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Cointime February 24 News Express

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  • Bitcoin Valuation by Savings Adoption

    A mid-term approach to price modelling Bitcoin is something entirely new, something never before observed. Because of this, many of the trusted tools in our financial toolkits might simply not do a very good job of modelling its performance, and it’s causing apprehension among analysts who are used to deploying certain modelling tools to make sense of asset pricing.
  • Inflation remains sticky, Powell hints at delaying rate cuts

    Federal Reserve Chairman Powell said that recent inflation data suggests that the central bank may need more time to gain confidence in cutting interest rates. Powell pointed out that there has been no further progress in inflation after experiencing a rapid decline at the end of last year. He said that as long as there is a need, the Fed can maintain stable interest rates if price pressures persist. He stated that given the strong labor market and the progress made in inflation so far, it would be appropriate for the Fed to allow restrictive policies more time to take effect, guided by data and changing prospects.
  • Bloomberg: This Bitcoin halving may have an impact of about tens of billions of dollars on cryptocurrency miners

    Bloomberg stated that the next Bitcoin "halving" is expected to occur around April 20th. This will result in a 50% reduction in the amount of Bitcoin that miners can earn through verifying transactions each day. The upcoming Bitcoin halving could cause a loss of billions of dollars for cryptocurrency miners. In addition, competition for discounted electricity among artificial intelligence companies is becoming increasingly fierce, which will also lead to a decrease in revenue for Bitcoin mining companies after costs soar.
  • US Treasury asks politicians to give it more enforcement powers to sanction cryptocurrency exchanges

    Adewale O. Adeyemo, Deputy Secretary of the U.S. Treasury, said in written testimony before a Senate hearing on Tuesday, "Our concern is that actors are increasingly finding ways to use virtual currencies to conceal their identities and transfer resources." The U.S. Treasury is calling on politicians to give it more enforcement powers to combat foreign encryption service providers as part of its goal to protect national security. Adewale O. Adeyemo also claimed that Hamas and the Palestinian Islamic Jihad group obtained encrypted currency from Iran.
  • Heatwave

    The Bitcoin block reward is forecast to halve on April 20th. This is seen as a bullish catalyst for crypto markets. I agree that it will pump prices in the medium term; however, the price action directly before and after could be negative. The narrative of the halving being positive for crypto prices is well entrenched. When most market participants agree on a certain outcome, the opposite usually occurs. That is why I believe Bitcoin and crypto prices in general will slump around the halving.
  • Vitalik Buterin: ZK-SNARKs and other technologies are inefficient, and Ethereum aims to achieve real-time proofs

    Vitalik Buterin, the founder of Ethereum, gave a keynote speech titled "Reaching the Limits of Protocol Design" at the 2024 Hong Kong Web3 Carnival. Vitalik Buterin stated that technologies such as ZK-SNARKs, MPC, and FHE have efficiency and security issues. Ethereum's slot block time is 12 seconds, the average block verification time is about 400 milliseconds, and the ZK-SNARK proof time is about 20 minutes. Ethereum's goal is to achieve real-time proof. Regarding the current low efficiency issue, Vitalik stated that the solution is "parallelization and aggregation trees", using SNARK algos and hash to improve efficiency, and using ASIC for ZK hardware acceleration.
  • Cointime April 6th News Express

    1. More than $13 billion in funds have been used to participate in Saga staking mining, making it Binance’s largest Launchpool to date
  • Andre Cronje: Solana's problem is an engineering obstacle rather than a consensus error

    Andre Cronje, a director of the Fantom Foundation, wrote on X platform regarding the congestion issue on the Solana network. Currently, the crypto community has a high demand for block space on Solana, which is actually a bottleneck that needs to be optimized. However, this issue is just an engineering obstacle and not a consensus error, nor does it involve any important component problems. Solana can be considered a "successful victim".
  • Cryptocurrency firm Terraform Labs and its founder Do Kwon committed fraud

    The US Securities and Exchange Commission (SEC) ruled that the actions of cryptocurrency company Terraform Labs and its founder Do Kwon constitute fraud. The company's bankruptcy in 2022 resulted in a loss of $40 billion in investor funds.
  • Binance ends support for Bitcoin Ordinals

    Binance NFT marketplace will cease supporting trades and deposits of Bitcoin Ordinals on April 18.