Hey crypto enthusiasts! There’s plenty happening in the crypto world right now, so let’s break down the latest news and trends making waves.
Solo Miner Strikes Gold with $200,000 Reward!
Imagine hitting the jackpot on your own! That’s exactly what happened to a solo Bitcoin miner who successfully mined block 858,978. This lucky miner took home nearly $200,000 — yes, you read that right — by processing 2,391 transactions. What makes this even cooler is that the miner was part of the Solo CK Pool, a unique mining setup where only the miner who solves the block gets the reward. Considering they were working with just 456 petahashes of power, a tiny sliver of the total network, this win is a big deal. It’s a reminder that even with the odds stacked against you, solo mining can still pay off in a huge way!
Bitcoin Continues to Exit Exchanges, Supply Drops to New 2024 Low
In a notable trend, Bitcoin is increasingly moving out of centralized exchanges, hitting a new low for 2024. On-chain data shows that the Bitcoin Exchange Reserve — a measure of how much BTC is held on exchanges — has been steadily declining throughout the year. This downtrend suggests that investors are withdrawing their coins into self-custody, likely as part of an accumulation strategy.
Interestingly, this trend has accelerated as Bitcoin’s price dipped below the $60,000 mark, indicating that these withdrawals may be linked to fresh purchases. The fewer coins held on exchanges, the less selling pressure there could be, which is generally bullish for the market. Additionally, with fewer coins on centralized platforms, the risk associated with exchange mishaps, like hacks or collapses, diminishes — a lesson learned from the FTX collapse in 2022.
Now, here is a chart that shows the trend in the Bitcoin Exchange Reserve since the start of the year 2024:
Can FLOKI Make a Comeback?
FLOKI fans, don’t lose hope just yet! Even though FLOKI has taken an 11% hit recently, there might be brighter days ahead. Analysts are spotting signs of a potential rebound, like a double bottom pattern and a break above a downtrend line. These could be the signals that FLOKI is gearing up for a surge. And with the Fed’s decisions possibly impacting the crypto market, who knows? FLOKI could be in for a big comeback.
Crypto Market Movers: Who’s Up and Who’s Down?
It’s been a bit of a mixed bag in the crypto market lately. Overall, we’ve seen a 2% dip in the last 24 hours, with the total market cap standing at $2.18 trillion. On the bright side, Monero (XMR) is up 4.2%, showing some strong gains. But FLOKI wasn’t so lucky, taking the biggest hit with an 18.4% drop. Bitcoin is holding steady around $59,000, but with ongoing regulatory issues and economic uncertainty, it’s clear that the market is still finding its footing.
Stablecoins: The Unsung Heroes of Crypto?
While the rest of the market has been on a bit of a roller coaster, stablecoins are quietly making gains. For the eleventh month in a row, the stablecoin market cap has gone up, now hitting $169 billion. Tether (USDT) is leading the pack with a whopping $117 billion in market cap, and even PayPal USD is making moves, now ranked as the sixth-largest stablecoin. It looks like more and more people are looking for stability in this ever-changing crypto landscape.
SafeDAO’s Big Move: Monetization on the Horizon
Last but not least, let’s talk about SafeDAO. They’re stepping up their game with a new proposal to start monetizing through third-party integrations in their Safe{Wallet}. This could be a game-changer for the DeFi space, as SafeDAO looks to create sustainable revenue streams and boost token utility. With Native Swaps already lined up as the first integration, it’s clear that SafeDAO is serious about making a big impact.
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Crypto Weekly Wrap: Solo Miner Hits Jackpot, Bitcoin Exodus, and FLOKI’s Potential Rebound. was originally published in Coinmonks on Medium, where people are continuing the conversation by highlighting and responding to this story.