Crypto News Headlines (10-Jul-2023)

Bitcoin’ (BTC) hash rate hit a new all-time high over the weekend, meaning that it becomes increasingly difficult for any individual or group to control more than 50% of the network’s total computational power.

According to data from Bitinfocharts, Bitcoin’s hash rate spiked to 465 EH/s on Saturday from 406 EH/s on the previous day.

Despite the value dropping almost 6% to 428 EH/s on Sunday, the world’s leading blockchain network’s hash rate is still at its highest levels.

Switzerland has long been a haven for the wealthy due to its well-established banking secrecy laws, but its citizens have warmed quickly to the self-sovereign ideals behind Bitcoin BTC $30,265.

Speaking with Cointelegraph journalist Joe Hall at the Plan ₿ Bitcoin Summer School in Lugano, Switzerland, Giw Zanganeh, head of Lugano’s Plan ₿ initiative, highlighted the growing use of Bitcoin for everyday payments in the Swiss city.

Lugano has emerged as an adoption hub for Bitcoin, Tether USDT $1.00 and its self-styled LVGA stablecoin, which can be used to pay for a variety of utility bills, goods and services across the city.

Zanganeh believes that Switzerland has shown remarkable adoption of cryptocurrencies despite its renowned traditional financial and banking infrastructure:

“What I see is a society, which makes me very bullish; a lot of people are interested in Bitcoin from a philosophical perspective as well. It aligns very well with Swiss values.”

The company, 117 Partners, will be a hybrid between advisory and investment, said Braziel.

Thomas Braziel, co-founder and managing partner of 507 Capital, is setting up a new entity to expand beyond buying bankruptcy claims into brokerage and advisory work in the crypto space.

Crypto has a long and steady history when it comes to bankruptcies, with 2022 proving to be something of a banner year. 507 Capital began buying Mt. Gox bankruptcy claims back in 2015 and has since worked on insolvencies and restructurings, including Cred Inc. and Quadriga through to more recent cases like 3AC, Celsuis and FTX.

The U.S. Securities and Exchange Commission (SEC) answered the latest filing of Coinbase regarding the exchange’s criticism of the regulator’s actions in the crypto environment. The filing, introduced on July 7 before judge Katherine Polk Failla, tries to bring down each statement presented by Coinbase to disesteem the lawsuit the agency is taking against the exchange for unregistered brokerage and securities violations.

In its response, the SEC reaffirms its jurisdiction over securities cases, stating that this legal action against Coinbase is part of the “exercise of its longstanding authority to enforce statutory requirements” after having been authorized by Congress in 1934 to exert these through civil law enforcement actions. This interpretation contradicts Coinbase’s views, which declare the SEC lacks “any powers to regulate digital asset exchanges.”

Bitcoin held steady above $30,000 early Monday as producer price index (PPI) data from China suggested the global liquidity-tightening cycle that kicked off early last year and roiled risk assets including cryptocurrencies is nearing its end.

China’s PPI, a measure of factory-gate prices, fell 5.4% year-on-year in June, the ninth consecutive monthly decline and the steepest drop in seven years, the National Bureau of Statistics (NBS) said Monday.

That is likely to lead to lower export prices and deflationary pressures in the global economy. China is the largest trading partner of the world’s prominent economies. Deflation, a sustained decline in the general price level, occurs when the inflation rate is negative.

The largest meme coins by market capitalization in Dogecoin (DOGE), Shiba Inu (SHIB), and PepeCoin (PEPE) have been trading in the red since last week amid the rise of new competitors in the sector.

Recent bearish moves from Bitcoin (BTC) and Ethereum (ETH) certainly haven’t helped either given their high correlation to the rest of the market.

PEPE topped the losses among the top three meme coins, down 14.9% since last week and 5.5% in the last 24 hours. It’s currently trading at $0.00000144 with a market capitalization of $619 million.

Still, on a 30-day scale, PEPE is up 52.5% after posting impressive triple-digit gains during June’s meme coin rally.

Despite the Coinbase cryptocurrency exchange facing a securities violation lawsuit in the United States, the company’s stock has been on the rise recently.

oinbase (COIN) stock has added more than 50% to its value since the U.S. Securities and Exchange Commission (SEC) filed a lawsuit against the firm for allegedly offering unregistered securities.

According to data from TradingView, Coinbase shares surged 51%, from around $52 on June 6 to $78.7 on July 7. The stock is also up around 133% over the past six months, while year-to-year growth is roughly 50%.

Amid significant growth, some major COIN holders have continued selling some of their Coinbase stock.

On-chain data provider Arkham Intelligence has started a marketplace that will let people to buy and sell on-chain cryptocurrency data.

The marketplace, dubbed the Arkham Intel Exchange, will feature a native token (ARKM) that is designed to “deanonymize the blockchain.”

The token will be issued on the Binance Launchpad with 50 million tokens being up for sale, which equates to 5% of the total supply. Each user will be able to purchase $15,000 worth of ARKM tokens in the sale which runs from July 11 to July 17.

Statistics recorded on July 9, 2023, indicate that the next Bitcoin mining difficulty adjustment is scheduled for July 12, 2023. In the previous difficulty change, Bitcoin’s mining difficulty experienced a 3.26% reduction, lowering the total to 50.65 trillion. Estimates suggest that the difficulty is expected to increase by 4.74% to 7.7% due to block intervals being consistently shorter than the ten-minute average.

Currently, the average block time on July 9 ranges from 8 minutes and 2 seconds to 9 minutes and 18 seconds per block. Additionally, the total hashrate on Sunday maintains a steady level at 440.72 EH/s after reaching a 24-hour record high the previous day. On July 8, at block height 797,733, records indicate that the hashrate peaked at 538.05 EH/s. The increase in hashrate has accelerated the speed of block intervals, resulting in a higher probability of mining 2,016 blocks faster than the typical two weeks.

While the leading United States-based bitcoin (BTC) miners, such as Marathon Digital Holdings, recorded a significant decrease in their BTC output during June due to unfavorable weather conditions, that narrative changed for the better in July.

Per data released by Hashrate Index, a resource for bitcoin mining data and more, bitcoin’s 7-day and 3-day hashrate reached new all-time highs over the weekend, indicating that miners in the US and other jurisdictions are now firing on all cylinders.

Specifically, bitcoin’s 7-day average hashrate rose to as high as 401 EH/s on July 8, while the 3-day hashrate surged to 444 EH/s, representing an 18% increase.