The number of ordinal registrations on the Bitcoin network continues to grow at a rapid pace and has almost doubled in the last week, currently exceeding 5 million. This and more news in this practical daily summary so that you are always informed with the most recent events that occur within the crypto world.
Ordinals continue to clog the Bitcoin network
📍In the last week, the number of ordinal registrations grew by 92%. The number of ordinals minted on the Bitcoin blockchain, at the time of writing, exceeds 5 million. According to data from Dune Analytics, this is 92% more than the number of inscriptions that had been recorded on the blockchain last week, which was 2,63 million.
Source: Dune Analytics
Although the most popular ordinal inscriptions were images, the platform's data shows that text-based inscriptions exceed 4,4 million units. Text inscriptions are being used to mint fungible tokens on a large scale on the blockchain network, which is causing its congestion and increasing commission fees.
Bitcoin developers are currently discussing several options to ease network congestion and solve scalability issues.
Paypal increases its crypto holdings by 56%
📍PayPal's holdings of Bitcoin and other cryptocurrencies rose to $943 million in the first quarter. In her earnings reportIn its Q943 report, PayPal disclosed its holdings in Bitcoin and other cryptocurrencies, saying it holds $XNUMX million in crypto assets on behalf of its customers.
According to the published data, the company's crypto holdings increased by 56% compared to the previous quarter.
The company's data highlights the interest that its users have in cryptocurrencies. The majority of the crypto funds managed by Paypal are in Bitcoin (BTC) and Ethereum (ETH), the two most capitalized cryptocurrencies on the market. Litecoin (LTC) and Bitcoin Cash (BCH) are also among the most used crypto assets by Paypal customers.
The company that operates the online payments platform opened cryptocurrency trading and custody to its US customers in 2020.
Abu Dhabi opens doors to Bitcoin mining by immersion
📍One of the largest Bitcoin mining companies is launching a new crypto mining farm in the Middle East. This is Marathon Digital Holdings, which announced this week a key partnership with the company Zero Two to mine bitcoins on a large scale using a liquid immersion cooling system.
The new farm will be located in Abu Dhabi, the capital of the United Arab Emirates and the second most populous city in the country. However, despite its tropical climate and high temperatures, Marathon Digital will implement an immersion cooling system that will allow it to operate the crypto farm in a desert environment that was historically unviable for the development of this activity.
Marathon Digital will harness surplus energy in Abu Dhabi through Zero Two and offset any unsustainably produced electricity with clean energy certificates, the company said.
Interest rates rise another 25 points in the eurozone
📍The European Central Bank raised interest rates by another 0,25% this month. The central bank has decided to raise interest rates by another 25 basis points, according to Christine Lagarde, president of the ECB.
Following the hike, local media reported that the benchmark rate had reached its highest level since 2008.
Like the US Federal Reserve, the ECB argues that its future decisions on monetary policy, specifically raising interest rates, will be based on its assessment of inflation levels and the economic outlook.
Continue reading: Bitcoin commission rates are rising to around $26
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