Crypto Daily Roundup, 17 Feb: Battle of the Bulls and Bears

Crypto prices experienced a decline over the past 24 hours

Top 5 Gainers Coins

Crypto News Key Highlights:

• Telefonica partners with Chainlink to enhance Web3 security, integrating SIM Swap API with Polygon apps. The collaboration aims to prevent fraud by enabling smart contracts to access SIM card data. Vivo, Telefonica's subsidiary in Brazil, will spearhead the implementation. This move signifies Telefonica's commitment to Web3 innovation and user protection.

• Ethereum's transaction costs surged to a 9-month high due to heightened activity in ERC-404 tokens. Gas fees reached $84 million, with average gas price peaking at 71 Gwei. The launch of Pandora, the first ERC-404 project, fueled demand, pushing transaction costs higher. Daily on-chain transactions also spiked by 17%.

• Coinbase donated $3.6 million to Brink, a nonprofit supporting Bitcoin developers. The initiative, facilitated by Coinbase's GiveCrypto, aims to fund open-source development for the BTC blockchain. Brink offers fellowship and grant programs for Bitcoin engineers, with notable backers including Jack Dorsey. Coinbase's donation reflects its commitment to the Bitcoin ecosystem.

• SoftBank's CEO plans to raise $100 billion for an AI venture to challenge Nvidia. Bloomberg reports $30 billion from SoftBank and $70 billion from Middle Eastern investors. This aims to bolster SoftBank's AI presence and could disrupt Nvidia. Nvidia anticipates strong earnings, fueled by AI growth.

• The Fortnite Avalanche Cup kicks off on February 17th, featuring teams from Avalanche ecosystem projects. Broadcast live on @GamingOnAvax Twitch channel, viewers can win prizes. It fosters community involvement, showcasing talent and promoting collaboration. Social media engagement amplifies excitement.

• Bitcoin's mining difficulty surpassed 80 trillion, with hash rate at 562.81 EH/s. Difficulty steadily rises since Jan 2023, expected to reach 100 trillion. Higher difficulty requires more computational power. Bitcoin's upcoming halving in April will cut mining rewards, potentially impacting hash rate and difficulty.

• Franklin Templeton seeks approval for a spot Ether ETF, aiming to incorporate staking for extra income. Competing with major firms for regulatory green light, final decisions expected between May and August. Bakkt gains approval to raise capital, while CoinShares reports profitable Q4 2023, signaling industry resilience.

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Also read- 24 Crypto Update, 16 Feb: Crypto Market Takes a Breather