Author: Coin Telegraph

Ethereum’s network revenues are poised to rebound as surging activity on layer-2 (L2) scaling networks drives demand for data storage, according to cryptocurrency researchers and onchain data.In November, Ethereum L2s have been posting upward of three times more transaction data each day to the mainnet than they did in March, according to data from Dune Analytics. Ethereum’s revenues dropped by as much as 95% after the network’s March Dencun upgrade migrated L2 transaction data to temporary offchain stores called “blobs” in a bid to cut costs for users, according to data from asset manager VanEck.“ETH Fees Were Weak Due to…

Donald Trump’s election victory in the United States is unlikely “the main story” behind Bitcoin’s recent pump — with an analyst pointing instead to a post-halving supply shock. “If you’re wondering what’s happening with #Bitcoin… Yes, the incoming Bitcoin-friendly administration has provided a recent catalyst… But, that’s not the main story here,” said Onramp Bitcoin co-founder Jesse Myers in a post on X on Nov. 11. “The main story here is that we are 6+ months post-halving.”The Bitcoin (BTC) halving in April cut block rewards from 6.25 BTC to 3.125 BTC, which means every next block becomes harder to solve for less…

Galaxy Digital, a cryptocurrency trading firm, clocked the biggest trading day of the year on Nov. 5 as Donald Trump’s victory in the United States presidential race sparked a surge of interest in crypto, Bloomberg reported on Nov. 7.“[O]ur franchise was operating at full boar — trading with counterparties both in the US and abroad, lending, the derivative desk,” Michael Novogratz, Galaxy’s CEO, reportedly told Bloomberg.“It really felt like an affirmation of everything we’ve been working for,” Novogratz said.Novogratz’s net worth surged about 15%, or by around $600 million, to $4.6 billion on Nov. 5, according to the Bloomberg Billionaires…

Shares in China-based crypto mining chip designer Nano Labs rose slightly after announced it is now accepting Bitcoin as payment for its goods and services through a business account on Coinbase.In a Nov. 11 statement, the Huangzhou-based crypto mining chip maker, which is listed on the Nasdaq, said the move was part of a “commitment to embracing the latest in financial technology” as demand increases for “digital currency transactions in the technology sector.”Nano Labs said it was taking a “proactive stance in the evolving digital economy” as crypto “adoption continues to grow, particularly among businesses seeking efficient and secure cross-border…

Crypto market capitalization has reached a new all-time high of $3.12 trillion — and is now close to surpassing France’s gross domestic product (GDP). On Nov. 11, total crypto market capitalization soared 7% over 24 hours, due mainly to a sudden surge in Bitcoin, which rallied to $89,500. If the crypto market were a country, it would be the eighth largest in GDP terms behind the United States, China, Germany, Japan, India, the United Kingdom and France.Meanwhile, Bitcoin’s market cap alone is now over $1.77 trillion — larger than Spain’s GDP, according to the International Monetary Fund.The last time the total crypto…

Eclipse, the first layer-2 network that combines Ethereum and Solana into one blockchain, has gone live. Eclipse allows users to transact on Ethereum faster and more cheaply using the Solana Virtual Machine (SVM) to execute transactions. Like other Ethereum L2s, the network bundles transactions and settles them on the Ethereum mainnet.  The Eclipse Foundation said that it has added automated market maker Orca, lending protocol Save and “other top projects” into the network. Eclipse added at the Nov. 7 launch that its network offers 60 decentralized applications (DApps) and service providers across several sectors, including decentralized finance (DeFi), consumer apps and gaming. Source:…

Telegram and the separate, decentralized Open Network have the potential to elevate the messaging platform into an all-encompassing application that includes social media, payments, finance, entertainment, gaming, and communication capabilities — much like China’s popular WeChat app.According to Gracy Chen, the CEO of exchange and wallet provider Bitget, Telegram’s symbiotic relationship with the independent Open Network and its crypto trading features distinguishes the application from competitors and positions it for massive growth. The CEO told Cointelegraph:”I think the crypto adoption is definitely something that makes telegram stand out among other social media, and that’s indeed one of the reasons we…

Bitcoin will gain political importance following Donald Trump and the Republicans’ United States election wins — and investors who don’t own the cryptocurrency can no longer ignore it, according to the New York Digital Investment Group (NYDIG).“While some investors have allocated to Bitcoin, the most common allocation for investors is still zero. There are no excuses now,” NYDIG’s global head of research Greg Cipolaro said in a Nov. 11 note, adding: “It is now becoming a political imperative.”“Not owning the asset is going to become a liability in the future,” he said. “Investors who may have found it easy to…

Asian crypto traders catch late-night surge as Trump wins election The cryptocurrency industry celebrated Donald Trump’s victory in the 2024 United States presidential election, as Bitcoin surged to new all-time highs. Asian markets joined in the rally, local sources tell Magazine. “A lot of Asian traders were working overnight to catch this surge and are taking profit in a ‘buy the rumor sell the news’ dynamic, especially with the Polymarket bets that were settled already,” Hong Kong-based market analyst Justin d’Anethan tells Magazine. Bitcoin hits new all-time high as Donald Trump wins US presidential election. (Scottsdale Mint) Trump’s victory sparked…

The Ethereum Foundation reported that almost $500 million was deployed to support ecosystem projects in 2022 and 2023.The foundation’s 2024 annual report revealed that entities across the Ethereum ecosystem spent $497 million to fund projects, with $240.3 million, or 48.3%, contributed by the Ethereum Foundation itself.Total funding deployed across the Ethereum ecosystem from 2022 to 2023. Source: Ethereum FoundationThe remaining funding came from organizations like MakerDAO (now rebranded as Sky), Optimism, Gitcoin, Decentraland, Aragon, Uniswap, Starknet, MetaMask DAO and Protocol Guild, showcasing the collaborative effort within the Ethereum community.Ethereum supported by $22.2 billion in treasury fundsApart from the funds spent…