| Hey Cryptonews, here's our curated daily bundle of crypto news. | | Bitcoin miner outflows decline to a new all-time low of 43.249 BTC |  | | The latest Bitcoin miner metrics have shown useful insights about market conditions. Glassnode, recently alerted that the Bitcoin miner outflows declined to the lowest levels in the last 19 months. The Outflow Volume now has a reading of 43.249 BTC.
The low miner outflows can be attributed to cooler market conditions. Over the last few weeks, Bitcoin volatility witnessed a slowdown. The hype during the Bitcoin ordinals season had died down, which is what led to less miner revenue and lower miner outflows. Moreover, this also took a toll on miner inflows as the metric declined in the last few days. Bitcoin's transaction count has also been reducing over the last five days, going down to 3-month lows.
Another metric called the BTC miner reserves metric saw an incline to a healthy level since its lowest reading registered in May. The shift suggested that more miners are willing to HODL. Speaking of the level of confidence, the miner reserve metric also suggested that long-term confidence is returning to the market. | | | Learn More | | Ethereum: TVL in liquid staking protocols sees an increase of 144% |  | | Recent reports revealed that Ethereal staking has been attracting increased interest, despite being in the aftermath of the 2022 crypto winter. According to Token Terminal, since the beginning of the year, the total ETH staked through liquid staking platforms had increased progressively.
After the Shapella upgrade, liquid staking protocols extended their dominance, outperforming CEXes and other staking options. At press time, liquid staking commanded 36% of the total staking market share. Liquid staking had also become the largest sub-sector in the DeFi landscape, outpacing DEXes. The total value locked in liquid staking protocols on a year-to-date basis increased by 144% to a press-time value of $21,6 billion.
Most of these accomplishments in liquid staking can be attributed to Lido Finance [LDO], the largest DeFi protocol. At the time of writing, LDO has a TVL of $14.76 billion. Moreover, in the last 30 days, LDO saw gains of 7.45% and was trading at $2.03 at press time. This increasing value has also led to the total number of LDO holders growing by 6% over the last month. | | Learn More | | Shibarium testnet hits new milestone ahead of Shibarium's mainnet launch |  | Shibarium testnet's total transactions crossed the 31 million mark Shibarium's native tokens, BONE and LEASH, gained upward momentum
On 20 July, NOWNodes revealed that it was working on the final stage of Shibarium's mainnet launch. The news sparked excitement, leading to the Layer 2's testnet reaching a notable milestone.
Shibarium's testnet explorer, Puppyscan, reported that the network's total transactions exceeded 31 million and its total wallets exceeded 17 million. However, daily transaction count declined over the past few weeks.
Amidst this, the Shiba Inu ecosystem's BONE token responded positively, surging over 4% in the last 24 hours. It traded at $1.32 at the time of writing, with a market cap of over $303 million, ranking 104th in size. The uptick caused increased accumulation, with BONE's exchange outflow spiking.
Following suit, the ecosystem's third token, Doge Killer [LEASH], also saw a surge in price in the last 24 hours. Moreover, SHIB's market capitalization increased, propelling it from the 19th to the 18th position among the top cryptos. | | Learn More | | SEC's appeal won't be a setback for XRP holders — Pro XRP lawyer
|  | John Deaton reassured XRP holders that a potential appeal by the SEC would not greatly impact them Deaton explained that the appeal decision may take over two years, keeping the summary judgment in effect
Pro-XRP lawyer John Deaton reassured XRP holders that a potential appeal by the SEC would not greatly impact them. The judge's ruling already determined that XRP tokens sold programmatically through exchanges are not securities. However, the same also raised questions about the potential legal implications if the SEC decides to challenge the ruling.
On 21 July, the SEC stated in a filing that it will request a review of the Ripple lawsuit decision after Terraform Labs CEO Do Kwon expressed his intention to use it as a precedent to argue against classifying digital assets as securities. Deaton, who represents 75,000+ XRP tokenholders, discussed possible scenarios and complexities of enforcing the summary judgment.
Deaton explained that the appeal decision may take over two years, keeping the summary judgment in effect. He added that the timing of the SEC's appeal initiation remains uncertain. Furthermore, Deaton emphasized,
"...An appeal is not even close to a setback. Don't let anyone underestimate how significant this win is for XRP and XRPHolders and Ripple."
| | Crypto payment platform Alphapo loses >$31M in major hack |  | | Crypto payment platform Alphapo lost over $31 million from its hot wallets in a hack involving Ethereum, TRON, and Bitcoin. The actual amount of stolen Bitcoins remains uncertain, possibly exceeding the reported figure.
On-chain sleuth ZachXBT reported that the funds were initially stolen on the Ethereum network and then converted to ETH before being moved to the Avalanche and Bitcoin blockchains. A possible cause of the breach is a leak of private keys, as per DeDotFi's security team.
Alphapo's client, HypeDrop, suspended crypto transactions following the hack. HypeDrop noted that it was experiencing deposit and withdrawal issues due to the hack but assured customers that their funds were safe and deposits will be credited once the provider's operations resume
Despite not commenting on the incident, a spokesperson for Alphapo stated that they are gradually reinstating deposits and withdrawals for specific batches of currencies at a time. Additionally, users were advised not to send funds to old deposit addresses, but if done, such deposits will undergo additional verification.
| | Arkansas counties rush to implement noise regulations for crypto miners |  | | Arkansas counties are fast-tracking emergency legislation to control noise and activities linked to crypto mining ahead of an upcoming state law, effective 1 August. The new law will impose data center regulations on crypto mining facilities, safeguarding them from discriminatory measures and taxes. However, Arkansas residents had little time for discussion, as the legislation was proposed, debated, and passed within a week.
Arkansas State Rep. Rick McClure authored the bill, reportedly facing no opposition during committee discussions. Furthermore, local authorities are enacting more rules to address 24/7 noise complaints.
After passing the bill, the Association of Arkansas Counties created a model ordinance for counties to use before the law takes effect. Over a dozen counties have since passed noise ordinances targeting data centers.
Notably, the new legislation doesn't fully prohibit county regulations but prevents discrimination against crypto mining facilities and sets limits on decibel levels as per general sound pollution regulations. Counties are also barred from rezoning areas to discriminate against digital mining operations.
| | Nigerian central bank enables contactless eNaira payments |  | This, by integrating Near Field Communication (NFC) technology The central bank sees NFC technology as crucial for enhancing adoption rates
Despite the former governor's removal two months ago, the Central Bank of Nigeria (CBN) remains committed to its CBDC project. Recently, the CBN improved the CBDC mobile app by integrating Near Field Communication (NFC) technology, enabling seamless and contactless eNaira payments between mobile devices and payment terminals.
The CBN sees NFC technology as crucial for enhancing adoption rates, favoring it over previous QR code versions. Joseph Angaye, the deputy director of the CBN's risk management department, stressed their commitment to enhancing user experience with innovative technology. Angaye also revealed that the CBDC will have programmability features, restricting payments to designated government programs, reducing fraud risk.
Angaye explained that CBDC programmability allows targeted fund allocation to farmers for specific purposes like tool acquisition, ensuring funds can't be diverted. He highlighted CBDC benefits for retail users, including reduced settlement risks and faster transactions. Lastly, he emphasized that the eNaira aims to promote financial inclusion and offers valuable insights for economic players. | | Top cryptos battle the bears |
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