What important events took place in the crypto world last week? Read in our selection.
In its latest report on April 9, Glassnode revealed that the current numbers of Bitcoin whales are extremely similar to early 2016 with the number of holders of at least 1,000 BTC ($6.92 million) now just under 1,850. Glassnode summarized: “This trend implies that despite an uncertain market environment, whales remain confident that now is a good time to be accumulating BTC, suggesting that they believe there is further room for growth.” Is it worth accumulating Bitcoin before halving? Time will show.
Moving on to Bitfinex who carried out the largest dollar-denominated transaction in the history of Bitcoin in the amount of 161,500 BTC or about $1.1 billion. The transaction fee was only 0.00010019 BTC or $0.68. The transaction from April 10 was noticed by a Twitter user Krisma (@ KRMA_0), and Paolo Ardoino, technical director of Bitfinex and Tether, confirmed that Bitfinex was behind this transaction. This transaction is considered the largest in the history of Bitcoin in dollar terms, but it also is unique in terms of the commission paid. A fee of less than $1 is another example of the superiority of Bitcoin over the traditional banking system.
Now, back to halving. On April, 8 Bitcoin Cash — the blockchain that forked off Bitcoin in 2017 — went through its first programmable halving event and has reduced its block rewards by half, causing many miners to see gross margins drop to near zero. Halving took place at block # 630000. The miners’ reward for the mined block decreased from 12.5 BCH to 6.25 BCH.
Meanwhile, Bitcoin SV — the network that forked off the Bitcoin Cash blockchain in late 2018 — was also scheduled to go through a block reward reduction on April, 10. The price of BSV has jumped by 9% to $209 over the past 24 hours ahead of the scheduled event. The halving means the daily output for newly mined BSV is now around 900 units, which, at BSV’s current price, means the pie of block rewards miners can compete over totals about $200,000 a day. The hashing power on the network has dropped from around 3.5 EH/s to 2.5 EH/s.
And last but not the least, analytic startup Messari determined which cryptocurrencies have shown the highest profitability since the beginning of 2020. The rating was led by HBAR (Hedera Hashgraph). Among the top 5 best-performing assets are Streamr, Datum, Numeraire and Kyber Network coins. So what is HBAR? It is the native cryptocurrency of the Hedera public network used to power decentralized applications, build peer-to-peer payment and micropayment business models, and protect the network from malicious actors. Developers use HBARs to pay for network services, such as running a smart contract or transferring cryptocurrency. By combining high-throughput, low fees, and finality in seconds, Hedera leads the way for the future of public ledgers.
Other important news briefly: Blackmoon Exchange, which was planning to start selling the Gram token first, closed, and the Huobi exchange announced the launch of its own Star Atlas analytic tool to track suspicious transactions. For more details go to CoinJoy.io, follow us on Twitter and subscribe to our YouTube channel.