Bitcoin hashrate price drops to historic low, Telegram outage restored

Headline

▌Bitcoin hashrate price falls to historic low

An indicator that measures the profitability window for Bitcoin mining is approaching the historic low reached after the FTX crash, suggesting tough days ahead for miners. The hashrate price fell to $57 on Friday, according to the hashrate index data. The figure represents the amount of money a miner can earn per day from 1 petahash per second of computing power. Shortly after the FTX crash in November 2022, its price hit an all-time low of $55. Immediately after the Bitcoin halving on April 20, the hashrate soared to $139 as a flurry of activity around the Rune protocol caused transaction fees to soar. That uptrend quickly reversed as fees fell back to pre-halving levels and mining difficulty increased, according to CryptoQuant data.

▌Telegram has returned to normal after a brief outage in some areas

Telegram has returned to normal after a brief outage in some areas, and both message receiving and sending functions can be used normally. In addition, according to data from Downdetector, an online service status information platform, the number of fault reports submitted by Telegram users has increased sharply since 23:42 yesterday. 71% of the reports were server problems, 21% were application problems, and 8% were login problems. It was previously reported that Telegram was suspected of experiencing outages in some areas. It was reported that the Asian server was affected, and the affected users' messages could no longer update the interface and send messages normally.

Market

As of press time, according to Coingecko data:

BTC's latest transaction price is $63,235.81, with a daily increase or decrease of -1.28%;

ETH's latest transaction price is $3,112.33, with a daily increase or decrease of -0.61%;

BNB's latest transaction price is $593.18, with a daily increase or decrease of -3.25%;

ORDI's latest transaction price is $41.95, with a daily increase or decrease of +0.08%；

DOGE's latest transaction price is $0.1467, with a daily increase or decrease of -1.54%；

SOL's latest transaction price is $137.11, with a daily increase or decrease of -3.38%。

Policy

▌Uncertainty exists among the main regulators of the stablecoin bill that may be passed

Although U.S. Representatives Patrick McHenry and Maxine Waters and others have expressed optimism that the stablecoin bill may be passed, regulatory uncertainty still exists. Cody Carbone, vice president of policy at the Chamber of Digital Commerce, said that who should be the primary regulator of stablecoin issuers remains the crux of the unresolved issue.

▌Swiss National Bank President Expresses Concerns about Including Bitcoin in Monetary Reserves

Thomas Jordan, chairman of the Swiss National Bank (SNB), expressed doubts about the prospects of the Swiss National Bank buying Bitcoin at the central bank's annual general meeting on Friday. Jordan pointed out that adding Bitcoin to the Swiss National Bank's reserve assets, which include gold, foreign currencies, bonds and stocks, could have potential negative effects, such as increased carbon emissions. He then highlighted the energy consumption associated with Bitcoin mining and trading. We haven't decided to invest in Bitcoin, and there are actually good reasons. Monetary reserves are international payments. They must be liquid. They must be sustainable, and we must be able to sell and buy them. Previously, crypto advocates called for changes to Swiss legislation to allow cryptocurrencies to be included in national monetary reserves.

▌Italian Securities Regulator Plans to Block Crypto Trade and Other Illegal Promotion of Trading Products Website Domain Names

Italian securities regulator Consob has accused several foreign exchange websites of illegally promoting trading products in Italy and has contacted Italian Internet Service Providers (ISPs) to block access to all problematic websites. The move is intended to protect Italian investors from potential fraud or unauthorized investment schemes. The website domains involved this time include Luno Invest, Vantage Global Limited, Capital4it Ltd, Crypto Trade Club Ltd, and Amlight-italiainvestment.

▌Custodia Appeals After Court Ruling That It Has No Right to Use the Federal Reserve System Master Account

Digital asset bank Custodia appealed after a judge in a Wyoming court in the United States ruled that the bank had no right to obtain the Federal Reserve System's master account. Custodia has been trying to get that access for years, but Judge Scott Skavdal said in a March ruling that the Federal Reserve Bank has the discretion to grant a master account. Custodia's lawyers filed a notice of appeal in the U.S. District Court for the District of Wyoming last Friday, marking the latest development in the years-long dispute. Custodia founder Caitlin Long applied for a master account at the Federal Reserve Bank of Kansas City in 2020 but was rejected. The bank then sued the Federal Reserve Board and the Federal Reserve Bank of Kansas City. Custodia is a special purpose depository institution regulated by Wyoming law. Although it can receive deposits and provide services such as custody, it cannot lend "customer legal deposits" and must retain 100% of those deposits.

Blockchain Applications

▌Optimism has fixed two critical vulnerabilities in its testnet

Optimism has fixed two critical vulnerabilities in its testnet at least a few weeks after learning about the problems. Offchain Labs, which first discovered the vulnerabilities, said on Friday that Optimism updated its testnet on April 25. These fixed security vulnerabilities originally allowed malicious actors to manipulate the history of the chain and perform other "subtle attacks." On March 22, Offchain Labs reported the two vulnerabilities in its testnet to Optimism.

Cryptocurrency

▌Yuga Labs reorganizes the company and lays off some team members

Yuga Labs is restructuring the company, which led to the layoffs of some team members on Friday. Yuga Labs co-founder Greg Solano, who took over as CEO of the company in February, posted a memo on social media announcing the company's restructuring. Regarding the reorganization announcement, Solano said, "Today is a very difficult day. I am determined to change Yuga and get us back to our original intentions, which means making difficult decisions. The hardest decision so far is to say goodbye to some talented team members." In the memo, Solano said, "Yuga Labs has lost its way and will focus on building a smaller, more flexible, and more crypto-native team."

▌Stablecoin DAI surges in activity driven by complex MEV transactions

DAI stablecoin activity on Ethereum has increased sharply in recent days, hitting an all-time high of $86 billion in trading volume on April 17. Previously, daily activity was less than $1 billion. The main driver behind this surge is complex MEV transactions, which include the use of Maker's lightning casting module. The module allows users to cast DAI and pay tips in the same transaction. This mechanism attracts arbitrageurs and MEV robots. For example, there was nearly $1 billion in DAI trading volume in one transaction. EigenPhi data shows that MEV robots made a profit of about $20,000 per day from April 17 to 18, although the activity slowed down. The surge in DAI activity highlights the continued evolution and use of stablecoins in the crypto space.

▌More than 85 million USDT transferred from JustLendDAO to unknown wallets

According to the on-chain data tracking service Whale Alert, 85,533,144 USDT were transferred from JustLendDAO to unknown wallets at around 03:43 Beijing time today.

▌Trump's "Mugshot Edition NFT" issuer engraved its Bitcoin Ordinal version

The issuer of Trump's "Mugshot Edition NFT" launched by NFT INT LLC engraved its Bitcoin Ordinal version. Owners of Trump's "Mugshot Edition NFT" have now obtained the Bitcoin Ordinal version of Trump's NFT.

▌Jack Dorsey commented on Phoenix Wallet's suggestion that US users empty their wallets: It feels totally unnecessary

Phoenix Wallet, a Bitcoin wallet, officially stated that Phoenix Wallet will be removed from the US app store on May 3, 2024, and users from the US should empty their wallets. Twitter founder Jack Dorsey said that it felt totally unnecessary.

▌Franklin Ethereum ETF EZET listed on DTCC website

According to COINOTAG on the X platform, Franklin Ethereum ETF EZET is listed on the DTCC website.

▌NFTfi Foundation announced that the NFTFI airdrop claim portal will open on April 30

According to official news, the peer-to-peer NFT lending agreement NFTfi Foundation announced that the NFTFI airdrop claim portal will open at 20:30 Beijing time on April 30 and will last for 41 days until June 10. Unclaimed tokens will be returned to the community and reward distribution and used for future rewards.

▌Rune SATOSHI•NAKAMOTO minting fee expenditure reached 23.8 million US dollars

According to Ord.io, the top 5 runes with the highest minting fee expenditure on the X platform. 1. SATOSHI•NAKAMOTO: 373.1 BTC (23.8 million US dollars); 2. Z•Z•Z•Z•Z•FEHU•Z•Z•Z•Z•Z: 366 BTC (23.4 million US dollars); 3. MEME•ECONOMICS: 57.7 BTC (3.6 million US dollars); 4. MEMEPOOL•SPACE: 42.8 BTC (2.7 million US dollars); 5. ORDINALS•ARE•DEAD: 39.4 BTC (2.5 million US dollars).

▌Yuga Labs restructures the company and lays off some team members

Yuga Labs is restructuring the company, which resulted in the layoffs of some team members on Friday. Yuga Labs co-founder Greg Solano has posted a memo on social media announcing the company's restructuring since taking over as CEO in February. Regarding the restructuring announcement, Solano said, "Today is a very difficult day. I am determined to change Yuga and get us back to our original intentions, which means making difficult decisions. The hardest decision so far is to say goodbye to some talented team members." In the memo, Solano said, "Yuga Labs has lost its way and will focus on building a smaller, more flexible, and more crypto-native team."

Important Economic Dynamics

▌The three major U.S. stock indexes closed up collectively

The three major U.S. stock indexes closed up collectively, with the Nasdaq up 2.03%, the S&P 500 up 1.02%, and the Dow up 0.4%. Google rose more than 10%, setting a record high. Intel fell more than 9%, hitting a new closing low since July 2023.

▌Republic First was acquired by Fulton Bank, becoming the first bank to fail in the United States this year

The Federal Deposit Insurance Corporation announced on Friday that it had closed Republic First Bank and reached an agreement for Fulton Bank to acquire the bank's deposits and most of its assets. According to a statement from the FDIC, Republic First Bank's 32 branches in New Jersey, Pennsylvania and New York will reopen as branches of Fulton Bank on Saturday. Regulators said depositors of Philadelphia-based Republic First Bank will become depositors of Fulton Bank, headquartered in Williamsport, Pennsylvania. According to FDIC data, as of the end of January, Republic First Bank had approximately $6 billion in assets and $4 billion in deposits. The FDIC expects the collapse to cost the deposit insurance fund $667 million.

Golden Encyclopedia

▌What is decentralized science?

Decentralized science (DeSci) within the Web3 framework is a paradigm shift in scientific research, characterized by four basic principles: incentives, transparency, decentralization, and collaboration. DeSci places great emphasis on transparency and supports free and open access to methods, data, and conclusions. DeSci creates an open and accountable environment by encouraging transparency, making scientific research more reproducible and credible. Collaboration is at the core of DeSci, which leverages distributed networks to enable cross-border, censorship-resistant collaboration. DeSci promotes diversity of viewpoints, sharing of expertise, and group problem solving by eliminating institutional and geographic boundaries.

Disclaimer: As a blockchain information platform, Golden Finance publishes articles for information reference only and is not intended as actual investment advice. Please establish a correct investment philosophy and be sure to raise your risk awareness.