Here’s what happened in crypto today

Here’s what happened in crypto today

Time Stamp: July 6, 2023 5:59 PM

The United Arab Emirates has positioned itself as the new up-and-coming Bitcoin mining hub, currently contributing to nearly 4% of the global Bitcoin hash rate. During a Twitter Space, Binance CEO Changpeng Zhao said the next Bitcoin (BTC) bull run could come as soon as 2025. Meanwhile, the U.S. government has begun to dispense funds retrieved from the massive 2016 Bitfinex hack. 

U.S. government dispenses funds from 2016 Bitfinex hack

The United States Department of Homeland Security has distributed $312,219.71 in cash and 6.917 in Bitcoin Cash (BCH) to Bitfinex — representing a tiny portion of the funds siphoned in the 2016 cryptocurrency exchange hack. “This is part of Bitfinex’s ongoing efforts, working with law enforcement and other investigation agencies, to recover assets stolen from the exchange in August 2016,” Bitfinex said.

The August 2016 hack resulted in the loss of 119,576 Bitcoin, worth roughly $70 million at the time and a whopping $3.7 billion in today’s dollars. In February 2022, the U.S. Department of Justice arrested Ilya Lichtenstein and his wife, Heather Morgan, for allegedly conspiring to launder the stolen funds.

UAE emerges as a pro-Bitcoin mining destination in the Middle East

The UAE has established itself as a pro-Web3 destination for crypto-focused companies, with over 30 free trade zones and a growing contribution to the Bitcoin mining hash rate.

Here’s what happened in crypto today PlatoBlockchain Data Intelligence. Vertical Search. Ai.
Bitcoin mining conditions in the UAE. Source: Hashrate Index

Data from Hashrate Index shows that the UAE’s combined Bitcoin mining capacity is likely around 400 megawatts — or 4% of Bitcoin’s global hash rate. Moreover, the UAE has shifted its focus toward solar and nuclear energy as it reduces its reliance on natural gas.

Binance CEO tips next Bitcoin bull run

Binance CEO Changpeng “CZ” Zhao has tipped 2025 as the most likely year to kick off the next Bitcoin bull run. 

During a July 5 “ask me anything” session on Twitter, CZ explained how the price of Bitcoin has historically moved in four-year bull cycles.

While he admitted that he can’t see the future, Zhao emphasized the upcoming Bitcoin halving event in 2024 and declared 2025 to be the most likely year for the next bull market.

CZ’s comments come after Coin Metrics found that Bitcoin miners were able to make $184 million in mining fees in the second quarter of 2023.

These fees were a 270% increase from the first quarter and more than the previous five quarters combined, according to the firm.

The crypto analytics firm said the jump in fees was due to Bitcoin’s recent price surge, which bolstered top-line revenues, and the advent of BRC-20, a new token standard on Bitcoin introduced in March that uses Ordinals inscriptions to mint and transfer fungible tokens on the network.

Here’s what happened in crypto today PlatoBlockchain Data Intelligence. Vertical Search. Ai.
The price of Bitcoin surged in March and has been tracking near year-highs. Source: CoinMarketCap

This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.

Time Stamp:

More from Cointelegraph