Coin Metrics says Ethereum gas prices actually began declining before the price of ETH did. One gwei is a fraction of one ETH (0.000000001 ETH) and also a fraction of a penny. But if gas prices are so low, why does it currently cost an average of $8.15 for transactions, up from a low of $2.31 on June 26? That's because the two metrics are related, but distinct. Transaction fees are determined by taking the price of gas and multiplying it by the amount of gas used. Different types of transactions require more gas to be used. So, bidding on an NFT at auction, making a trade on a decentralized exchange, or sending somebody ETH can all have potentially varying costs because those transactions differ in complexity.more

Terra is excited to expand our growing portfolio of DeFi products to multiple chains and working with Harmony to bring UST and Anchor to another growing ecosystem,” said Do Kwon, co-founder and CEO of Terra. Terra, an algorithmic stablecoin platform for savings, investments and payments, is joining forces with the Harmony blockchain to pursue new DeFi initiatives focused on programmable money and other so-called financial primitives. Under the new partnership, which is described as a “deep integration” initiative, Terra will integrate Harmony on its Shuttle Bridge platform, a web front-end that allows users to send Terra’s UST stablecoin across supported blockchains. “This paves the way for UST to migrate to Harmony and to be used on applications in the Harmony Ecosystem,” Peter Abilla, Harmony’s VP of marketing, said in a Tuesday announcement.more information

Eric Adams has promised to make New York City into a “center of Bitcoins.” Brooklyn borough president and Bitcoin advocate Eric Adams has won the Democratic mayoral primary in New York City, per election results released yesterday.

While on the campaign trail last month, Adams vowed to make New York City into a “center of Bitcoins”. “We’re going to bring business here. We’re going to become the center of life science, the center of cybersecurity, the center of self-driving cars, drones, the center of Bitcoins,” Adams said while at a campaign watch party for in-person voting results.

Adams is not a newcomer to Bitcoin; speaking at an event in 2015, he described it as a "disruptive technology," announcing that, “I want Bitcoin. I want Airbnb. And I want marijuana dispensaries.”more information

Sotheby’s has made an embarrassing mistake in its $5.4 million NFT auction, Animoca brands has raised $138.88 in funding, and data shows limited collector numbers on SuperRare. Mark O'Neil, a website creator, discussed the mistake with the BBC, and noted in his view it looked like "whoever made the video for the website ran the original text file through something that converted it into HTML." Some have argued it may actually add value to the NFT, similar to a misprint error on collectibles such as sports cards and stamps.Decentralized Autonomous Organization (DAO) “Pleasr” who intended to purchase the piece but decided to pull out from the auction, noted that “we don’t feel this diminishes the piece in anyway, in fact, it might be a bullish smudge.”more

AZ Alkmaar is set to become the first professional football club in the Netherlands to pay player salaries in Bitcoin. AZ Alkmaar is set to become the first professional football club in the Netherlands to pay player salaries in Bitcoin (BTC).
In a statement posted on the club website on Thursday, the Eredivisie side, which finished third in the 2020/2021 Dutch football season announced crypto broker Bitcoin Meester as its exclusive and official cryptocurrency partner until mid-2024. According to the announcement, the sponsorship deal with be finalized fully in Bitcoin, with the Dutch club stating its intentions to keep the BTC sum on its balance sheet. AZ Alkmaar will also reportedly begin paying its players in Bitcoin, joining the growing list of sports franchises adopting BTC for paying professional athletes.more information

Dfinity is attempting to disrupt the global cloud computing industry with a blockchain-based solution. If successful, it could disrupt crypto too. The advent of cryptocurrencies has often been seen as a direct response to the global financial system. In the very first block created on the Bitcoin network, Satoshi Nakamoto embedded the message, "The Times 03/Jan/2009 Chancellor on brink of second bailout for banks". The quote was taken from a headline published by London-based newspaper The Times about how big banks were being bailed out by the British government. While Nakamoto never said anything more on the meaning or reason why this line was included in what is now referred to as the “genesis block”, many have interpreted it as a reference to why Nakamoto developed Bitcoin: to cut out the banks and middlemen in order to create a more people-driven currency.more information

A senior academic is calling for a “coordinated global crackdown worldwide” on Bitcoin mining. China’s crackdown on Bitcoin mining has sent the hash rate plummeting and has further served to highlight the detrimental environmental aspects of the world’s most popular cryptocurrency. But the consequences have not been adequately addressed, according to a senior British academic.
Pete Howson, a senior lecturer in international development at Northumbria University in the UK, told Decrypt that China has unleashed a “global arms race in Bitcoin mining equipment” which is having devastating effects that can now only be stemmed with a “coordinated crackdown worldwide.”
China produces huge amounts of cheap hydroelectricity, especially in Sichuan province, which up to now has been the epicenter of cryptocurrency mining. Up until recently, around 70% of all miners were based in China. But mining bans introduced in Sichuan and other provinces over recent months mean that this is “now pretty much off limits to Bitcoin miners,” said Howsen.more

Despite the tech entrepreneur’s company today announcing it is making use of Ethereum for its line of NFTs, Dorsey is still loyal to Bitcoin—and only Bitcoin. Twitter CEO Jack Dorsey has again shown his fierce loyalty to Bitcoin by seemingly slating Ethereum—despite his own company apparently finding value in the market’s second-biggest cryptocurrency. Twitter today dropped its own collection of non-fungible tokens (NFTs). NFTs are unique digital tokens, mostly created via the Ethereum network, that can represent just about anything online, such as artwork, audio or video content.more