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Peter Davis

An writer at FOMOdrive

  • Oct 30, 2023
  • 3 min read

Solana (SOL) could grow 100x - VanEck

In the past 18 months, investments in crypto funds have skyrocketed to unprecedented levels.

The historical record has been updated due to the difficulty of Bitcoin mining.

VanEck has submitted a revised proposal to establish a physical Bitcoin ETF.

Popular ways to steal Bitcoins are named "Bitrace".

Last week, CoinShares reported a sharp increase in investments in crypto funds, totaling $326 million. This marks the fifth consecutive week of inflows. Bitcoin saw an influx of $296 million, while Ethereum experienced a decrease of $6 million. Additionally, funds that allow for shorting Bitcoin saw an increase of $15 million, and Solana investments soared by $24 million.

There is a growing sense of optimism that spot Bitcoin ETFs will be approved, which has led to the biggest influx of funds since July 2022. Nevertheless, CoinShares pointed out that the weekly investment in Bitcoin is only the 21st highest in history, indicating that investors are still being relatively cautious.

The difficulty of Bitcoin mining has broken the historical record, increasing by 2.34% to 62.46 T. This is a 76.6% increase since the start of the year. The average hashrate of the Bitcoin network at this difficulty is predicted to be 449.68 EH/s, which is also a record high.

VanEck, an investment firm, has submitted a revised application to the US Securities and Exchange Commission (SEC) to establish a spot Bitcoin ETF. This is the fourth time the SEC has received an application from VanEck, after the regulator denied the previous three. JPMorgan anticipates that the SEC will give the green light to a number of applications for spot Bitcoin ETFs within the next two months.

Esther Pierce, the SEC Commissioner, expressed her disapproval of the SEC's actions towards the decentralized platform LBRY, which was forced to shut down due to the agency's intense pressure. She argued that the SEC should have used the time and resources devoted to the LBRY case to create a functional regulatory framework instead.

The UN noted the link between the cost of Bitcoin and the energy consumed by its network. In 2020-2021, the price of the first cryptocurrency rose by 400%, while the energy used for its production increased by 140%.

VanEck has acknowledged that the Solana blockchain is projected to be the first network to reach 100 million users, and the cost of its SOL coin is expected to rise from $32 to a maximum of $3211 by 2030. A conservative growth estimate is $335.

Three of the most popular methods used by cybercriminals to steal Bitcoin are fake apps, clipboard address spoofing, and liquidity scams. Bitrace has named these as the most common ways to steal digital assets.

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