Litecoin Hashrate Hits All-Time High: Security and Adoption Increasing

-Litecoin’s (LTC) hashrate has recently hit an all-time high of 742.30 TH/s, indicating increasing strength and security on the network.
-This is a result of miners using their collective computing power to solve increasingly complex blockchain algorithms on the network.
-A higher hashrate also makes it more difficult for bad actors to launch 51% attacks, as they would need to yield control of a greater proportion of the network’s hashrate in order to make such an attack viable.

The cryptocurrency Litecoin (LTC) has recently seen a surge in its hashrate, hitting an all-time high of 742.30 TH/s. This is a sign of increasing strength and security on the network, indicating that Litecoin is being used more and more. This hashrate surge is a result of miners using their computing power to solve increasingly complex blockchain algorithms on the network.

The hashrate of a cryptocurrency is the numerical value generated by active miners during the proof-of-work process. The higher the hashrate, the more miners that are actively participating in the network, and the more secure it is. This is because a higher hashrate makes it more difficult for bad actors to launch what is known as a 51% attack, as they would need to control a greater proportion of the network’s hashrate in order to be successful.

The recent surge in Litecoin’s hashrate is a sign that more and more miners are using the network, and that Litecoin is becoming an increasingly secure and reliable cryptocurrency. This also indicates that Litecoin is gaining in popularity, as more miners are joining the network and showing their support for the cryptocurrency.

This is good news for the future of the cryptocurrency, as more miners joining the network means that Litecoin is becoming more secure and reliable. This could lead to more adoption of the cryptocurrency, as more people feel secure and safe using it. This could also lead to Litecoin becoming a more mainstream cryptocurrency, as more people use it and more businesses start accepting it as a payment method.

Overall, the recent surge in Litecoin’s hashrate is a sign of increased strength and security on the network, and could lead to an increase in mainstream adoption of the cryptocurrency. This is an encouraging sign for the future of Litecoin, and is something that investors and users should keep an eye on.

OKX Reveals $7.5B in Clean Crypto Reserves, Publishes 23K Addresses

• OKX has reported its Proof-of-Reserves (PoR) for the first time, revealing $7.5 billion in Bitcoin (BTC), Ethereum (ETH), and Tether (USDT).
• OKX reserves are 100% clean, meaning that the exchange reserves do not contain the exchange’s native token, according to CryptoQuant data.
• OKX has also published over 23,000 addresses for its Merkle Tree PoR program — allowing the public to view reserve asset flows.

OKX, one of the top five crypto exchanges, has recently released its first Proof-of-Reserves (PoR) report, revealing an impressive $7.5 billion in Bitcoin (BTC), Ethereum (ETH), and Tether (USDT). This is an important milestone for the industry, as it shows that OKX is dedicated to transparency and providing users with secure and reliable services.

What makes OKX unique is that its reserves are 100% clean, meaning that the exchange reserves do not contain the exchange’s native token, according to CryptoQuant data. This is a huge achievement, as most other exchanges have some degree of reserve asset contamination. Binance reserves, for example, are considered 87.6% clean, while Bitfinex and Crypto.com reserves are considered 69.88% and 95.51% clean, respectively.

In addition to its clean reserves, OKX has also published over 23,000 addresses for its Merkle Tree PoR program. This program allows the public to view the asset flows of OKX reserves, ensuring that the exchange is accurately reporting its balances. OKX CMO Haider Rafique said, “We’ve already taken a leadership position by publishing our PoR monthly. As industry standards for PoR continue to take shape, we expect that our reserve asset quality will be one of many key differentiating factors for OKX in the market.”

In the future, OKX is looking to further increase its transparency and security, ensuring that users feel confident in trading on the platform. With its impressive reserves and commitment to transparency, OKX is in a good position to become one of the leading exchanges in the industry.

Crypto Markets Show Minor Negative Sentiment as Bitcoin Nears $18K

• Coinshares, Europe’s largest digital asset investment group, believes there is only „minor negative sentiment“ in the crypto markets.
• Bitcoin is threatening to hit $18,000 for the first time since mid-December, and outflows from global crypto funds are starting to wane.
• Coinshares analysis reveals that Bitcoin saw just $6.5 million in outflows, while global crypto funds had outflows totaling $9.7 million.

Crypto markets have been on a rollercoaster ride in recent months, and the bear market of 2022 has left a lasting impression on investors. However, Coinshares, Europe’s largest digital asset investment group, believes that sentiment is beginning to turn, as Bitcoin threatens to touch $18,000 for the first time since mid-December.

Coinshares recently published a blog post that reveals outflows from global crypto funds are starting to wane, indicating that sentiment remains negative but only just. According to the analysis, Bitcoin saw just $6.5 million in outflows, while global crypto funds had outflows totaling $9.7 million. This shows that there is only “minor negative sentiment” within the crypto markets.

The chart below showcases outflows from crypto funds over the past six months, with only five weeks of inflows throughout the period. However, outflows have failed to amass any substantial volume, as figures suggest inflows and outflows canceled out to remain reasonably flat. The largest weekly outflow over the past 52-week period reached roughly $175 million, while the most significant inflow hit around $350 million. Eighteen weeks of outflows compare to seventeen weeks of inflows throughout a challenging bear market across the past 52 weeks.

The outflows from crypto funds are a sign that investors are still wary of the market, but the overall sentiment appears to be slowly improving. As the market recovers, investors are likely to become more confident in the asset class, and this will be reflected in the outflows from crypto funds. For now, however, there is still only “minor negative sentiment” in the markets, and investors should proceed with caution.

Bitcoin Mining Difficulty Drops 3.6%, Suggesting Miners Withdrawal

• Bitcoin’s mining difficulty fell 3.6% at 3:49 a.m. UTC on Jan. 3.
• The difficulty change suggests that a fraction of Bitcoin (BTC) miners withdrew from the network — most likely due to reduced mining profitability.
• Bitcoin’s overall mining hash rate fell temporarily to 156.46M on Dec. 24, 2022, from 232.05M on Dec. 23, 2022, according to YCharts.

On January 3rd at 3:49 a.m. UTC, Bitcoin’s mining difficulty fell 3.6%, according to the latest data from Bitrawr. This decrease suggests that a fraction of Bitcoin (BTC) miners withdrew from the network due to reduced mining profitability, which likely has to do with the winter energy curtailments that occurred in the United States.

The winter energy curtailments involved higher winter electricity prices and power outages. As a result, miners faced increased electrical costs and, in some cases, restricted access to energy. This is reflected in the data from YCharts, which showed that Bitcoin’s overall mining hash rate fell temporarily to 156.46M on Dec. 24, 2022, from 232.05M on Dec. 23, 2022.

The fluctuations in the price of BTC are unlikely to be the reason behind this most recent adjustment. Despite this year’s market crash, BTC price remained steady since the blockchain’s last difficulty adjustment two weeks ago. The price of BTC is down 0.7% over the last seven days and 3.64% over the past 30 days.

It is clear that the energy curtailments have had an impact on Bitcoin miners, with some miners having to withdraw from the network due to reduced mining profitability. This has resulted in a decrease in Bitcoin’s mining difficulty, which could continue to fall if miners are unable to find a way to keep up with the rising costs of mining. It remains to be seen how miners will cope with the current situation and if the mining difficulty will continue to drop.

Gemini Earn Users File Class Arbitration Case Against Genesis Global Capital

• Three users of Gemini Earn have filed a class arbitration case against Genesis Global Capital, Digital Currency Group (DCG), and Genesis Global Trading, with the American Arbitration Association on Dec. 30
• The claimants allege that Genesis breached its agreement with Gemini Earn users and engaged in the unregistered sale of securities
• Class arbitration is a dispute resolution process where a neutral third-party arbitrator resolves the disputes between parties

On December 30th, three users of Gemini Earn filed a class arbitration case against Genesis Global Capital, Digital Currency Group (DCG), and Genesis Global Trading, with the American Arbitration Association. The claimants allege that Genesis breached its agreement with Gemini Earn users and engaged in the unregistered sale of securities.

Gemini, a crypto exchange owned by the Winklevoss twins, offered an ‚Earn‘ program where user assets were lent out to Genesis Global Capital, allowing users to earn interest. On November 16th, five days following the collapse of FTX and Alameda Research, Gemini announced that Genesis had halted withdrawals, leaving users unable to access their funds.

The claimants in the class arbitration want Genesis to return their digital assets as per the Master Digital Asset Loan Agreements made between the two parties. The arbitration case alleges that Genesis breached its Master Agreement when it became insolvent and concealed the fact from its lenders, including Gemini Earn users. Furthermore, the claimants allege that Genesis succeeded in concealing its insolvency partly by “orchestrating a scheme to transfer funds to other related entities.”

Class arbitration is a dispute resolution process where a neutral third-party arbitrator resolves the disputes between parties. While class arbitration is less formal, the decision of the arbitrator is binding and cannot be appealed, unlike class-action lawsuits. In the case of the Gemini Earn users and Genesis, the arbitrator will decide the fate of the $900 million in assets that Genesis owes to the claimants, and will determine whether or not the claimants are due any additional damages.

The class arbitration provides a unique alternative to class-action lawsuits for users who have been wronged by Genesis Global Capital. While the outcome of the arbitration is yet to be determined, it is likely that the decision of the arbitrator will have far-reaching implications for the parties involved, and could set a precedent for future disputes between crypto exchanges and their users.