Bitcoin Weekly News – Bitcoin Weekly Updates 3/13/2023

Last week, there was some fear in the market because Bitcoin was consistently failing to break the $24,000-$25,000 resistance. Therefore, Bitcoin’s price drastically dropped during the last week. But the 10% jump on Sunday surprised most of the investors.

The following Bitcoin weekly updates may give an idea of why Bitcoin’s price jumped and how it may perform in the coming week.

Whales and Sharks have Purchased $821 Million Worth of Bitcoin

A crypto analytics firm has shared the most update from the last week saying that the crypto whales have accumulated around $821 million worth of Bitcoin during the last week. The whales are the accounts that hold around 10 to 10,000 BTCs in their wallets.

The stats show that the whales play a vital role in setting the direction for the crypto market. According to the update, the whales accumulated 40,557 BTC tokens when the price of Bitcoin dropped last week. It may be one of the major reasons why Bitcoin’s price pumped more than 10% within 24 hours.

This major shift can be a signal that the crypto market is about to reverse. However, investors need to look at other aspects before making any decision.

Solo Miner Solved Bitcoin Block for $150k Reward

Dr. Con Kolivas, a Twitter user recently shared an update showing that a solo Bitcoin miner received $150k worth of reward by solving a Bitcoin Block. The surprising part is that the miner started mining only 2 days and ended up earning such a big reward whereas the miners with similar resources need to spend around 10 months to reach that level.

The miner’s computational power was only 0.002% of the entire network because he had a hashing power of 6.7 PH/s while the total hash rate was around 308,262 when he solved the puzzle. A user “PineConeee” has recently claimed on Bitcointalk, a Bitcoin forum, that he solved this Bitcoin Block.

The user claimed that he uses a computing power of 270 TH/s on average. But he used the Nicehash service to get the extra power on rent.

It’s worth noting that Bitcoin miners are working in pools because the block validation process is getting difficult over time. It means the miners need to combine their computational power to solve the Bitcoin blocks. So, this Bitcoin miner was lucky enough that he managed to solve the block alone.

FBI Warns About Cryptocurrency Theft Scams Through Play-to-Earn Games

The play-to-earn games have become quite popular recently. These games enable users to earn rewards for completing different levels. With these games, the developers can offer several benefits to the game players because they don’t have to deal with a third party.

But the FBI has recently warned that some scammers are trying to scam people through this category. These scammers build a relationship with people to earn their trust. And then they asked them to add their funds to the play-to-earn games they’re promoting.

The users are required to add their wallet information to start playing the game. Moreover, the platform offers additional rewards to the game players who lock more tokens in the platform. The players excitedly add more funds to their wallets when they see fake rewards adding up to their cryptocurrency wallets.

But when they request to withdraw funds, the scammers drain their wallets. Sometimes, they even ask the players to add more funds to their wallets to recover the stolen funds. FBI has advised the game players to create a separate wallet if they want to participate in play-to-earn games.

Furthermore, they can use a third-party block explorer to ensure that the rewards they’re earning through the game are real.

Cryptocurrency Turnover Growing in Russia

Since the beginning of the Russia-Ukraine war, the financial situation in Russia has been getting worse day by day. The world authorities have put several bans on Russia due to which Russian businesses are facing trouble with running their operations.

Most businesses are using cryptocurrencies to continue trading with international firms. However, the authorities have noticed that some individuals are taking advantage of the absence of comprehensive regulation to take their money out of the country.

Therefore, financial monitoring services have started several investigations to stop these individuals. The authorities have recently reported to President Putin that around a dozen financial organizations are supporting more than 25,000 users who’re actively trading in cryptocurrencies.

The director of the Financial Monitoring Service has admitted that the use of cryptocurrencies is increasing in Russia. According to the stats, the Russians are making $13 billion worth of cryptocurrency transactions nowadays while the average volume was around $5 billion in 2021.

The director further explained that the institution is Russia’s new “Transparent Blockchain” platform to identify and stop criminal activities associated with cryptocurrencies.

Conclusion

The news about the whales accumulating Bitcoin is a positive sign that Bitcoin’s price may continue increasing in the next week. Similarly, the trend for using cryptocurrencies is consistently increasing in Russia. FBI’s warning about play-to-earn games is an alarming call for those who are willing to invest in such projects.

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