Bitcoin mining firm Rhodium Enterprises, which recently filed for bankruptcy, has reportedly received court approval to take a loan in either United States dollars or in Bitcoin. The company was authorized to choose between receiving $30 million or 500 Bitcoin BTC tickers down $58,945 from Galaxy Digital, a blockchain firm led by Mike Novogratz. However, the United States dollar loan would have a 14.5% annual interest while the interest rate on the Bitcoin loan is cheaper at 9.5%, according to a Bloomberg report. With the lender’s approval, Rhodium could repay the Bitcoin loan in US dollars based on the “reasonable published market spot prices” at the time of repayment prior to the due date.
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The Ethereum network is currently experiencing its lowest level of ETH burning this year. Data suggests that the base fee briefly tumbled to a multi-year low of almost 0.8 Gwei. This significant drop in base gas fees has led to a reduction in ETH issuance, with only 210 ETH burned on August 10th, which represented a record low for 2024, according to ‘Ultra sound Money.’ This is a huge drop from the figure recorded on August 5, when base fees spiked to around 100 Gwei, causing the daily ETH burn to soar to 5,000 ETH. As a result of these low gas fees, the network’s inflation rate has surged, with net ETH emissions surpassing 2,000 ETH. In response to this inflationary trend, Gnosis founder Martin Köppelmann has proposed temporarily raising the gas limit to increase Layer 1 activity. In his latest tweet, Köppelmann noted that the base fee is currently at a multi-year low of around 0.8 Gwei, while a base fee of 23.9 Gwei would be necessary to offset staking rewards.
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Analysts from the American investment company VanEck spoke about the scenarios that will affect the first cryptocurrency until 2050. According to experts, in the most optimistic scenario, the cost of bitcoin can reach $52.4 million. The report Bitcoin 2050 Valuation Scenarios: Global Medium of Exchange and Reserve Asset says that the base case forecast assumes an increase in the price of bitcoin by 2050 to a more modest mark of $2.9 million. The bearish scenario assumes that the cost of the first cryptocurrency by 2050 will be no more than $130,314, noted the authors of the report, Head of Digital Asset Research at VanEck Matthew Siegel and Senior Investment Analyst Patrick Buch. "There is a possibility that by 2050, the first cryptocurrency in terms of settlements will take a share of 10% of global international trade and 5% of global domestic trade. The base case scenario means that central banks will hold 2.5% of their funds in bitcoin,” VanEck said.
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