Despite Bitcoin’s (BTC) price growing 45% over the past 30 days, cryptocurrency investors are not moving their holdings, according to new data. Blockchain analytics provider Glassnode released its new “The Week On Chain” report on Monday, noting that Bitcoin has continued rallying to new multi-month highs despite divergence in on-chain activity during the week ending on Monday. The report discovered that Bitcoin on-chain activity, such as the amount of entity-adjusted transactions, has still not responded to the ongoing bullish action, remaining at historically low levels of between 175,000 and 200,000 daily transactions. Bitcoin on-chain activity dropped this low after May …

Decentralized exchange aggregator 1inch has announced its deployment on the Optimistic Ethereum (OE) mainnet, highlighting a considerable reduction in user transaction fees and confirmation delays. Sergej Kunz, co-founder of the 1inch Network, stated that "The 1inch launch on Optimistic will facilitate a dramatic increase in transaction speed." While deposits utilizing the OE network are set to be credited almost instantly, withdrawals will require a waiting period of seven days. These wait times are expected to improve when fast withdrawal service is enabled sometime in the future. At the time of launch, the OE network will only be able to handle …

The theoretical deflationary properties of Ethereum’s London upgrade last week have already been seen in action on the blockchain, with almost 800 “deflationary blocks” produced. A spike in the Ethereum transaction fee burn rate has resulted in at least two hours when the supply was deflationary. The network has come under heavy load over the past couple of days, which has resulted in a lot more gas being burnt. As of 22:00 UTC, ETH Burn Bot recorded an instance when 545 Ether (ETH) was burned within a one-hour period. With Ethereum issuance reported at 532 ETH per hour, it resulted …

Multichain infrastructure network Biconomy has formally launched its Hyphen mainnet, setting the stage for instant low-cost token transfers across Ethereum-compatible blockchains. With the launch of Hyphen, users can make near-instantaneous USD Coin (USDC) transfers between Ethereum Virtual Machine, or EVM, compatible chains rather than waiting 30 minutes or hours, as is currently the case. Biconomy can facilitate speedy transfers by maintaining and rebalancing token liquidity on both sides of the chain, the company said Tuesday. Biconomy’s chief technology officer, Sachin Tomar, explained the existing challenges facing cross-chain transfers: “On average, to transfer funds from Layer1 to Layer2 blockchains, it can …

Approximately 2.3 Ether (ETH) is being burnt every minute through the new transaction fee mechanism introduced in Ethereum’s London upgrade on Thursday. The highly anticipated London hard fork went live on Thursday this week, ushering in the Ethereum Improvement Proposal (EIP) 1559 upgrade that adjusted gas fees. Part of that adjustment introduced a mechanism that burns some of the base fees collected. The total amount of ETH burnt since the upgrade went live is roughly 3,395 ETH, according to the various counters available. Etherchain reports an average burn rate of 2.36 ETH per minute. This equates to $6,596 per minute, …

Uruguayan Senator Juan Sartori has introduced a draft bill to regulate cryptocurrency and enable businesses to accept crypto payments. Sartori joins a growing list of politicians from South American and Spanish-speaking countries who are seeking to bring crypto adoption into the mainstream. The senator is not proposing the use of crypto as legal tender as in El Salvador, however. The crypto-friendly Senator tweeted on Wednesday that “today we present a bill, pioneer in the world, that seeks to establish a legitimate, legal and safe use in businesses related to the production and commercialization of virtual currencies in Uruguay.” The bill …

Federal authorities in Russia are moving forward with a plan to closely monitor cryptocurrency activity for illicit transactions and deanonymize crypto users’ identities. The Russian Federal Financial Monitoring Service, also known as Rosfinmonitoring, has selected a contractor for developing a platform for tracking cryptocurrency activity. According to data from Russia’s state procurement website, the country will allocate 14.7 million rubles ($200,000 USD) from its budget to create a “module for monitoring and analyzing cryptocurrency transactions” using Bitcoin (BTC). According to the official data, the procurement contract was granted to a company referred to as RCO, which is reportedly indirectly backed …

Amid a renewed bullish trend on the cryptocurrency markets over the past few weeks, more users have moved into trading Bitcoin (BTC), the world’s largest cryptocurrency by market capitalization. Data from blockchain analytics platform Glassnode shows that Bitcoin has seen a notable surge in terms of active addresses in the past week of July, with active BTC entities rising 30% from 250,000 to 325,000 active users. According to Glassnode’s seven-day exponential moving average statistics of active Bitcoin entities, this is the biggest surge recorded after the number of active Bitcoin entities dropped 41% from 425,000 in January to below 245,000 …

A crypto protocol says that it delivers fast and feeless transactions that will boost blockchain adoption and open the door to micropayments. Stealth’s native cryptocurrency is based on a Bitcoin-type UTXO ledger that allows it to deliver multi-signature transactions, something that’s essential for custodial applications. The project aims to stand head and shoulders above what it describes as “hundreds of projects that fail to offer acceptable user experiences.” Presently, all of the major crypto networks suffer massive levels of congestion, hiking up costs for everyday users. Stealth aims to solve this problem with an efficient chain that improves Bitcoin’s throughput …

Binance, the world’s biggest cryptocurrency exchange by trading volumes, continues its efforts to maintain dialogue with global regulators by introducing withdrawal limits and a new tax reporting system. The company officially announced Tuesday a major update to its Know Your Customer policies, significantly reducing maximum withdrawal amounts for users who have not completed full identity verification. Effective immediately for new Binance accounts, users who have completed only basic account verifications will be unable to withdraw more than 0.06 Bitcoin (BTC) per day, worth roughly $2,400 at the time of writing. Previously, the maximum daily withdrawal amount was capped at 2 …

Developers of privacy-oriented cryptocurrency Monero (XMR) have identified a bug that could potentially impact users’ transaction privacy. On Monday, the official Monero Twitter account warned users of a “rather significant bug” that has been spotted in Monero’s decoy selection algorithm, a system designed to hide real output transactions among 10 decoys in a ring. First identified by software developer Justin Berman, the bug causes a sufficient probability that users’ output transactions can be identified as the true spend among decoys if users spend funds immediately following lock time in the first two blocks, or 20 minutes after receiving funds. The …

Israeli blockchain tech developer Kirobo is launching a decentralized P2P token swap solution. According to the company the protocol, dubbed “Atomic Safe Swap,” offers a decentralized peer-to-peer trading alternative to centralized marketplace exchanges or over-the-counter (OTC) desks, and is set to launch on July 27. The service is built on Ethereum and supports Ether (ETH) and ERC-20 tokens. Atomic Safe Swap is an extension of the firm’s retrievable transfer solution,“Undo Button” which enables users to cancel and retrieve crypto transactions. The Undo Button provides an authentication key that the receiving party must enter for the transaction to be fulfilled. The …