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Bitcoin’s mining difficulty reached an all-time high (ATH) on Feb. 24, 2023, at block height #778,176, reaching 43.05 trillion hashes and surpassing the 40 trillion mark for the first time ever. The network’s difficulty increased by 9.95%, which is the second-largest rise this year, as Bitcoin recorded a combined 24.89% increase during the last 60 days. Network Participants Face Longer Block Times Following Recent Difficulty Change It has never been harder to mine bitcoin (BTC) than it is today, as miners have experienced a 9.95% difficulty increase at block height #778,176. Now and for the next two weeks, or approximately 2,016 blocks, the difficulty will be 43.05 trillion. The network’s average hashrate over the last 2,016 blocks was roughly 305.8 exahash per second (EH/s). The 9.95% increase on Friday was the second-largest jump in difficulty this year, as the largest was recorded on Jan. 15, 2023, at block height #772,128. At that time, the difficulty rose 10.26% higher than...

The second-largest bank in Germany, DZ Bank, is preparing to become a provider of custody services for crypto assets. The offering will be facilitated by a partnership with Metaco, a Swiss company that specializes in helping financial institutions to operate in the digital asset space. DZ Bank to Use Metaco’s Harmonize Platform to Launch Crypto Custody Services DZ Bank, part of Volksbanken Raiffeisenbanken which is one of the largest banking groups in Germany, is going to employ a platform built by Metaco to offer institutional clients services in the field of digital currencies and crypto securities, the fintech announced. Regulated by the Federal Financial Supervisory Authority (Bafin), DZ Bank is an established custodian and Germany’s second-largest bank by asset size. At the end of 2022, it had €297 billion (almost $315 billion) worth of assets under custody. Metaco, founded in Switzerland in 2015, is focused on enabling financial and non-financial institutions to conduct cryp...

Financial giant JPMorgan has announced it will open a new blockchain innovation lab in Greece. The lab will be focused on the development of applications on top of Onyx, the blockchain platform launched by the bank in 2020, and on digital identity solutions. JPMorgan to Push Blockchain Development in New Innovation Lab JPMorgan, the investment bank with millions of customers worldwide, has announced the launch of a new innovation lab in Greece, which will develop solutions using blockchain tools. The lab will focus primarily on building applications that use Onyx, the platform launched by the bank in 2020. This new innovation lab will be part of the Blockchain Launch group, which prepares and develops blockchain-based software for customers of the bank using Onyx’s technology. Tyrone Lobban, head of Blockchain Launch & Onyx Digital Assets at JPMorgan, revealed that the company is looking to fill four new positions for this new initiative including two full-stack software engin...

Chain Reaction, a Tel Aviv-based blockchain startup, announced it has raised $70 million as part of its Series C funding round. The objective of the company is to expand its engineering staff to accelerate the production of its blockchain-focused silicon and collaborate in the development of its cryptographic-focused chips. Chain Reaction Raises $70 Million in Series C Funding Round Chain Reaction, a startup that focuses on building blockchain-based silicon, announced that it has raised $70 million as part of its Series C funding round. The round, which was led by Morgan Creek Digital, part of Morgan Creek Capital — a VC company co-founded by crypto influencer Anthony “Pomp” Pompliano — saw the participation of Hanaco Ventures, Jerusalem Venture Partners, KCK Capital, Exor, Atreides Management, and Blue Run Ventures. With this capital influx, the company expects to increase its engineering headcount in order to hasten the development of its blockchain silicon products, estimated to...

The executive board of the International Monetary Fund (IMF) has provided guidance for member countries to develop effective crypto policies. The board stressed the need to develop comprehensive crypto regulations to “better mitigate the risks posed by crypto assets while also harnessing the potential benefits of the technological innovation.” IMF Executive Board Provides Guidance on Crypto Regulation The International Monetary Fund (IMF) announced on Thursday the outcome of a discussion held by its executive board directors on a paper titled “Elements of Effective Policies for Crypto Assets.” Noting that the paper sets forth a regulatory framework that “can help members develop a comprehensive, consistent, and coordinated policy response” to crypto assets, the IMF emphasized: By adopting the framework, policymakers can better mitigate the risks posed by crypto assets while also harnessing the potential benefits of the technological innovation associated with it. The first elem...

U.S. regulators and the Federal Reserve have issued a joint warning about key liquidity risks associated with crypto assets. However, the regulators clarified that banks “are neither prohibited nor discouraged from providing banking services to customers of any specific class or type, as permitted by law or regulation.” US Regulators Issue Joint Statement on Crypto The Board of Governors of the Federal Reserve System, the Federal Deposit Insurance Corporation (FDIC), and the Office of the Comptroller of the Currency (OCC) jointly issued a statement regarding crypto on Thursday. The Federal Reserve, the FDIC, and the OCC explained that their statement “highlights key liquidity risks associated with crypto assets and crypto-asset sector participants that banking organizations should be aware of.” They warned: In particular, certain sources of funding from crypto asset-related entities may pose heightened liquidity risks to banking organizations due to the unpredictability of the s...

Non-fungible token (NFT) sales have soared this past week, climbing 138.15% higher than the week before. Sales recorded between last Friday and Feb. 24, 2023, indicate that $801 million in NFT sales have been settled over the last seven days. Ethereum Digital Collectibles and Mutant Ape Yacht Club Lead NFT Sales Surge While crypto asset prices took a step back on Friday, the last seven days have shown a significant rise in NFT sales compared to the previous week. Bitcoin.com News reported last week that NFT sales had surged 43%, but in the past seven days, sales have increased by 138.15% since last Friday. Over the last week, $801 million in NFT sales were settled, and the number of NFT buyers increased by 34.7% compared to the previous week. Ethereum dominated NFT sales over the last seven days, accounting for $762 million of the total sold. Solana followed Ethereum in NFT sales with $17,717,911, but while Ethereum’s sales jumped 162.67% over the last week, Solana’s NFT sales d...