Market update
Cointree Crypto Market Update - September 11th 2024
Market report for traders
đź”® BTC and altcoins
Over the last 7 days, Bitcoin ends at AU$85,133, moving +1.44% at the time of writing. Meanwhile, Ethereum ends at AU$3,525 moving +0.86% week-on-week. On the Altcoin side, Solana gains +7.03%, Cardano +4.67%, and Doge +8.83%.
🗞 What’s happening in the news?
🚀 From Wallet Addresses to ENS Names: PayPal & Venmo are making waves!
Ever had to copy a long string of letters and numbers just to send crypto? Well, U.S. users of PayPal and Venmo can now breathe a sigh of relief. These platforms have integrated Ethereum Name Service (ENS), meaning you can now enter easy-to-read names like john23.eth instead of complex wallet addresses.
This move simplifies crypto transactions and reduces errors, making it easier for millions of people to send and receive crypto. As Marta Cura from ENS Labs noted,
"By bringing ENS to platforms they already know and trust, we’re making it easier for them to interact with decentralised finance."
PayPal and Venmo have supported crypto since 2021, but this ENS integration represents a leap in user-friendly crypto adoption. With over 2 million ENS names registered and growing, the future of easy crypto payments looks brighter than ever.
🏆 Solo Bitcoin Miner Hits the Jackpot with AU$280,000 Reward
In a stunning win against the odds, a solo Bitcoin miner struck gold this week, earning a reward of 3.169 BTC, equivalent to around AU$280,000! This happened when the miner, working with the Solo CK mining pool, solved block 860749.
Solo miners face overwhelming competition from large-scale mining firms, which control the majority of Bitcoin’s hashrate. In fact, FoundryUSA and Antpool collectively account for 60% of Bitcoin’s total hashrate. Yet, as this week’s lucky miner showed, it’s still possible for individual miners to walk away with a full block reward.
Recent months have seen a streak of wins for solo miners, with similar jackpots happening less than two weeks apart. It’s a reminder that even in an industry dominated by big players, the little guys can still win big!
đź’Ľ Metaplanet Boosts Bitcoin Holdings to AU$40 Million
Japanese investment firm Metaplanet is on a Bitcoin buying spree, adding 38.4 BTC worth around AU$3.1 million to its holdings, bringing its total to 398.8 BTC. That's nearly AU$40 million worth of Bitcoin!
This follows Metaplanet’s decision to adopt Bitcoin as a strategic treasury reserve asset earlier this year, citing “high government debt levels, prolonged negative interest rates, and a weak yen” as key motivators. Their ongoing investments reflect growing confidence in Bitcoin as a hedge against traditional financial risks.
Bitcoin's price has fluctuated recently, trading around AU$88,000 per BTC after falling to a low of AU$82,000 earlier this week. Despite the market swings, firms like Metaplanet continue to show their investment in the long-term value of Bitcoin.
📖 What we’ve been reading
6% Want to Hear Harris and Trump Talk about Crypto at Debate
"The first and possibly only US presidential debate in 2024 will have the two candidates meeting in person for the first time."
Onchain Summer; Marketing Over Cutting-Edge Tech
"Base’s “Onchain Summer” promotion saw participation of over 2 million unique wallets, resulting in over $5 million in mint revenue to creators."
Pavel Durov breaks silence for first time since arrest
"The Telegram founder is currently prohibited from leaving France and must check in with law enforcement on a weekly basis."
Disclaimer: The information provided is for educational purposes and does not constitute financial product advice. You should obtain independent advice from an Australian financial services licensee before making any financial decisions.
