Yuga Labs’ First Bitcoin NFT Auction Nets $16.5M In 24 Hours

Yuga Labs’ First Bitcoin NFT Auction Nets $16.5M In 24 Hours

On Monday afternoon, Yuga Labs Inc., the company behind the top nonfungible token series Bored Ape Yacht Club, held a sale for its first bitcoin-based collection, dubbed “TwelveFold,” and garnered $16.5 million. The company has announced that 288 successful bidders would receive one of the Bitcoin NFTs from the inventory within one week, while failed bidders will have their initial investment returned to them within twenty-four hours.

Late in February, Yuga released a new art series called TwelveFold, which he called “a graphic allegory for the encryption of data on the bitcoin blockchain” and which was “inspired by bitcoin.” Three hundred pieces of the collection’s generative art were created with that motif in mind. Although while NFTs can be launched on the bitcoin blockchain, this is not a common practise. Since the introduction of the project in January, the number of NFTs uploaded to the bitcoin blockchain that make use of Ordinals images that are “inscribed” on the blockchain has increased dramatically.

In contrast to other NFT collections from Yuga Labs, TwelveFold is the first to be distributed via the bitcoin blockchain. Bored Apes Yacht Club, Mutant Ape Yacht Club, Otherside virtual land plots, Cryptopunks, and Meebits are just some of the company’s other NFT collections that have been released on the Ethereum blockchain. Each of the 288 Bitcoin Ordinals-based NFTs was auctioned off, with the highest bidder paying just over 7 BTC. Tokens representing non-fungible digital assets, such as works of art, songs, video game items, concert tickets, and other intangible or tangible goods, are known as non-fungible tokens (NFTs), a subset of crypto assets based on blockchain technology. Due to the fact that NFTs are exchanged on blockchains and stored in crypto wallets, they have a market value that can be purchased, sold, and traded for cryptocurrency.

After only 24 hours, the auction for Yuga Labs’ first collection of Bitcoin Ordinal nonfungible tokens brought in $16.5 million. By using “satoshis,” the smallest unit of bitcoin named after bitcoin’s anonymous developer, Satoshi Nakamoto, it is feasible to store photos on the blockchain. In total, 288 lucky bidders took home a piece of Bitcoin NFT art from the “TwelveFold” series. Yuga promised the inscriptions to the winners will be sent out within a week, and he promised to refund the money to the losers within 24 hours. In a late February announcement, Yuga called the collection a “base 12 art system centred on a 1212 grid, a visual allegory for the mapping of data on the Bitcoin blockchain.” Yuga employed a recently released mechanism for adding NFTs to the bitcoin blockchain called Ordinals, which required a custom protocol.

Debate arises about the bidding process during an auction.

Since all bids had to be sent in bitcoin to a single address that Yuga managed, the auction’s technique was received with scepticism from the cryptocurrency community. They said that those who won would get their NFT and those who didn’t would get their money back. The idea of handing over money to a firm in the event of failure and then having to wait for a reimbursement was unsettling to the community. There were only 300 of these available, and the sale started on Sunday and lasted for 24 hours. There were 3,246 bids in total, with 288 buyers spending a total of $16.49 million in BTC to win the auction. Bidding went as high as 7.1159 BTC, or about $159,500, and as low as 2.2501 BTC, or just over $50,000.

Twitter user “ordinally,” whose account is dedicated to the Ordinals, chimed in on the debate as well, calling the situation a “scammer’s fantasy” because the Ordinals were “taking custody of bidders’ bitcoin.” He continued by saying that he had no evidence to suggest that Yuga was acting fraudulently, but that this would be a poor model for future auctions.

Argo Increases Bitcoin Production Despite BTC Difficulty Growth

Argo Increases Bitcoin Production Despite BTC Difficulty Growth

Repeatedly, Argo Blockchain has demonstrated its worth by increasing its daily Bitcoin output rate by an astounding 7%, despite the fact that average network difficulties increased by 10% in February. Even after several months, the cryptocurrency market is still in the red. One such company is Argo, a leading Bitcoin mining operation situated in the United Kingdom. When it comes to bitcoin mining, Argo Blockchain is a frontrunner in both the North American and European markets.

Bitcoin and Ethereum, two of the most popular cryptocurrencies, have dropped in value during the past week, and the short-term future is currently unpredictable. Despite the current status of the industry, however, some businesses are thriving. The company’s mining output increased dramatically from January’s 5.4 BTC per day to a staggering 162 Bitcoin or comparable in February.

Argo Boosts Bitcoin Manufacturing Capacity

Argo said on Tuesday that it would be increasing its Bitcoin output regardless of the rising difficulty of Bitcoin mining. In February, the firm reported creating 162 BTC, a daily rise of 7 percent from the previous month. Argo uses renewable energy to power its mining operations, decreasing the company’s carbon impact and paving the way for long-term success. Argo claims that the rise in output is the end consequence of the company’s efforts to enhance the effectiveness of its mining operations.

Won’t There Ever Be A Bad Time For Mining?

As of 28 February 2023, the overall hashrate of Argo Blockchain was 2.5 EH/s, or the equal of 101 BTC. It’s estimated that mining earned $3.76 million in February at the average price of a cryptocurrency of around the same market cap. He further stressed the firm’s commitment to operational excellence and the enhancement of internal business processes. Acting CEO of Argo Seif El-Bakly was ecstatic by the team’s accomplishment and lauded their hard work. He credited the incessant efforts of the technical and operations departments.

This release, however, contains important data and forward-looking statements that reflect the Company’s current judgements, assumptions, or expectations regarding its financial results, business strategy, and intentions. The actual results, prospects, and performance of the Company could be adversely affected by a number of risks and uncertainties. accordingly, it is crucial to maintain vigilance and adapt to the changing times. Instead, they monetize the mining process, which requires figuring out intricate mathematical puzzles in order to verify blockchain transactions. Bitcoin mining is a highly profitable industry within the cryptocurrency sector. Even with the price fluctuations, mining companies like Argo Blockchain are making huge profits. As a result, mining remains one of the best revenue generators in the cryptocurrency industry, as it can be relied upon to generate profits even in the face of economic uncertainty. Income for mining businesses is relatively immune to market changes, in contrast to the situation for traders and investors.
As opposed to traders and investors, mining businesses’ profitability is only moderately tied to Bitcoin’s market price. There will be increased competition in the mining market, leading to higher difficulty levels in the network, as more people and businesses enter the industry. A company like Argo Blockchain, which has created novel strategies to keep up, has just announced significant increases in Bitcoin output. Success stories like Argo’s and the aforementioned businesses show how resilient and innovative they can be in the face of adversity, such as the growing difficulty of Bitcoin mining.
In conclusion, it’s impressive that the Argo Blockchain was able to boost Bitcoin output despite the network’s growing difficulty. It reflects the company’s professionalism and commitment to superior business practises. In addition, Argo isn’t the only company flourishing despite the increased difficulty of Bitcoin mining. It is safe to say that mining will remain an important part of the bitcoin ecosystem as it undergoes continual change and development in the years to come. Marathon Digital and Cipher Mining are two such companies. It has been reported that in February, Bitcoin production at Marathon Digital increased by around 10%. Moreover, Bitcoin production at Cipher Mining is up 16% from January levels. However, Argo is poised to remain a major participant in the mining sector, contributing to the expansion of the broader crypto ecosystem as the cryptocurrency market continues to develop.

Bitcoin falls below $22,500; Litecoin, Dogecoin tumble up to 8%

Bitcoin falls below $22,500; Litecoin, Dogecoin tumble up to 8%

Turbulence in the crypto market

The fate of cryptocurrencies was different on Friday, when equities on the Indian market were experiencing a rise. Prices on the cryptocurrency exchanges fell precipitously as a result of market worries. According to Investing.com, U.S. lawmakers have said they are looking into Binance, a prominent cryptocurrency platform, for allegedly breaking regulations.

The shares of cryptocurrency bank Silvergate Capital fell more than 50% on Thursday as a result of the company delaying the release of its financials. The top cryptocurrencies experienced an abrupt decline in value as a result of the concerns that were hovering over the industry.

The changes in price

But its phenomenal gains in February were short-lived, bitcoin fell once more. On February 20, Bitcoin reached a high of $24,809, which was a six-month high for the most popular cryptocurrency in the world. Bitcoin originally fell below the $23,000 mark before breaking through the $22,500 barrier to trade at $22,300. On the other side, Ethereum surpassed the $1,600 mark and was trading at about $1,560.

As their market leaders did, altcoins decreased. In the past 48 hours, well-known altcoins like Litecoin and Avalanche lost 9% and 8% of their value, respectively, while meme-based Dogecoin as Cardano lost 7% apiece and Polkadot as well as Shiba Inu lost 6% apiece.

Stablecoins, which derive their currency from fiat money like the dollar, were the only cryptocurrency to survive the attack. A sign of the bubble-like atmosphere that now surrounds the cryptocurrency industry is the effect that any volatility in the exchange of cryptocurrencies might have on the valuation of the coins themselves.

One of the main reasons why investors steer clear of cryptocurrencies is the market’s tremendous volatility. Since the exchange has a significant effect on the worth of independent cryptocurrencies, there is concern about the market’s maturation.
Even though trading in meme coins has the potential to be profitable, doing so is extremely hazardous and more akin to gambling than actual investing. You might turn a profit if you manage to purchase or sell at the ideal moment. However, the likelihood that you will lose most or all of your investment is higher.

Focusing on things that are anticipated to do well and over long term is a superior strategy. Since cryptocurrencies in aggregate is still quite speculative, its future performance is unknown. But if you do decide to invest in cryptocurrencies, be sure to pick assets that have good skills which are more probable to stay around over time.
Cryptocurrencies are well-liked because they protect users’ privacy during monetary operations. The most widely used method for preserving privacy in bitcoin applications is now zero-knowledge technology. The projections for bitcoin in 2023 would take into account the potential for increased acceptance of zero-knowledge proofs.

In order to prove information without disclosing the facts included in the proof, zero-knowledge proofs employ a systematic methodology including a prover, validator, and scientific procedure. In the cryptosphere, zero-knowledge theorems are a unique tool because blockchain networks have built-in transparency.

The ZKPs’ inventiveness is the most salient feature that underlies the potential projections for the crypto business in 2023 regarding the adoption of ZKPs. Zero-knowledge proof application cases have been established in numerous recent initiatives.
ZKPs specifically help in the crypto business with identity verification. Without disclosing their private or sensitive information, users might rely on ZKPs for the on personal identification. In order to increase interoperability, zero-knowledge demonstrations would also significantly improve the security of cryptographic bridges.

So, this is how the price changes can be seen in the market and you can know about it based on the predictions.

Bitcoin Price Tumbles as Silvergate Fears Wipe Out Bullish Crypto Traders

Bitcoin Price Tumbles as Silvergate Fears Wipe Out Bullish Crypto Traders

The change in bitcoin price trend

Due to concerns about Silvergate Capital, a lender specializing on cryptocurrencies, Friday saw a decline in the price of bitcoin and other cryptocurrencies. This decline put the regulatory environment and market functionality at danger.
Over the past 24 hours, the Bitcoin’s value has dropped 4% to around $22,350, moving below the $23,000 mark that it had been holding above for weeks. Bitcoin reached its lowest point since early February, sitting above $22,000.

If Bitcoin manages to defend $22,000, the next halt will likely be around $21,400, predicted by an economist at cryptocurrency exchange Bitbank. This will be where its February bottom and November peak are converging.

Apparently, concerns concerning issues at Silvergate usually had its traders in a tizzy. In late-Wednesday filings, Silvergate, a significant broker in the institutional cryptocurrency market and a powerful banker to corporations that deal in digital assets, admitted that the selling of securities during a bank run may leave it “worse than the well.” A bank that is federally insured stated that it was assessing its capacity to do business going forward and that it was “in the stage of reviewing its activities and plans,” noting regulatory scrutiny.

The price trend

Early effects on cryptocurrency prices were minimal: during late Wednesday and early Thursday, Bitcoin gradually declined from about $23,500 to around $23,300 before prices crashed to little under $22,000 early Friday. Due to losses in the cryptocurrency derivative instruments, where Bitcoin futures are the most stable market among digital assets, prices plummeted precipitously, pushing Bitcoin below the $23,300 barrier.
Positions in Bitcoin futures are frequently taken on margin, or with borrowed money from such a broker, and they can be instantly lost if the price of the securities Bitcoin itself—falls under a necessary level. In the past day, bets in cryptocurrency futures held by around 80,000 traders—across all cryptocurrencies, not just Bitcoin—have been liquidated, wiping out $240 million.

In fact, it’s possible that in the short run, these crypto-specific concerns will outweigh the stock market’s correlation, which frequently sees Bitcoin trade in sync with the indexes known as the Dow Jones Industrial Average and S&P 500. But, investors’ concerns about rising interest rates and inflation on the asset prices, where traders would be prudent to keep a watch, are variables that are projected to continue to be important for sentiment toward cryptocurrencies over the long term.

Even while that trend might already be in motion—many exchanges and trading companies have already announced that they are ceasing to use Silvergate’s platform—one market participant thinks it won’t be fatal.
The possibility that issues at the institution could affect liquidity in the crypto markets is a major worry surrounding Silvergate. If the company stops facilitating transfers among exchangers and investment firms, which conduct the majority of Bitcoin trading, it might exacerbate liquidity difficulties that have already existed over months, increasing the volatility of cryptocurrencies.

Regulation worries are also significant, particularly in light of the industry’s growing legal storm clouds after FTX’s collapse in November. The Office of the Comptroller, the Federal Deposit Insurance Corp., and Federal Reserve all issued warnings to banks about the dangers of accepting deposits from cryptocurrency businesses in late February. According to Silvergate, it was reviewing ongoing regulatory investigations as well as other queries and investigations.

According to the algorithmic trading platform, Silvergate’s issues might potentially shake up the cryptocurrency market in the short future. The constitutional and regulatory challenges the crypto business is currently facing will persist in the long run. So these are the trends that can be seen usually.

BitcoinBridged to Avalanche Reaches Record Daily Mint of Over 2K BTC

BitcoinBridged to Avalanche Reaches Record Daily Mint of Over 2K BTC

Clearing the daily record of crypto

As the availability of wrapping bitcoin (wBTC), the biggest packaged variant of bitcoins on Ethereum, decreases, interest in connecting bitcoin (BTC) to the Basalt cryptographic protocol blockchain (BTC.b) keeps rising.
The greatest single-day BTC.b mint ever took place on Thursday, when over 2,000 BTC ($44 million) were moved to Avalanche, thus according data taken from Dune Application installed of anonymous analyst 0xAcid. As a result, BTC.b’s total quantity in circulation has increased to 8,572.

According to, BENQI Finance now has half of the bitcoin that was created on Thursday. BENQI Finance is a decentralized finance (DeFi) system built on the Avalanche platform that enables users to borrow, loan, and boost production on digital content.
BTC holders can now use their coins to make additional income in the Avalanche based decentralized finance (DeFi) ecosystem after the company enabled functionality for bitcoin on its cross-chain bridge in June 2022. Since then, BTC.b has grown significantly, surpassing the amount of coins stored on the Lightning Network.

A crypto bridge is a device that enables communication between the two blockchains, which are financially and technologically distinct. According to a forensics outfit, bridges were a favorite target of hackers last year, making for nearly 70% of all exploits in the cryptocurrency sector.

The records of crypto

The WBTC supply decreased as the unprecedented BTC.b mint occurred. Evidently, well-known WBTC holder and bankrupt cryptocurrency lender Celsius Network exchanged a sizable sum of WBTC, precipitating a significant decline in the token’s supply.
The Ethereum-based token WBTC, created by Bitgo, is priced in relation to bitcoin. The token’s supply has been decreasing ever since it topped at 285,000 during April of last year.

Since Avalanche allows users to generate and redeem BTC.b at any moment with the bridge inside a non-custodial screen recording Basic, avoiding the need for middlemen, the Avalanche group believes that BTC.b is a superior alternative than WBTC. In contrast to WBTC, which depends on merchants to begin the procedure or minting and destroying, it gives users more control.

According to a pseudonymous author for the automatic market maker Osmosis located in Cosmos, claims that the holders of AVAX, the native currency of Avalanche, have not yet noticed the increased use of BTC in DeFI as shown by the rising supply of BTC.b. AVAX was trading near $16, the weakest since January 20, at the time of publication, down about 6% on the day. According to research, the cryptocurrency’s market value has increased by 50% this year.

As Bitcoin’s popularity has increased over time, more people have probably started to wonder how it operates. A massive global community of participants secures and manages the Bitcoin system, a distributed cryptocurrency that runs on it. It is a non-national asset which may be bought and exchanged in small amounts. In contrast to the U.S. dollar, Bitcoin is rare and deflationary due to its 21 million maximal coin supply, which is protected by its open-source code.

The price of Bitcoin in US dollars, which is frequently paired with the dollar, has significantly risen over time. Owners of BTC can store their own Bitcoin and conduct global transactions with it without any restrictions on operating hours. Throughout time, Bitcoin has also attracted a lot of mainstream interest, probably as a result of celebrity endorsements by figures like Elon Musk and corporate adoption. Bitcoin operates independently of the blockchain, thus it doesn’t require any other parties to help with transactions or value storage. The brilliance of the Bitcoin network lies in mining bitcoin. So this is how the trends usually change and you can see it.

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