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Block has completed the design of its new prototype ASIC chip that it says will fast-track its plan to bring an “open source” Bitcoin mining rig design to market. Block, the financial services and technology company owned by former Twitter CEO Jack Dorsey, has announced it has completed the prototype design of its new five-nanometre (5nm) Bitcoin ( BTC ) mining chip — which it claims is key to decentralizing the supply of Bitcoin mining rigs. According to a blog post published on April 28, Block explained that developing Bitcoin mining ASIC rigs is both financially and technically challenging. The result of this has been “the excessive concentration of custom bitcoin mining silicon” in the hands of a select few companies. Block deems this centralization harmful to both miners and the Bitcoin network as a whole. We have an update on our mining initiative. This one is about ASICs https://t.co/bJOM9YNxfl — Thomas Templeton (@TempletonThomas) April 28, 2023 Notably, the San Franc

According to ChatGPT, there’s a 15% chance that Bitcoin will “fade to irrelevancy,” with prices falling 99.99% by 2035. A Coinbase executive claims to have discovered a “jailbreak” for the artificial intelligence tool ChatGPT that allows it to calculate the probability of bizarre crypto price scenarios. The crypto exchange’s head of business operations Conor Grogan, an avid ChatGPT user,  shared a screenshot of the results in an April 30 tweet — showing that ChatGPT states there be a 15% chance that Bitcoin ( BTC ) will “fade to irrelevancy” with prices falling over 99.99% by 2035. Meanwhile, the chatbot assigned a 20% chance of Ether ( ETH ) becoming irrelevant and approaching near-zero price levels by 2035. ChatGPT was even less confident about Litecoin ( LTC ) and Dogecoin ( DOGE ), however, attributing probabilities of 35% and 45% respectively for the coins to go to near zero. The Coinbase executive concluded that ChatGPT is “generally” a “big fan” of Bitcoin but remains “mo

A survey from the Financial Industry Regulatory Authority (FINRA) suggests that new crypto investors tended to be swayed by suggestions from friends, compared to equities or bond investors. Influence from friends and the fear of missing out (FOMO) were some of the reasons investors bought crypto for the first time in 2022, according to a survey by a United States financial regulator. Published by the United States Financial Industry Regulatory Authority (FINRA) Investor Education Foundation in late April, the survey found that a large portion (31%) of new cryptocurrency investors cited "friend suggestion" as the primary reason for their foray into crypto.  This is compared to only 8% for first-time equities or bond investors, potentially indicating that there is "a social element to cryptocurrency investing not evident in equities or bond investing," according to FINRA. However, the ability to “start with small amounts” was the second biggest reason for makin

Ordinals have been a controversial topic within the Bitcoin community but crypto investment firm Grayscale says there’s two main reasons to be optimistic. Bitcoin ( BTC ) Ordinals — also known by some as Bitcoin NFTs — could renew developer enthusiasm for Bitcoin and boost mining fees, according to cryptocurrency investment firm Grayscale. In an April 27 “Market Byte” blog post, the firm suggested that Ordinals provide two key benefits to the growth and development of the Bitcoin ecosystem. #Ordinals have generated a great deal of attention in the crypto ecosystem by introducing #NFT -like assets on the #Bitcoin blockchain. @mzhao8 and our research team explore their potential in our latest Market Byte: https://t.co/7muc9Lyrok — Grayscale (@Grayscale) April 28, 2023 The first is a substantial increase in fees paid to miners, which has been seen since the launch of the protocol in January , according to Grayscale. “The advent of ordinals has led to an increase in total fee

If Bitcoin price breaks above $30,000, several altcoins such as SOL, ATOM, ICP and HBAR are well-positioned for a rally of their own. Risky assets marginally extend their up-move in April. The S&P 500 Index rose around 1.5% in April while Bitcoin ( BTC ) is on track to end the month with gains of more than 4%. Could the rally continue in May or is it time for a pullback? The recovery could face headwinds if the United States banking woes escalate further. JPMorgan Asset Management chief investment officer Bob Michele said in an interview with Bloomberg that the turmoil at First Republic Bank is unlikely to be limited to the bank only , and could cause a domino effect. Crypto market data daily view. Source: Coin360 If that happens, then the U.S. equity markets may witness a correction. However, it is difficult to predict how Bitcoin will react to such a crisis because, in the past few days, BTC price rose while legacy banking troubles deepened. But in case of a major upheava

New Mexico is the cheapest US state to mine Bitcoin in terms of average electricity cost, while Hawaii is the by far the most expensive. It now costs Bitcoin ( BTC ) miners at least $17,000 to produce one BTC in the U.S. versus the $5,000-10,000 range a year ago, according to Bitcoin mining data resource  Hashrate Index and Luxor . Bitcoin hashprice has dropped 58% in a year Unsurprisingly, soaring electricity rates across the U.S. states have contributed to rising Bitcoin mining costs. Notably, between January 2022 and January 2023, the commercial electricity tariff surged at an average of 10.71% per U.S. state, higher than the average consumer price index surge of 6.4%. Average industrial rate rise between January 2022 and 2023. Source: EIA/Hashrate Index/Luxor Coupled with Bitcoin's downward performance in 2022, which saw a maximum drawdown from around $48,000 to below $15,000, it is evident that active miners generated consistent losses due to the increase in operati

Bitcoin approaches the end of April barely moving as BTC price offers little short-term clues on trajectory. Bitcoin ( BTC ) narrowed volatility on April 30 as the weekly and monthly candle closes loomed. BTC/USD 1-hour candle chart (Bitstamp). Source: TradingView Trader sees BTC price upside capped at $32,500 Data from Cointelegraph Markets Pro and TradingView tracked BTC/USD as it loitered just above $29,000 throughout the weekend. After unsettled price action earlier in the week, Bitcoin returned to sideways trading, with markets witnessing an eerie calm despite the potential for volatility thanks to lower weekend liquidity. As such, traders were hopeful that no unwelcome surprises would greet the candle closes. $BTC / $USD - Update Stablecoin Sunday for #Bitcoin today please pic.twitter.com/4qphyAOssT — Crypto Tony (@CryptoTony__) April 30, 2023 “Nothing has changed,” popular trader Elizy summarized in part of recent Twitter analysis of the 3-day chart. Eliz

YouTube’s swift intervention ensured damage control by preventing XRP hackers from interacting with the channel’s subscribers. Prominent YouTuber DidYouKnowGaming was able to regain access to his YouTube channel, which an anonymous bad actor hacked to promote XRP ( XRP ) cryptocurrency scams. While hacking into YouTube channels to promote scams has been a long-standing method of targeting unwary investors, the number of creators on the platform reporting hacks has increased. Most recently, DidYouKnowGaming — a YouTuber with 2.4 million subscribers — warned his Twitter followers about a hack. so sorry you're having to deal with this! first, we'll need to get some quick info from you & then we'll connect you w/ a specialist team who helps restore account access. follow us & we'll be able to DM you the info you need! — TeamYouTube (@TeamYouTube) April 28, 2023 After gaining access to the account, the hacker changed the YouTuber’s profile and cover images

The CIO of JPMorgan Asset Management said it’d be “naive to say that this is just limited to First Republic.” An executive at JPMorgan Asset Management is unsure how United States regional banks are “going to operate” when the Federal Deposit Insurance Corporation (FDIC) and Federal Home Loan Bank (FHLB) emergency lending programs expire – warning that the possible collapse of First Republic Bank may cause a domino effect. In an April 27 Bloomberg television interview , Bob Michele, CIO of JPMorgan Asset Management said that the impact of First Republic's liquidity issues caused by significant deposit outflows isn’t “just limited” to the bank itself, but could potentially affect the entire banking industry. Michele emphasized that this is not an isolated incident, when asked if he sees this as a “First Republic problem or a banking problem.” He stated: “Well, I think we have both, I think it’s somewhat naïve to say that this is just limited to First Republic.” He added that t

FDIC blamed SBNY’s board of directors and management for pursuing “unrestrained growth” using uninsured deposits without implementing liquidity risk management strategies. The United States Federal Deposit Insurance Corp’s (FDIC) post-mortem assessment of Signature Bank of New York (SBNY) revealed poor management and inadequate risk management practices as the root cause for its collapse. Signature Bank was shut down by federal regulators on March 12 in a bid to protect the U.S. economy and strengthen public confidence in the banking system. FDIC was appointed to handle the insurance process. @federalreserve @USTreasury @FDICgov issue statement on actions to protect the U.S. economy by strengthening public confidence in our banking system, ensuring depositors' savings remain safe: https://t.co/YISeTdFPrO — Federal Reserve (@federalreserve) March 12, 2023 On April 29, FDIC’s report on the matter highlighted the collapse of major US banks — Silvergate Bank and Silicon Va

Cross River is yet to admit nor deny the allegations that it “engaged in the unsafe or unsound banking practices” related to its lending activity in 2021. The Federal Deposit Insurance Corporation (FDIC) has requested Cross River Bank – known for its services to fintech and crypto firms like Visa and Coinbase – to "self-correct" and appropriately address weaknesses in its lending activities. On April 28, the FDIC made public a consent  order executed with Cross River Bank on March 8, alleging that the bank engaged in “unsafe” or “unsound” banking practices in regard to its compliance with applicable fair lending laws and regulations in 2021. Despite accepting the consent order, Cross River has yet to admit nor deny the violations discovered in the 2021 report of examination. It was noted: “The FDIC considered the matter and determined, and the Bank neither admits or denies, that it engaged in the unsafe or unsound banking practices related to its compliance with applica

Circle launches cross-chain transfer protocol, Visa shares plans for stablecoin product, Kraken fights back in court, and more. Top Stories This Week Circle launches cross-chain USDC transfer protocol Circle launched a cross-chain protocol that enables USDC transfers between the Ethereum and Avalanche blockchains. The protocol works by burning the selected amount of native USDC on the source chain, and minting an equivalent amount of new USDC on the intended destination chain. The protocol essentially makes USDC transfers between the two networks faster and more user-friendly, as prior to its launch, people had to use third-party bridges or a Circle partner to facilitate transfers between the two networks. Additional support for Solana and other blockchains will be added later in 2023. Stablecoin payments: Visa shares plans for ambitious crypto product Cuy Sheffield, the head of crypto at Visa, announced a new cryptocurrency-related project, on April 24, focused on stablecoin pa

Mastercard’s new solution revolves around providing “secure transactions between users, verified according to standards” set by the company. Global financial services giant Mastercard has launched a new Web3 solution aimed at enhancing user verification standards and “reducing the opportunities for bad actors” in the digital asset space. The solution is dubbed the “Mastercard Crypto Credential” and its launch was announced on April 29. In an accompanying explainer video shared to Twitter, the firm outlined that its “building a way for Web3 and blockchain service providers to help secure transactions between users, verified according to standards set by Mastercard.” At #Consensus23 , we announced how we are instilling trust in the blockchain ecosystem through Mastercard Crypto Credential. With crypto wallet providers @Bit2Me_Global , @LiriumAG , @MercadoBitcoin and @UpholdInc and public blockchain network organizations @AptosLabs ,… pic.twitter.com/P33mtDVAas — Mastercard New