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Coinbase Officially Pulls Support for Bitcoin SV (BSV)

American cryptocurrency exchange Coinbase will no longer support Bitcoin SV (BSV), per a recent post by the firm on X.
BSV No Longer Hosted on Coinbase

Coinbase has announced that it has deprecated support for BSV and effectively immediately, the coin will no longer be available on its trading platform. In effect, Coinbase customers can no longer have access to their BSV holdings and they are also not allowed to withdraw or deposit more of the coin in their wallets. 

For those who previously held BSV on Coinbase and did not move the token even after receiving a warning from the crypto exchange, the assets would have been liquidated and converted to the market equivalent of another coin supported on Coinbase. The exact value of the new crypto will be credited to the user’s account, minus transaction costs. 

Notably, it had been previously declared that the Coinbase and BSV business relationship would be terminated on January 9, 24. Back in November, the crypto exchange notified its users to withdraw their BSV or stand to have it liquidated and converted to another digital asset. Many Coinbase customers who hold BSV were concerned about the additional taxation charges that may follow the conversion.

Coinbase had delisted the BSV token as far back as 2021 after Craig Wright, one of the self-acclaimed inventors of Bitcoin, lost the BTC copyright. At the time, the token had suffered multiple attacks on its protocol, hence, Coinbase was not the only exchange that took a position against the coin. Leading digital asset service provider Binance equally delisted Bitcoin SV at the time.
Delisting Trend in the Crypto Industry

The decision to delist non-performing tokens is fast becoming a crypto industry trend, especially when such assets become overwhelmed by certain challenges. Ripple-associated coin XRP suffered a similar fate more than three years ago and in its case, it was due to regulatory hurdles against the coin. 

The United States Securities and Exchange Commission (SEC) brought an enforcement action against Ripple for offering XRP as an investment contract. In the regulator’s opinion, XRP is an unregistered securities. The news had a ripple effect on the market outlook of the coin as many exchanges including Coinbase and Binance decided to delist the token. 

The delisting of BSV may push Coinbase users to other platforms where the coin is supported, therefore, impacting negatively on its user base. In a shocking twist, BSV is up 2.7% at the time of writing to $72.74 despite the delisting news, a proof that the new is not impacting its community negatively.

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Polymarket predicts that Trump will be the winner of the 2024 US elections with a 48% chance, Biden and Haley lag behind in predictions

With the US presidential election just nine months on the horizon, it looks like American voters will encounter familiar faces from the 2020 race: Joe Biden and Donald Trump. Recent data from decentralized cryptocurrency-based prediction platform Polymarket suggests that Trump, the country’s 45th president, is currently leading with a 48% chance of winning.

US election forecast for 2024: Trump in the lead with 48% in Polymarket, Biden trails behind

As electoral competition intensifies in the United States despite Vivek Ramaswamy’s withdrawal, former President Donald Trump has maintained a substantial lead over his Republican rivals in recent months. Trump recently triumphed in the Iowa Caucus, securing an early victory in the race for the 2024 Republican presidential nomination. He achieved a commanding lead with a 51% margin, followed by Florida Governor Ron DeSantis in second place and former Ambassador from the USA at the UN, Nikki Haley, who came in third place.

According to prediction platform Polymarket, Donald Trump has an 89% chance of winning the Republican Party nomination, while Nikki Haley has a 6% chance. On the Democratic front, Joe Biden is projected to have a 78% chance of being nominated, surpassing California Governor Gavin Newsom’s 6% chance. Basically, Polymarket operates as a decentralized forecasting platform, allowing users to buy and trade stocks based on possible events and outcomes. This marketplace leverages blockchain technology to improve transparency and security.

As the November 5, 2024 elections approach, current trends on Polymarket suggest that Trump is the favorite, with a 48% lead, surpassing Biden’s 36%. After Biden, Haley is considered to have a 3% chance of winning the general election. Interestingly, despite his absence from the race, Vivek Ramaswamy has a 2% chance. Robert Kennedy Jr. also has a 2% chance of winning, as indicated by data from Polymarket. Furthermore, this cryptocurrency-based prediction market is not the only betting platform predicting a Trump victory.

Oddschecker data reveals that Trump has a 45.5% chance of winning the election, compared to Biden’s 33.3%. Nikki Haley has a 5.9% chance of winning in her analysis. Meanwhile, the Bet Ohio portal places Trump in the lead with a 46% chance, followed by Biden with 36% and Haley with 9% in the 2024 presidential race. In particular, both Kennedy and DeSantis have a probability of 3%, as recorded by Bet Ohio on January 17, 2024. Additionally, betting site Covers indicates that Trump is ahead with a 47.6% probability, while Biden is behind with a 34% probability.


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Bitcoin Ordinal Subscriptions Surpass 55 Million, Reach Third Highest Daily Record

After the weekend, the number of ordinal subscriptions to the Bitcoin blockchain exceeded 55 million. Notably, on January 13, 2024, the blockchain witnessed its third-highest day of registrations, settling a staggering 477,751 registration-based transactions on Saturday. Furthermore, since first registration began in December 2022, bitcoin miners have accumulated $246 million worth of bitcoins, capitalizing on this growing trend.

Miners raised 246 million dollars with 55 million registrations

From December 28, 2023 to January 12, 2024, the pace of daily ordinal inflows into the Bitcoin blockchain slowed moderately. However, a peak occurred on Saturday, January 13, marking a record number of daily registrations. This date became the third largest in terms of registrations, with a staggering 477,751 added to the blockchain. On that day, approximately 652,483 transactions were processed, with records representing a notable 73.22% of all transfers confirmed by miners.

Continuing the trend, on Sunday, January 14, 2024, the blockchain saw another substantial 446,783 entries added to the distributed ledger system. This indicates that, of the 591,806 verified transfers, a substantial 75.49% were record-based. Furthermore, after these two record-breaking days, the total number of registrations this weekend impressively exceeded 55 million. Between these records, miners have accumulated a total of 5,750 BTC, valued at $246 million based on current BTC exchange rates.

On January 13, miners were paid about $2.7 million in registration fees, and by the next day, miners had accumulated another $4.94 million. Bitcoin miners are reaping the benefits of the fees paid for subscriptions and as of December 16, 2023, miners have collected $9.9 million in fees. Additionally, the number of entries per block has increased considerably as miners have learned ways to include as many as possible. The data also shows that there are also 278,296 recursive inscriptions in the chain.

Recursive ordinal inscriptions involve retrieving and incorporating data from existing inscriptions to create new ones. In the domain of ordinal entries traded in non-fungible token (NFT) markets, Bitcoin has taken the lead over the past 30 days, with $669.53 million in digital collectible sales. Ethereum, previously the leader in NFT blockchain, recorded $321.18 million in sales during the same period. However, on a weekly basis, BTC’s lead is marginal, with sales of $99.68 million, narrowly edging out Ethereum’s $94.42 million.

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Cryptocurrency news

USDC Issuer Circle files preliminary documents with the SEC for a planned IPO in the United States.

USDC issuer Circle wants to become a US-listed company.

The stablecoin company said in a new announcement that it has submitted a draft registration statement to the Securities and Exchange Commission (SEC) regarding a proposed initial public offering (IPO) of its shares.

Circle notes that it has not specified the number of shares it plans to offer or the price range of those shares. The company says the IPO is expected to take place once the SEC completes its review process.

USDC, the second largest stablecoin by market capitalization, is targeting a 1:1 peg to the US dollar. The digital asset completed a new upgrade on Thursday aimed at reducing gas costs, improving support for account abstraction, and increasing transaction security on Ethereum Virtual Machine (EVM) blockchains.

Circle and Coinbase co-created USDC in 2018 and jointly managed the asset through Center Consortium until last year.

In August, Circle CEO Jeremy Allaire announced that his company would bring all USDC operational and governance responsibilities in-house to streamline management of the stablecoin.

Coinbase announced at the time that it would acquire a stake in Circle. The leading crypto exchange in the United States became a public company in April 2021.