around $205, it traded horizontally all week to close around the same price.
BitMEX’s trading engine broke down
BitMEX’s trading engine broke down this week for 75 minutes.It’s not clear what caused the downtime but the exchange managed to restore their normal operations at around 13:29 UTC on Tuesday.
There was a partial system outage as people couldn’t connect to the site and API.BitMEX said no liquidations occurred during the downtime, but didn’t provide any details about the incident.
Cashapp launches instant BTC
Square has introduced a new feature in Cash App that allows users to buy Bitcoin on automatic mode .
Called Auto Invest, this feature lets you DCA Bitcoin – buying bits of Bitcoin over long periods of time to reduce the impact of exchange rate volatility.
The smallest amount you can buy at a go is $10.
BTC transaction fees on the rise
The average transaction fee on the Bitcoin network for the past 7 days rose to $5 , the highest it has been since 2019.
Data shows that there has been a steady surge in the average transaction fee since the dawn of 2020 and that it rose significantly about two weeks before the third halving, on April 28.
The current average is still a fraction of the astronomical figures seen in 2017 though.
50 BTC transferred from address inactive since 2009
An address that had been inactive for 11 years moved up 50 BTC to different wallets , then another 9.99 BTC earlier in the day.The address’ owner is unknown and the coins are worth about $379,200 going by today’s price.
Although many people ascribed the owner to be Satoshi Nakamoto sophisticated analysis casts doubt on Nakamoto’s connection to these coins.
On this Reddit thread , people discussed possible scenarios that could lead to this occurrence.
Bitcoin dropped 7% in 60 minutes
Bitcoin suffered a 7% drop in 60 minutes as some 50 BTC mined in the early days were moved for the first time since 2009.
Bitcoin’s price fell to around $9,500 as of 17:15 UTC (1:15 p.m.in New York) from $9,788 on Tuesday.Earlier Wednesday the rapid sell-off took bitcoin as low as $9,100.
Justin Sun: Steem vs Hive battle intensifies
This week, Justin Sun’s Steem intensified its fight against HIVE, a hardfork of the coin by locking $6m worth of tokens belonging to top members of the HIVE community via a hard fork.
After this, the allocations owned by Sun and some other Steem bigwigs, around 83.2 million STEEM tokens in total, were immediately confiscated and stored in a separate wallet.
Mega 369 MB block mined on BSV
A monstrous 369 MB block was mined on BSV during the week.It contained 1.3 million transactions.
According to reports, the transactions were primarily processed by users of a Chinese application who competed with each other over who could create the most transactions in a contest designed to test the transaction capabilities of the network.
tBTC token taken down 2 days after launch
A flaw in the protocol of tBTC, an Ethereum token that mirrors the value of Bitcoin, has forced its developers to shut it down 2 days after it was launched.
The team cited a bug, but isn’t disclosing details until all funds have been safely withdrawn from this iteration of tBTC.They are now helping early users withdraw any BTC that had been deposited.
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