Trackers on September 16 show that Arbitrum locks over $2.3 billion less than a month after launching. While popular, the adoption of the layer-2 solution isn't helping keep Gas fees low. According to BitInfoCharts, the average cost of a simple transaction stands at $24.
In what is renewing confidence after a hammering last week, Bitcoin traders are ecstatic because of a Golden Cross formation in the daily chart. Although a section of traders are not convinced this will turn the fortune for those who lost their arms last week, historically, this pattern precedes a rapid expansion in prices.
The Hebei cyberspace commission, an agency in one of China's expansive provinces, has banned Bitcoin and cryptocurrency mining activities, including trading, within its jurisdiction. According to a Reuters report, these activities obstruct China's environmental conservancy efforts.
In responding to the long-time Senator of Pennsylvania, Pat Toomey, Gary Gensler, the U.S. SEC head, revealed that stablecoins might well be securities. Stablecoins are digital currencies pegged to fiat and therefore move in sync. Their role in the crypto world is indispensable.
On September 13, Litecoin, one of the earliest cryptocurrencies supplementing Bitcoin, rose 20 percent on a fake press release by Globe Newswire purportedly announcing the adoption of LTC by Walmart—one of the world's largest eCommerce grocer.
On September 12, Cardano, the third most valuable crypto project, activated smart contracts, officially marking the end of the Goguen Phase, the third of the five steps that would complete Cardano's development.
As of September 10, over $30 billion of ETH is locked in the official Eth2 deposit contract on the Beacon Chain. This is yet but another confirmation that traders and investors are confident of Ethereum prospects. As such, they are willing to back the project, making the parallel staking network one of the most secure Proof-of-Stake platforms.
On September 9, Ukraine said it was legalizing Bitcoin following the approval of a bill by the country's legislature. The bill was first drafted in 2020. However, it was until yesterday that the members of parliament voted on its proposals and signed by President Volodymyr Zelensky, making the bill's content law.
A Bitcoin on-chain analyst, Willy Woo, notes that the spot market is getting stronger following the flash crash of September 7. Per his observation, only the leveraged market bore the market of bears following a deleveraging whose trigger has so far not been pinpointed.
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