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Prominent cryptocurrency strategist Nicholas Merten, known for his influential voice on his DataDash YouTube channel, has raised concerns over the possible price trajectory for certain altcoins, namely $XRP, Cardano ($ADA) and Binance Coin ($BNB), over liquidity issues. In a video shared on the Google-owned video-sharing platform to his over 500,000 subscribers, the analyst noted that […]
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Hong Kong-based cryptocurrency exchange Hashkey will now support trading the Avalanche (AVAX) token on its platform. However, traders must meet an interesting requirement before interacting with this cryptocurrency on the exchange. Traders Must Meet $1 Million Portfolio Requirement: SFC On Wednesday, September 27, Hashkey announced the listing of the AVAX token on its platform, with trading expected to commence on Thursday, September 28. However, only professional investors or individuals with an investment portfolio worth at least 8 million Hong Kong dollars (equivalent to $1 million), according to Hong Kong’s Securities & Futures Commission (SFC). Attention #Crypto Enthusiasts! $AVAX @avax will be available on HashKey Exchange. Deposit and withdrawal are live, and AVAX/USD trading pairs begins on September 28. Professional investors, this one is for you ! #CryptoAlert Read more: https://t.co/sKNFHDF6oe pic.twitter.com/ZQpzSmAi39 — HashKey Exchange (@HashKeyExchange) September 27, 2023 Bitcoin (BTC), Ether (ETH), and Tether (USDT) are the only cryptocurrencies approved by the SFC for retail trading as of this writing. Meanwhile, other altcoins like AVAX are restricted to professional investors or individuals with a $1 million portfolio. Since Hong Kong authorized retail crypto trading in August, the Securities & Futures Commission has placed significant restrictions on the operations of exchanges, including Hashkey. For instance, SFC requires users to deposit at least 10,000 Hong Kong dollars (or $1,500) during the Know Your Customer (KYC) verification process. According to CoinGecko data, Hashkey, the first to receive a retail crypto license in Hong Kong, has a daily trading volume of roughly $4.93 million, which pales compared to its global counterparts. For context, Binance, the world’s largest crypto exchange, boasts a 24-hour trading volume of nearly $4.9 billion. AVAX Price Continues Decline In September Although the listing of AVAX on the Hashkey exchange poses a potential opportunity for increased adoption, it is worth noting that the cryptocurrency’s price has been struggling in recent months. And September wasn’t different for AVAX, as the token lost nearly 14% of its value in the past 30 days. This continuous decline underscores Avalanche’s overall performance in 2023, which reflects the uncertain condition of the general market. The cryptocurrency has been on an estimated 58% plunge since notching a high of $21 in April. According to data from CoinGecko, the Avalanche token changed hands for $8.91, with a 0.31% dip in the last 24 hours. As of this writing, the cryptocurrency has a daily trading volume of $117,251,082, reflecting an 18.4% rise in the past day. Avalanche ranks as the 24th-largest cryptocurrency, with a market cap of over $3.1 billion.
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The Terraform Labs co-founder has pushed back against the SEC’s request to question him in the United States.
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Cryptocurrency investment products have seen their sixth consecutive week of outflows, with $9 million leaving these products over the past week. Notably, amid these outflows, products offering exposure to Litecoin ($LTC), Solana ($SOL), and $XRP stood out with significant inflows. According to CoinShares’ latest Digital Asset Fund Flows report, this past week saw relatively low […]
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MARA Pool, the Bitcoin mining pool operated by the publicly listed Marathon Digital Holdings, had a transaction ordering issue on September 27 after it mined an invalid block at block height 809478. The invalid block was first picked by an X user, “0xB10C”, before Jameson Lopp, the CTO of Casa, a Bitcoin-focused company, later confirmed it. Lopp scanned his node and noted that MARA Pool had spent an output before it was created, validating a double-spent transaction.  Marathon Digital Mined An Invalid Block In Bitcoin, a mining pool or an individual miner can’t approve an “illegal” transaction originating from any network user. By double-spending, the user posting the transaction tries to cheat the system.  Bitcoin is self-auditing, and every miner and mining pool connected to the network must always confirm that all transactions in the latest block and attached to the longest chain are valid. If a block contains an invalid transaction not supported by other miners, it will be rejected. This was the case with the block verified by MARA Pool; other miners automatically dismissed it and didn’t build on it. BitMEX Research findings show that the block was disregarded because of a transaction ordering problem. In Bitcoin, miners decide the order of transactions within a block based on the fees attached.  All these transactions are picked from the mempool, a temporary storage for all unconfirmed transactions. While they can arrange them in any order, this changes once the block is confirmed after its cryptographic puzzle is solved.  Ensuring transactions are ordered chronologically makes Bitcoin resistant to double-spending, which can destroy a public network’s credibility. Bitcoin prevents this by automatically proving that only a particular transaction was the first to be confirmed on the network, invalidating any other. Bitcoin Remains Volatile The event also coincided with heightened Bitcoin volatility. At September 27 highs, the coin had soared to as high as $27,263 and remains capped inside a $1,000 range, looking at price action in the daily chart.  Nonetheless, the surge was quickly met with strong rejections. The coin fell sharply from today’s highs, and an inverted hammer forms in the daily chart. Despite the pullback, Bitcoin is roughly up 5% from September lows. Buyers have the upper hand since prices are trending inside the bullish range established in the second and third weeks of the month. Presently, prices are trending above the primary support at around $26,000. Looking at price trends in the past few weeks, the path of least resistance is southwards despite the recent revival. Feature image from Canva, chart by TradingView
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Marathon said the bug emanated from its experimental mining pool used to research ways to optimize operations.
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