91% of Bitcoin Addresses in Profit
Ethereum Gas Fees Hit 8-Month High, MicroStrategy's Bitcoin Holdings See $3B In Unrealized Profit
Welcome to Coinfeeds Daily Digest! Today we cover the longest Ethereum validator entry queue since early October 2023 with 7,045 validators and a total of 225K ETH, and the network's gas fees hitting an eigth-month high as the ERC-404 token craze continues with traders making bank and the token plummeting soon after its rise. We also cover Argentinians turning to "crypto cave" underground exchanges to get USD stablecoins amid the country's record inflation but avoiding Bitcoin because of its volatility. Bitcoin is nearing $50K, and around 91% of Bitcoin-holding addresses are now in profit. Also, MicroStrategy's BTC holdings are seeing $3 billion in unrealized gains.
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91% of Bitcoin Addresses In Profit As The Coin Nears $50K
Recent data shows that an overwhelming 91% of Bitcoin addresses are now profitable. This is a stark contrast to the market situation during the downturns, where many investors found themselves in the red. The current price surge, which saw Bitcoin reach $48,500, marks a 14.4% increase and the highest point in over two years. | Read More
ETH Gas Fees Hit 8-Month High Amid ERC-404 Craze
The popularity of the ERC-404 token standard has had a significant impact on the Ethereum network. Gas fees, which are payments made by users to compensate for the computing energy required to process and validate transactions on the Ethereum blockchain, hit an eight-month high. | Read More
MicroStrategy's Bitcoin Holdings Hit $3B in Unrealized Gains
MicroStrategy, a company synonymous with large-scale Bitcoin investments, has seen its Bitcoin holdings soar in value. The company's strategic move into the cryptocurrency space has resulted in over $3 billion in unrealized profit, highlighting the potential gains for corporate entities willing to dive into digital assets. | Read More
Argentinians Choose Black Market Crypto Exchanges, But Avoid Bitcoin
'Crypto caves' are informal networks where individuals can buy and sell cryptocurrencies, particularly USD stablecoins like Tether. These platforms provide Argentines with a way to circumvent the country's strict currency controls and hedge against the high inflation rates that have plagued the economy. Volatility makes Bitcoin less attractive for Argentines. | Read More
Ethereum Staking Queue Hits 5-Month Peak
The Ethereum network is witnessing a significant uptick in interest for its staking process, with the validator entry queue reaching its longest point since October 6, indicating renewed enthusiasm among participants. As of the latest reports, the queue has extended to 7,045 validators, which translates to over 225,000 Ether. | Read More