What’s happening in crypto today? Daily Crypto News Summary

Last updated: May 3, 2024 at 7:21 a.m. EDT | 5 minutes of reading

Get your daily digest of blockchain and crypto news today, investigating the stories that are flying under the radar in today’s news.

In crypto news today:

• Why is crypto up today?
• BNB Smart Chain Is the “Largest L1” by DAU
• Negative margins of Bitcoin: harsh reality after the halving
• Bitrue expands its Bitcoin Runes offerings

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Why is crypto up today?

The total market capitalization of cryptocurrencies is up 2.6% today. It currently stands at $2.332 billion, according to has CoinGecko.

Like yesterday, few coins in the top 100 group saw price drops, and neither are these significant drops.

The highest drop is Kaspa (KAS) 3.1%, now trading at $0.1044.

Tokenize Xchange (TKX) comes next with 2.4% to $11.4.

Only five other coins are down in the past 24 hours, about 1% or less.

On the other hand, the best performer in this category is Arweave (AR)with an increase of 19.3% to $34.98.

BONK And Toncoin (TON) also saw double-digit increases of 14.4% and 11.9%, respectively.

Looking at the top 10 coins by market cap, all of them are green.

Source: coincko.com

The best performer here is TONNEnow trading at $5.37.

Dogecoin (DOGE) ranks second, far behind, with an increase of 3.8% to $0.1329, immediately followed by Solana (SOL) 3.7% to $137.93.

At the same time, Bitcoin (BTC) appreciated by 2.5%, changing hands at $59,285, while Ethereum (ETH) the price rose 1.3% to $2,977.

Meanwhile, led by Jack Dorsey Block announced its intention to award 10% of profits of its Bitcoin products to purchasing more BTC each month, its quarterly report showed.

And on the American regulatory front, US Senators Elizabeth Warren and Angus King Jr. claimed that Iranian crypto miners have links to terrorism, including Hamas.

Waging a political battle against Iran, the two also claimed that the country was laundering funds using crypto.

BNB Smart Chain Is the “Largest L1” by DAU

In crypto news today, BNB Channel launched his Q1 Ecosystem Reportstating that in the first quarter of this year, BNB Smart Chain (BSC) had an average of 1.4 million daily active users (DAU).

This, they said, makes it the largest layer 1 (L1) blockchain by daily active users.

Furthermore, it holds the second highest position in the blockchain industry.

opBNB is in first position among blockchains by DAU. Its total number of distinct addresses exceeded 20 million in the first quarter of 2024.

During the same period, the total number of unique addresses on BSC increased by 5.3% to 435 million.

BSC recorded an average daily transaction count of 4.1 million, the second highest among blockchains.

Meanwhile, the decentralized storage platform BNB GreenField saw its network storage data size exceed 415 GB.

“The maximum daily stored data size reached a new high at 33.84 GB on February 22, 2024,” the report said.

In addition, BNB GreenField saw the implementation of three major forks intended to improve user experience and backend operations: Hulunbeier, Ural and Pawnee.

In terms of security, the loss of value linked to incidents decreased by 55.8% compared to the same period last year.

In the first quarter of 2024, BNB Chain suffered a loss of $14,446,914 across 43 incidents. This is an average loss of $335,974 per incident and a median loss of $151,476.

In the first quarter of 2023, it suffered a loss of $32,661,970 from 140 incidents.

Additionally, there was a slight difference when comparing Q1 2024 to the previous quarter, Q4 2023. The latter saw $14,544,665 lost across 44 incidents.

The “substantial reduction in losses” in the first quarter of 2024 compared to the first quarter of 2023 “signals the successful implementation of enhanced security measures,” the report said.

Negative margins of Bitcoin: harsh reality after the halving

The Bitcoin hash price hit an all-time low over the past week, falling below $50/PH/s and dropping to as low as $45/PH/s.

This represents a 75% decrease from the brief peak of $180/PH/s after the halving, according to to the latest Miner Weekly report from BlocksBridge Tips.

Individual miners cannot control the hash price, that is, the dollar value of daily mining revenue per PH/s, the report states, but they can control the hash costs, whether acts from the fleet or hash costs of the company and financial.

The report gives an example. At an energy cost of $0.07/kWh, a miner will see a daily fleet hash cost of $49.56 to run each PH/s of S19 Pros on average.

“This cost is already higher than the current Bitcoin hash price, implying a negative gross margin. And that calculation doesn’t even include other applicable corporate or financial hashing costs,” he said.

Darker blue signifies a danger zone and red represents significant gross losses. Source: Weekly Miner

Additionally, although the hash price of $45/PH/s is lower than the Q4 fleet hash costs of several Bitcoin mining companies, most of them have a total hash cost above $50 /PH/s.

Additionally, large public mining companies have “large amounts of cash and digital assets” stored on their balance sheets.

Meanwhile, the hashrate decline would undermine “inefficient mining operations,” “mitigating network difficulties for those who are struggling,” the report concludes.

Bitrue expands its Bitcoin Runes offerings

In other crypto news today, crypto exchange Bitrue announced the listing of a new Bitcoin Runes token, GPTV•AI•PEPE•ROI (GPTV).

This follows the recent addition of several Bitcoin Runes tokens to the platform, including SATOSHI•NAKAMOTO (SATOSHI), LOBO•THE•WOLF•PUPPY (LOBO), RSIC•GENESIS•RUNE (RSIC), and DOG•GO•TO•THE•MOON (DOG).

By According to the press release, the decision to add these tokens came from a community survey.

GPTV is the native token of AI PEPE KING, a project working on Polygon (AIPEPE) and Bitcoin Runes (GPTV).

The company secured a $10 million investment to develop AI-based customer service tools leveraging ChatGPT technology. In addition, he is building a “Dream Lottery” system.

The team behind AI PEPE KING will use the revenue from these products for the redemption and burning of AIPEPE and GPTV tokens.

Additionally, users holding BTR, AIPEPE, RSIC, or DOG tokens can earn rewards in GPTV on Bitrue by staking their holdings.

April 30, Bitrue announcement that it added support for Runes and became “one of the first exchanges in the world to complete the technical integration and listing process of these highly anticipated new assets.”
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