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Bitcoin Overtakes Ethereum for First Time in 24-Hour NFT Sales Shift

On November 8, 2023, the Bitcoin blockchain saw its non-fungible token (NFT) asset sales surpass those of the Ethereum platform, marking a historic change over the single-day period. According to analytics provided by cryptoslam.io, Bitcoin-based NFT transactions totaled $17.17 million, surpassing the $15.77 million in Ethereum NFT sales recorded during the 24-hour period.

Bitcoin Eclipse Ethereum NFT Sales Increase in a Day

The trend of Bitcoin NFT transactions has been on an upward trajectory as of late, and just three days ago, Bitcoin.com News highlighted that Bitcoin took second place in NFT sales over the course of a week. For the first time, Ordinal’s subscriptions to Bitcoin, its exclusive brand of NFT, surpassed sales of Ethereum in a 24-hour period on Wednesday.

NFT connoisseur Leonidas, founder of Ord.io, documented this unprecedented on-chain event, marking the occasion when Bitcoin-based NFTs leapt ahead of their Ethereum counterparts for the first time in history. Leonidas said:

   Breaking: Ordinals just invested in Ethereum NFTs for the first time. So of course I had to register it in Bitcoin forever.

Recently, ordinal entries witnessed a notable drop in activity that persisted for over a month. This decline followed an increase in daily mintage; Thereafter, the number of new registrations faced a persistent struggle until October 24. However, the tide has since turned and November 4 saw the second-highest number of registrations in a single day, with a total of 433,471.

Looking at the one-week performance of NFT sales, Ethereum has seen an increase, raising $79.61 million since Wednesday, November 1, 2023, which is a 45.66% increase over the week. previous, as reported by cryptoslam.io. In comparison, weekly Bitcoin NFT sales also saw an increase, showing a 661.60% increase from the previous week, with sales reaching $55.52 million.

On Wednesday, the “$SATS BRC-20 NFT” collection surpassed the Bored Ape Yacht Club (BAYC) series, reaching the top of the sales chart. Behind BAYC, “$RATS BRC-20 NFT” took third place in sales in the last 24 hours. The chances of Bitcoin NFTs taking the top spot next week are slim, as Ethereum already has a $24.09 million lead.

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Bitcoin Cryptocurrency news Ethereum

Ethereum reaches $1,900

Ethereum suddenly gained ground against Bitcoin, with its ratio rising from 0.052 to around 0.054 BTC, while its dollar price touched $1,900.

It is the highest level in four months and this price increase is due to several reasons, some of them specific to ethics.

The biggest one is probably the Celestia airdrop. This gave around 170,000 ethereums $500 just for being eth users.

Many of them were likely sold instantly for eth, and the attention Celestia received during the airdrop earlier this week has disappeared.

That’s a new ethical statement, with Celestia’s market capitalization currently at $330 million. Small compared to Ethereum’s market cap of $228 billion, but potentially enough to change the ratio a bit.

Another reason is that Ethereum has not kept up with Bitcoin, which has gained 30% this month compared to Ethereum’s 17%.

This has happened in the past when Bitcoin has led gains, as it did recently due to speculation about the BlackRock Spot ETF, but Ethereum generally recovers over time.

Especially since in this case, if Bitcoin gets a spot ETF, so will Ethereum, since Ethereum future ETFs have been approved, so any advantage Bitcoin might have would only be temporary.

For example, the Securities and Exchange Commission (SEC) recognized the filing of the Invesco Galaxy spot eth ETF this Friday. The deadline for approval or rejection is in May, just a few months after Bitcoin’s January.

As Bitcoin is somewhat off track at resistance above $36,000, numerous cryptocurrencies have seen gains against BTC, with Sol in particular rising 80%. Therefore, the ethereum ratio now also has its turn, at least for today.

Devconnect’s week-long Ethereum meetup in Turkey is also almost here, starting on November 13th.

Ethereum will not be holding a Devcon this year, as Devconnect is different in that it is more focused on coders.

However, as there will be no Devcon, this Devconnect is sort of the main ethical event of the year. Your schedule is packed for the week and there is a lot going on.

Whether this will affect the price remains to be seen. There may be announcements, although the Ethereum Foundation has not promoted the event much.

All three combined gave eth some strength for the day, but on the downside, bitcoin could also be benefiting from the macro picture and eth became inflationary again during the day.

Its supply increased by 0.16% on this quiet Sunday, but during the week it fell by 0.005%. Which makes for a mixed picture as some Ethereum users attempt to transition to the second layers.

Overall, touching $1,900 is a positive sign that eth may be trying to break the $2,000 resistance. It will likely work alongside bitcoin if they manage to break the resistance levels, then eth could also fall below that level.

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Bitcoin Cryptocurrency news Ethereum Tether

Four Tether Execs Are Now Crypto Billionaires As Stablecoin Issuer Seeks $9,000,000,000 Valuation

The four executives behind the world’s largest stablecoin are worth more than $1 billion each now that Tether’s (USDT) market capitalization is at an all-time high.

Despite a prolonged bear market for digital assets, the British Virgin Islands-based company posted a $1.5 billion profit in the first quarter of 2023 alone, with USDT accounting for more than 50% of all liquidity in the cryptomarket, according to Forbes.

Tether can be sold for up to $9 billion if the reported financial information is correct, enough to make all four of the company’s top executives billionaires.

Chief Financial Officer Giancarlo Devasini, who owns more than 40% of Tether and is considered the company’s mastermind, is now worth at least $4 billion.

CEO Jan Ludovicus van der Velde and CTO Paolo Ardoino each own $1.8 billion of shares in the company. Meanwhile, Stuart Hoegner, the company’s general counsel, has a stake valued at $1.2 billion.

However, regulatory changes could affect Tether’s current valuation. According to Forbes, passing stablecoin regulations through Congress could give USDT’s more compliant competitors an edge.

IntoTheBlock previously revealed that the USDT market cap has set a new all-time high as it approaches the $84 billion level. The analytics firm also said that the circulating supply of USDT has risen by nearly 30% year-to-date.

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Crypto Exchange Zipmex resumes certain Altcoin withdrawals

Cryptocurrency exchange Zipmex has resumed withdrawals of some altcoins in addition to Bitcoin and Ethereum. So far, there are no updates on Bitcoin and Ethereum withdrawals. The withdrawal of withdrawals on Zipmex came after the other two exchanges Babel and Celsius froze withdrawals.

The cryptocurrency exchange has now started allowing users to withdraw some tokens from their trading accounts. Zipmex also mentioned a schedule for withdrawals of Solana, XRP and Cardano from merchant wallets. Market movers like Bitcoin and Ethereum still remain blocked.

The cryptocurrency exchange operates in Thailand, Singapore, Indonesia as well as Australia and has stopped withdrawals stating:

Volatile market conditions and resulting financial difficulties for our key business partners.

Sometime last week, the Securities and Exchange Commission of Thailand issued an order to the Zipmex Thailand unit asking them to resume withdrawals in some digital currencies. As per the schedule, Solana tokens will be delivered on Tuesday, while XRP withdrawals are expected to wait until Thursday; however, Cardano will be available for withdrawals on the same day as Solana.

Crypto Exchange Zipmex is working to recover deposits

Zipmex has a link to Celsius and Babel and mentioned that both companies have respectable status due to financial support. It also stated that due diligence was ensured in this case.

At the moment, the company continues with the recovery of deposits from Babel Finance. Along with that, the cryptocurrency exchange also assured that the bankruptcy rumors are false. He clarified that he requested a moratorium before the Singapore court.

This ensures that Zipmex has enough time to analyze the issues and decide on an outcome acceptable to customers. To address the current liquidity crisis, it is working with Celsius and Zipmex to find a rescue package with investors.

quoted zipex,

We promise to resolve the Z Wallet situation and resume services. That is why, after stabilizing the situation, we are releasing unaffected digital assets namely: ADA, SOL and XRP into users’ trading wallets starting tomorrow, August 2, 2022.

The road to recovery

An anonymous Zipmex shareholder made an additional investment in the company’s native token. This was done to support the company, increasing investor confidence. It also ensures that token development stays on track.

While the cryptocurrency exchange has not said anything about Bitcoin and Ethereum withdrawals, the move to unfreeze a select number of cryptocurrencies is a positive step towards recovery. In the month of July, co-founder Akalarp Yimwilai in a YouTube video was allegedly in talks with interested investors.

Regarding the same, the company mentioned that negotiations are still ongoing, but potential investors have already signed a confidentiality agreement after having examined the exchange’s finances. There is still no official statement on the outcome of these negotiations.

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Tether Launches Mexican Peso Tokens on Ethereum, Tron, and Polygon

Stablecoin issuer Tether Operations Limited announced that the company has launched a new token pegged to the value of the Mexican peso. According to the team, the newly launched MXNT tokens will initially be hosted on Ethereum, Polygon, and Tron.

Stablecoin MXNT is pegged 1:1 to the Mexican peso

Stablecoin and blockchain firm Tether has revealed that it has launched a new fiat-backed token that will join the company’s pool of stablecoins. Tether launched MXNT, a stablecoin pegged to the value of the Mexican peso.

Tether’s other fiat token offerings include the popular USDT, which is pegged to the US dollar, and EURT, which is pegged to the value of the euro. The company also offers CNHT, a token pegged to the offshore Chinese yuan, and Tether gold XAUT, a token pegged to the value of an ounce of fine gold.

Tether USDT is the largest stablecoin in existence today as it currently has a market valuation of around $73.2 billion. The token’s market cap represents 5.77% of the $1.27 trillion crypto economy.

Of the $86.43 billion in digital currency trading volume on Thursday, the connection volume is around $45.42 billion, or 52.55% of today’s global trading volume. In terms of bitcoin (BTC) trading pairs, USDT is the top pair with bitcoin, capturing 55% of today’s BTC trading volumes. Tether says that the launch of MXNT will be a “testing ground for the integration of new users in the Latin American market.”

Paolo Ardoino, CTO of Tether, detailed during the announcement that the company has seen the popularity of digital currencies increase in Latin America. “We have seen an increase in the use of cryptocurrencies in Latin America in the last year, which has made it clear that we need to expand our offerings,” Ardoino said in a note sent to Bitcoin.com News.