The mysterious outage currently captures the 11th largest blockchain in terms of market capitalization.
Stellar Lumens has long been one of my favorite projects, and especially among institutional builders it is considered one of the most tried and true to date.
Over the past 24 hours, many nodes on the network have stopped responding, rendering the network unusable.
The Steller Development Foundation is currently investigating the matter, but has not yet issued a statement.
While some transactions are still ongoing, many exchanges have suspended transfers on Stellar’s XLM token.
As you can see in the upper right corner of the screenshot on CoinDesk, the price is currently falling, no doubt jumping into the broad market decline we’ll discuss below.
However, when I checked the price last night, a few hours after the outage was announced, the price had actually gone up significantly.
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As we have repeatedly shown in these daily updates, trading volumes on the exchanges have increased significantly this year compared to last year.
A look at the chart below from Messari Crypto shows that the approximate average bitcoin revenue in 2020 is around $2.5 billion. Over $10 billion this year.
Looking at the chart above, it may be difficult to determine exactly what type of decline we are talking about, but looking at my Twitter feed this morning, it seems that some analysts are preparing for the end of an upward move.
Bitcoin miners seem more optimistic than ever, perhaps even more optimistic, now that the crypto currency’s hash rate has reached a new record of 179 million exahash, according to Messari.
Moreover, we have reason to believe that miners are now hoarding bitcoins rather than reselling them on the market, further reducing supply in an already tight market.
Meanwhile, governments and central banks around the world are stepping up their fight against bitcoin.
As we know, it is utterly impossible to kill bitcoin, and any attempt to ban it is usually met with more volume.
No, the only way for the authorities to fight bitcoin is to compete with it.
As a result, we are now seeing many governments take their own initiatives to create a form of digital currency.
Central bank digital currencies (CBCs) are a topic that many of us space watchers have been following closely over the past year.
The fact is that each of these initiatives appears to be country-specific. China does it. It is reportedly made in Japan. Sweden has just announced its own e-krona pilot project.
One of the great advantages of bitcoin is that it is international. So it will be interesting to see what the different countries do to make their respective CDDCs interoperable.
Interestingly, the Bank for International Settlements (BIS) recently published a paper highlighting that governments could address inefficiencies in cross-border payments by creating fungible LLDCs through so-called multi-currency arrangements (or MCBNC arrangements).
It will be interesting to see how the global environment for cross-border payments and landlocked developing countries will evolve in the coming years.