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As a recent Messari report outlined, the XRP Ledger (XRPL) showcased notable progress during the first quarter of 2024. The decentralized public blockchain, which facilitates the transfer of XRP, fiat currencies, and other digital assets, has demonstrated substantial activity. XRP Ledger Burn Rate Slows Amid Low Fees During Q1 2024, XRP, the native token of the XRPL, secured its position as the sixth largest cryptocurrency by market capitalization, reaching $34.1 billion (currently $29M). Despite a slight price decrease, XRP’s circulating market cap witnessed a 1.3% growth quarter-over-quarter (QoQ). Related Reading Forget Fear, Embrace Greed? Bitcoin Soars As Sentiment Turns Red Hot 1 week ago The XRPL employs a deflationary mechanism by systematically burning trans action fees. This process exerts downward pressure on the total ...

In a recent development, the Internal Revenue Service (IRS) of the United States has declared a temporary suspension of the enforcement of reporting requirements concerning cryptocurrency transactions surpassing $10,000. This decision is a response to revisions made to the Infrastructure Investment and Jobs Act (IIJ Act) by the Treasury and the IRS. Despite the law coming into effect on Jan. 1, which mandated all U.S. businesses to report such transactions, the IRS has opted to postpone enforcement. This is until a comprehensive regulatory framework is put in place. Temporary Reprieve for U.S. Businesses This temporary relief for U.S. businesses entails that, at present, digital assets will not be taken into account. Particularly when determining if a transaction meets the $10,000 reporting threshold. The purpose of this enforcement pause is to allow businesses sufficient time to adjust to the new rules. This however is without exposing them to unintended legal consequences. The c...

The number of transactions on the Near blockchain soared above 13.935 million. According to Colin Wu, the spike coincided with the minting of the first inscription, NEAT. Near Chain generated a record $173,000 in transaction fees on December 1. Near protocol achieved a milestone after a remarkable spike in the number of trans action s on its native blockchain. As seen on a chart on its website, the number of trans action s on the Near blockchain soared above 13.935 million on December 1, 2023. Source: nearblocks.io In a post on X (formerly Twitter), renowned crypto journalist Colin Wu noted that the recent spike in the number of trans action s on the Near Chain coincided with the minting of the first inscription, NEAT, and support from Near’s official tweet. Apart from the rally in the number of trans action s, Wu also noted that Near Chain generated a record $173,000 in trans action fees on the same day.  NEAT is the first Inscription standard to lau...

Coinbase’s Ethereum layer-2 network garnered significant attention upon its launch. At the moment, the interest remains progressive, as indicated by the increasing number of transactions processed. Data from IntoTheBlock revealed that Base recently recorded a substantial 1.4 million transactions, closely approaching its previous record of 1.42 million, which was achieved back in August. Source Furthermore, the total count of addresses holding a balance on the Base network has witnessed a remarkable surge, reaching 1.25 million. This represented a notable twofold increase when compared to the preceding month. Along with this, the total value locked into this network hit an all-time high of $387 million. This increase is rather unexpected, especially in light of recent challenges faced by the network. In early September, the Base chain experienced difficulties, notably encountering a significant outage. During this incident on Sept. 5, the network ceased generating new blocks ...

WBTC has been seeing a lot of activity after actions from whales resulted in a drop in exchange supply. At press time, WBTC was worth $29,595.75 after its price climbed by more than 2% over the past day. A daily close today above the 20-day EMA line could see WBTC’s price climb to above $30K. Wrapped Bitcoin (WBTC) is seeing a lot of activity today after two 2,000 WBTC moves resulted in a drop in exchange supply, according to a post shared on Twitter by the on-chain analytics platform Santiment. Subsequently, CoinMarketCap indicated that WBTC was trading hands at $29,595.75 after its price rose by 2.35% over the past day of trading. #WrappedBitcoin is seeing major activity today after a pair of 2,000 $WBTC moves that resulted in a drop in exchange supply. On-chain trans action volume is at its highest level in over a month. This is especially relevant in how $BTC can be impacted. https://t.co/aqOhP6haek pic.twitter.com/fFaViXW2MC — Santiment (@santime...