Crypto Highlights Week #8 – Bitcoin difficulty reaches an all-time high with hash rate up 45%

Crypto Highlights: BSC rebranded, Bitcoin hash rate at ATH, Twitter adds tipping option, Bitcoin dips below $40k: These and more in this weeks’ Crypto Highlights.

Top Headlines Of The Week

• Despite criticism, Twitter continues to roll out crypto support, this time the app now lets users add Ethereum addresses as a mobile tipping option.
• Binance has rebranded its blockchain ecosystem to BNB Chain, separating its name from the chain.
• Amidst a continued decline in price, Bitcoin difficulty reaches an all-time high, with hash rate up 45% in 6 months.

Top Stories Of The Week

Binance removes its name from its blockchain ecosystem, now called BNB Chain

Binance has rebranded its blockchain ecosystem, implying that the corporation does not want to be connected with the blockchain and its coin. Its blockchain ecosystem, formerly known as Binance Smart Chain, has been renamed BNB Chain, and its token BNB, formerly known as Binance currency, has been rebranded “Build and Build.”

“Over the years, we’ve realized that BNB has evolved into something beyond Binance, and in fact, BNB means Build and Build (not Binance Coin), it’s something CZ has tweeted before,” Samy Karim, BNB Chain ecosystem coordinator, told The Block. “The BNB ecosystem is bigger than Binance, and has transcended Binance in terms of its use cases.”

The formal announcement comes only a week after Binance CEO Changpeng “CZ” Zhao tweeted that BNB stands for “Build N Build,” which translates to “build the community and let the community build.”

According to the business, the elimination of the Binance name would allow BNB Chain “more opportunities and freedom to seek innovations.” BNB Chain will also become multi-chain, according to the announcement.

“BNB Chain will embrace large-scale applications, including GameFi, SocialFi, and the Metaverse. In particular, scaling from one chain to multi-chain, improving scaling solutions, and expanding the validator set of BSC from 21 to 41 (with 20 validators functioning as candidate block producers),” said Karim.

Bitcoin difficulty reaches all-time high, hash rate up 45% in 6 months

After a steady ascent from the lows of late July, the Bitcoin network has reached yet another all-time high in mining difficulty.

On-chain analysis software On Friday, CoinWarz reported that mining difficulty had reached a new high of 27.97 trillion hashes. Bitcoin has already reached a new all-time high (ATH) in terms of difficulty for the second time in three weeks. On January 23, the difficulty hit 26.7 trillion, with hash rates of 190.71 exahashes per second (EH/s).

Higher difficulty implies that miners are competing harder to confirm a block and collect a block reward. As a result, miners have recently begun selling coins or shares in order to maintain their cash reserves. Marathon Digital Holdings, in particular, filed on Saturday to sell $750 million in company shares.

According to Blockchain.com statistics, the network’s hash rate has also reached a new high, with a hash rate of 211.9 EH/s. Over the previous few weeks, various monitoring tools have recorded varying hash rate highs. On Sunday, YCharts tools showed a hash rate ATH of 248.11 EH/s.

According to Blockchain.com statistics, the network’s hash rate has also reached a new high, with a hash rate of 211.9 EH/s. Over the previous few weeks, various monitoring tools have recorded varying hash rate highs. On Sunday, YCharts tools showed a hash rate ATH of 248.11 EH/s.

AntPool and F2Pool have supplied the highest hash power among the recognized worldwide mining pools. According to Blockchain.com statistics, Antpool has mined 96 blocks in the previous four days, while F2Pool has mined 93.

Mainstream Adoption Of The Week

Twitter now lets users add Ethereum addresses as a mobile tipping option

Twitter has grabbed spotlight in this week’s crypto highlights. Their mobile users may now add Ethereum addresses to the list of options for potential tippers. The change was revealed on Wednesday by the social media platform. The move comes months after Twitter officially launched bitcoin tips on mobile via the Lightning network. This was made known in a tweet: 

“Have you set up Tips on your profile yet so it’s easy for people to show their support?

Yes: Cool, we’ve added Paga, Barter by Flutterwave, Paytm, and the option to add your Ethereum address.

No: What are you waiting for? Here’s how: https://help.twitter.com/en/using-twitter/tips “

The new function signifies a closer relationship between the popular social networking platform and cryptocurrencies. Twitter’s Blue subscription service users were given the chance to validate non-fungible token (NFT) profile pictures last month. However, as The Block highlighted, this move has prompted concerns about Twitter’s long-term objectives in terms of cryptocurrency.

This Week’s Market Sentiment

Bitcoin still hovering around the $40k range, what are some key indicators to look at?

Overnight, Bitcoin (BTC) had its first serious challenge of $40,000 in some weeks, but what price zones are traders looking at next? Many people believe that the range is still intact, whether in the long or short term.

BTC/USD experienced a moderate sell-off on February 17, which extended into Friday, with local lows of $40,330 showing on Bitstamp, according to TradingView data. A rebound lifted the pair beyond $41,000, but concerns about additional tests of the bulls’ fortitude linger.

A prominent rebound zone in the case of a break below now sits at $38,000, and when yesterday night’s lows set in, popular Twitter account Credible Crypto emphasized the importance of maintaining that level going forward. “Moment of truth,” they summarized alongside a forecast chart.

“Lows taken, if our bottom is in at 32k then downside should be limited to the GREEN region below to form a higher low. Again, this is my primary, and I expect we hold this region and continue up to challenge monthly resistance once more.”

Some were less excited, with prominent trader Crypto Ed worried about even the $40,000 test. “Hanging on the 40k cliff, it feels like a miracle is needed after that (for me) unexpected move down yesterday,” he explained.

Meanwhile, the derivatives market structure strengthens the macro bottom of about $32,000. As analyst Dylan LeClair pointed out, bidders joined at that point when it was reached in January, giving more than just a line in the sand for price stability.

“The speculative air in the $BTC derivative market has essentially completely unwound, with spot market bidders taking hold at 33k in early January,” he said in one of a series of tweets about the environment. 

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This Week’s Crypto Meme

We hope you enjoyed this week’s edition of crypto highlights. For a peek at our last edition of crypto highlights & blockchain news, click here.