Bitcoin News

The Cardano network has achieved a major milestone. AnetaBTC says it has successfully minted cBTC (a wrapped bitcoin) on the network, marking a big step forward for the Cardano ecosystem.

It is reported that AnetaBTC is the first project to implement this function in Cardano. CBTC is a bitcoin asset on Cardano, similar to wrapped bitcoin wBTC on ETH, but without a centralized custodian.

Wrapped assets help bridge liquidity from other ecosystems, and wrapped Bitcoin on Cardano may help unlock liquidity in the Bitcoin market.

When minting cBTC, users add their own ADA address to the BTC TX metadata, deposit BTC, and then be processed and confirmed by AnetaBTC. cBTC is minted and then sent to the user’s Cardano wallet.

The nascent Bitcoin NFT ecosystem could reach a market size of $4.5 billion by 2025, according to a report released Friday by Galaxy Research.

Analysts expect the Bitcoin Ordinal mania of the past two months to be more than a flash in the pan. They predict that demand for the ability to store NFTs on the Bitcoin blockchain will only grow in the coming years.

Galaxy researchers say that even by this summer, the entire product and service infrastructure will be fully developed to meet this growing market.

On March 2, the price of Bitcoin fell, falling below the $23,000 mark. This drop resulted in $237.97 million worth of long liquidations across various cryptocurrency derivatives exchanges.

In the past 24 hours, the turnover of 65 cryptocurrency derivatives exchanges reached 171 billion US dollars, an increase of 21.85% from the previous day. Both volume and open interest in Bitcoin futures increased throughout February, totaling $791 billion, with Binance accounting for $468 billion.

Total Bitcoin futures open interest peaked at $9.73 billion on February 21, 2023, but has fallen to $9.06 billion as of March 2.

In a research note published earlier on Friday, Matrixport said it was not yet time to be completely bearish on Bitcoin, but recommended cutting exposure by 50% if the price of Bitcoin fell below $22,800.

U.S. stocks have started to sell off again and U.S. bond yields are moving higher, the report said. The 2-year U.S. Treasury note is currently yielding around 4.87%, up from its November 2022 high of 4.8%, and the spread, or spread, between 2-year and 10-year Treasury yields is at an unhealthy -0.87% level.

The cryptocurrency’s daily trading volume has dropped from around $80 billion to $60 billion, indicating a drop in traders’ interest in the cryptocurrency market, while continued outflows from the BUSD stablecoin resulted in a market capitalization drop of less than $10 billion.

The report also pointed out that the 60-day correlation between Bitcoin and the Nasdaq index is at its lowest level since December 2021. This decline in correlation is beneficial to holding long-term cryptocurrency exposure, as investors Future technology growth expectations can be adhered to, while the downturn in macro data seems to have a greater impact on US-listed technology stocks.

Bitcoin Magazine said on social media that Jack Dorsey’s payment company Block stated that we are building a self-custodial bitcoin wallet.

Empowering the next 100 million people to actually own and manage their money.

Bitcoin developer James O’Beirne is working on a Bitcoin Vault feature that would alert users when hackers are trying to steal their bitcoins, and then thwart the theft by moving the funds to a more secure wallet.

The feature is similar to a type of bitcoin smart contract, or contract, that imposes restrictions on how bitcoin can be spent, with vault users having to transmit two separate transactions in two different blocks before spending bitcoin (BTC). Alerts after the first transaction (with a time delay), allowing the user to approve the transaction or sweep tokens to another wallet.

“The risks of custodial bitcoin are well known, and this proposal introduces a mechanism that can significantly mitigate the worst-case outcome of key compromise: lost coins,” O’Beirne wrote in his draft proposal.

Gary Gensler, chairman of the US Securities and Exchange Commission (SEC), said in an interview that almost all types of encrypted transactions except Bitcoin are securities transactions under the jurisdiction of the SEC.

These tokens are securities because there is an intermediary group, and public expectations are based on the profits of that group, and there are various complex and legally opaque mechanisms behind these cryptocurrencies, but at the most basic level, they are trying to promote their Token and attract investors.

Bitcoin is fundamentally different from other crypto projects in this regard due to its unique history and creation story.

Bit Brother Limited announced that BTB’s Texas mine has been operating as expected since it began operations on January 17, 2023.

As of February 23, 2023, the mining server has mined over 15 bitcoins, generating approximately $370,000 in revenue based on current bitcoin prices.

With an additional 400 S19J Pro mining servers expected to be delivered in April, assuming all mining servers operate as expected and bitcoin prices remain stable, total revenue for the Texas mine is projected for the full fiscal year ending June 30, 2023 will come to about $1.8 million.

The Chicago Mercantile Exchange (CME) Bitcoin trading volume report on February 24, 2023 is as follows: Bitcoin futures electronic contracts traded 13,594 contracts, OTC contracts traded 104 contracts, trading volume was 13,698 contracts, and open interest contracts were 15,899 contracts. 74 more than the previous day.

There were 54 bitcoin options contracts traded, including 16 bullish contracts and 38 bearish contracts. There were 4,273 call options open contracts, an increase of 46 contracts from the previous day. There were 6,142 put options open contracts, an increase of 349 contracts from the previous day.

The trading volume of micro-bitcoin futures electronic contracts was 12,850, the open interest was 15,531, and the position rose by 1,269. CME Bitcoin Futures Premium Surpasses Binance.

According to the financial report data released by the payment company Block, the Bitcoin sales revenue of Cash App in the fourth quarter was US$1.83 billion, a year-on-year decrease of 7%, but higher than the US$1.76 billion reported in the third quarter. Bitcoin gross profit was $35 million, down 25% year-over-year.

In the letter to shareholders, Block stated that the year-over-year decline in Bitcoin revenue and gross profit was caused by the drop in Bitcoin price. Meanwhile, Cash App’s Bitcoin revenue for the full year of 2022 will be $7.11 billion and gross profit will be $156 million, down 29% and 28%, respectively, from the previous year.

In addition, in the fourth quarter, Block accrued an impairment charge of US$9 million on its bitcoin investment, and the bitcoin impairment loss for the full year of 2022 was US$47 million. The firm noted that as of Dec. 31, the fair value of Block’s bitcoin investment was $133 million, which was $30 million higher than the investment’s book value after deducting impairment charges.