The bank initiated coverage of the stock with a buy rating and a $430 price target, implying 40% potential upside.
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Author: Will Canny
EthereumPoW, a fork of Ethereum that preserved the original energy-intensive proof-of-work consensus mechanism, appears to have made no updates to its fork of the Go Ethereum client — commonly called Geth — since launching in September alongside The Merge.
EthereumPoW calls itself “the original PoW-based Ethereum network” that decided to remain proof-of-work when the Ethereum Foundation shifted the primary blockchain to a more environmentally friendly proof-of-stake consensus mechanism. However, EthereumPoW’s Geth code on GitHub shows no commits — a software development term for how a code update is confirmed and implemented — in over seven months.
That apparent lack of action drew criticism yesterday from Bob Summerwill, the executive director at ETC Cooperative, who tweeted: “That such a low-effort affinity project has over $300 million market tells us how little ‘signal’ there is in price.”
ETC Cooperative is the primary contributing team behind the original Ethereum fork that resulted in the creation of Ethereum Classic in 2016 and serves as a competitor to EthereumPoW.
One EthereumPoW coin is currently trading under $3. Ethereum’s native coin is trading above $1,900 per coin.
The price of EthereumPoW is down 80% from its all-time high. Source: TradingView
Is EthereumPoW trying?
Although a lack of commits posted on GitHub doesn’t inherently imply a problem, it could suggest that the EthereumPoW team may be facing challenges — or not making any attempts to enhance the Geth code.
In September 2022, the team experienced issues while trying to create a new chain ID for their forked chain. Due to the unavailability of a new chain ID, the Coinbase protocol team stepped in and started submitting pull requests to the EthereumPoW repository to address the problem.
The EthereumPoW team did not immediately respond to a request for comment.
© 2023 The Block Crypto, Inc. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
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Author: Adam James and Vishal Chawla
Episode 41 of Season 5 of The Scoop was recorded with The Block’s Frank Chaparro, and Zodia Markets CEO Usman Ahmad.
Listen below, and subscribe to The Scoop on Apple, Spotify, Google Podcasts, Stitcher, or wherever you listen to podcasts. Please send feedback and revision requests to podcast@theblock.co.
Usman Ahmad is the CEO of Zodia Markets, a crypto trading firm that partners with institutions and corporations. Zodia Markets is already registered by the UK’s Financial Conduct Authority and is in late stage conversations with the central bank of Ireland, which with new EU regulation means a passport to Europe. But given demand from the U.S., the firm has accelerated its strategy.
In this episode, Ahmad talks about Zodia, its evolution and the division of custody.
During this episode, Chaparro, and Ahmad also discuss:
- Zodia’s risk management strategy
- How to develop a diverse crypto business
- Potential catalysts in the months ahead
This episode is brought to you by our sponsors Circle and CleanSpark.
About Circle
Circle is a global financial technology company helping money move at internet speed. Our mission is to raise global economic prosperity through the frictionless exchange of value. Visit circle.com/Scoop to learn more.
About CleanSpark
CleanSpark (NASDAQ: CLSK) is America’s Bitcoin Miner™. Visit cleanspark.com/theblock to learn more about the CleanSpark way.
© 2023 The Block Crypto, Inc. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
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Author: Davis Quinton and Frank Chaparro
Euro regulators are looking again at their centralized settlement systems in seeking to keep pace with digital innovation as they explore central bank digital currencies.
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Author: Jack Schickler
Bitcoin’s long-term holder spent output profitability ratio (LTH-SOPR) shows coins moved onchain that have a lifespan of at least 155 days or higher are being sold at profit. That suggests the bitcoin bear may be behind us.
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Author: Omkar Godbole
The world’s largest crypto exchange acquired Sakura Exchange BitCoin last November.
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Author: Lavender Au
The crypto mining company is in a stronger position now, interim CEO El-Bakly said
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Author: Sheldon Reback
The founder of bitcoin pool operator MTI was charged with fraud last year for running an unlicensed commodity pool scheme.
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Author: Sandali Handagama
Crypto companies have complained that opening bank accounts in the jurisdiction is difficult.
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Author: Lavender Au
Following the announcement that Binance, the leading crypto exchange by volume, would launch perpetual futures contracts for NFT marketplace Blur’s governance token, large holders of the token — commonly called whales — have displayed a mixed response.
Binance announced on April 27 that it would launch a perpetual futures contract to bet on the price of blur against the stablecoin tether with up to 20x leverage. The blur/USDT contract will go live at noon UTC today.
Earlier today, one whale purchased 1.39 million Blur governance tokens with one million USD Coin at an average price of $0.72. The swaps took place via decentralized exchange aggregator 1inch.
Conversely, another whale sold. A wallet with the Ethereum Name Service domain luggis.eth swapped 1.77 million BLUR for 1.2 million USDC at an average price of $0.68 per token. This netted luggis.eth a loss of approximately $295,000, an on-chain analyst known as Lookonchain noted on Twitter. Luggis.eth currently no longer holds any Blur governance tokens.
The market price for Blur’s governance token is currently $0.72, according to data from Etherscan.
The price of Blur’s governance token has increased by more than 15% over the past week. Source: TradingView
Blur has fewer daily active users than OpenSea Pro
Blur itself has seen declining volumes over recent weeks — with some claiming the NFT marketplace marketed for professional traders isn’t particularly friendly for mainstream NFT traders.
“It’s just been degens PvP’ing each other all year,” one Twitter account tweeted, referring to the platform’s temporary incentive program encouraging bidding over organic trading.
As The Block previously reported, rival NFT aggregator OpenSea Pro saw significant increases in active addresses and transaction volumes following its launch, taking the top share of transactions in a competitive market.
OpenSea Pro’s share of daily active users has only increased since then. According to the data tracking platform Dune, it currently comprises 70% of the market.
OpenSea Pro’s share of daily active users has increased steadily. Source: Dune / @onures
However, Blur has a slight lead in daily volume share among NFT aggregators at 51% to OpenSea Pro’s 46%.
© 2023 The Block Crypto, Inc. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
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Author: Adam James
