Meta Digest

Chainspace creates NFT portals connecting Bitcoin and Ethereum

Chainspace – Bitcoin NFTs have become the hottest topic in the Web3 space as the Ordinals project sparks a new wave of creativity.

Among the most popular projects today is Chainspace, an experimental project connecting Bitcoin and Ethereum via lo-fi video rendering from an app linked to the two chains.

The project

Chainspace comes courtesy of pseudonymous co-creators Timshel and el-ranye, who have touted it as a digital object that “emits infinite art.”

The project spans 800 total on-chain apps.

Each web app functions similar to a Snapchat filter, manipulating the image from the computer or mobile device’s camera.

The app also lives on the Bitcoin blockchain through an Ordinals inscription.

Chainspace takes detailed selfie camera footage to render the image into ASCII art.

The result uses letters and symbols to create a real-time video view of the user in an abstract style.

Chainspace portals are unique and create different effects, with some being inspired by Web3 projects like Loot and Terraforms.

A sense of community

Co-creator Timshel is a key figure in the developing Lootverse gaming community, often participating in on-chain publishing efforts.

He said Chainspace creates a way for Web3 users to share a part of their humanity with communities without entirely putting themselves out there.

Timshel illustrated his point with a Chainspace-derived screen users shared in its Discord.

“This is beautiful because this ‘GM’ [good morning] is much more essential and resonant and human than [a] random Pepe emoji,” said the co-creator.

“There’s something really cool and special to see how people are using this, sharing their feelings, their selves, and their faces.”


The NFT/inscription isn’t an “access pass” to experiences hosted in other blockchains.

Due to Ordinals’ capability of holding more on-chain data than Ethereum NFTs, the complete web app is inscribed on the Bitcoin blockchain.

Each Chainspace portal acts as its own Ordinals inscription that are transferable among owners.

“The Ordinals innovation and the idea of inscribing up to now 4MB of content onto a single Satoshi on Bitcoin – it just immediately clicked to me,” said Timshel.

“It opened up a whole blossom of ideas in my head about things you can do that are higher fidelity that what’s possible on ETH, but still create a token on ETH that’s tradable and ownable.”

Read also: Trump NFT bounces back from its January low


Timshel’s comments hint at Chainspace equation’s Ethereum component.

However, the implication appears to be riddled with layers.

The Thursday NFT mint is set to occur on Ethereum.

Each portal is represented by an Ethereum NFT that’s mintable through Zora and can be traded via major marketplaces.

The Ethereum NFT is linked to the Bitcoin-based Ordinal on-chain via smart contract.

The smart contract holds the code powering decentralized apps and NFT projects, developed by Iain Nash, a software engineer from Zora.

The Ethereum artworks seen on marketplaces like OpenSea are really screenshots generated from the Ordinal inscription.

However, the NFT/Inscriptions are paired so NFT buyers can choose to trade in Ethereum and take custody of the Bitcoin Ordinal.


There is currently a manual process that Timshel and el-ranye can handle.

However, they are looking to make an easier automated process when more Ordinals infrastructures go live.

Furthermore, Timshel said Chainspace is “200% on-chains,” which means the experience is intertwined on Bitcoin and Ethereum.

However, the swap of the Ethereum NFT for the custody of the Bitcoin Ordinal is one-way.

It doesn’t allow users to swap back and forth or hold the two versions simultaneously.

Timshel also warned that the ability to swap partly depends on the state of Ordinals, which has proven to be contentious for some Bitcoin aficionados.


Chainspace portals are accessible to the public to clarify that NFT collectors aren’t buying an exclusive pass.

Anyone can use any of the portals to capture a still image from the video feed and do whatever they want with the images.

Timshel and el-ranye will put 620 NFTs on sale on Thursday, giving active Discord users priority on the allowlist.

They will then be able to mint an Ethereum NFT for 0.33 ETH ($550) while another 100 NFT will be airdropped to Web3 builders who participated or influenced Chainspace.

Meanwhile, 60 NFTs are reserved exclusively for the team.

Image source: Capital

BAYC #1626 burned as it makes its new home on Bitcoin

BAYC – The Bored Ape Yacht Club has been the highest-profile NFT since the 2021 boom.

Even after the crypto market crash last year, the BAYC NFTs continued to be one of the best-selling tokens on the market.

This year, one of the most valuable Bored Ape NFTs underwent a significant change.

Over the weekend, BAYC #1626 was permanently removed from circulation.

The news

The removal of the Bored Ape surprised many, but its owner had an explanation.

According to the Ape’s owner, they wanted to symbolically shift its underlying blockchain to Bitcoin, having originally come from Ethereum.

The NFT last went on sale on OpenSea in November 2022, selling for 108 ETH, around $432,000 at the time or $169,000 in today’s prices.

Burning NFTs

Like most NFTs, BAYC #1626’s ownership was recorded on the Ethereum network before it was burned.

NFTs can be permanently removed from circulation through burning, which typically involves sending the NFT somewhere it can’t be retrieved.

Jason Williams, the owner of BAYC #1626 said he burned it in the weekend, which means it can never be sold again on the Ethereum network.

“Essentially throwing a Lamborghini into a trash compactor – it’s kind of fun,” said Williams.

“Whether putting bloated JPEGs on Bitcoin’s base chain is smart or not is a whole ‘nother [SIC] discussion, but I think it’s going to be a lot of fun seeing how it plays out.”


Despite burning the NFT, Jason Williams isn’t totally sure where his Ape is now, but he speculates BAYC #1626 is now on Bitcoin.

His guess can be traced to a link to an Inscription through Ordinals.

Ordinals was created by Casey Rodarmor.

It is a project that assigns content (images and videos) to individual satoshis, the smallest unit a Bitcoin can be split to, where they will permanently reside as Inscriptions on the Bitcoin network.

While the amount of Inscriptions on Bitcoin is around the 100,000 mark, there are still marketplaces for people to trade them.

A number of buyers and sellers are currently linked through Ordinal’s Discord server.

The burn happened with a new feature for Ordinals called Teleburn, which creates a unique destination with each new Inscription so digital assets can be burned.


Teleburn lets users assign an asset from another network to a Bitcoin Inscription, removing it from circulation.

It transfers the token between chains, which can be seen by the creators of Teleburn.

Rob Hamilton collaborated with Rodarmor to create Teleburn, and he said:

“The idea is that you are one-way, permanently burning an asset on another chain and pointing it to the ordinal that lives on the Bitcoin chain.”

Read also: Trump NFT bounces back from its January low

Hamilton approached Rodarmor about developing the Teleburn feature last weekend at Bitcoin Park.

Bitcoin Park is a coworking space in Nashville, Tennessee, that was made for the Bitcoin community.

They collaborated after Hamilton showed Rodarmor that Williams wanted to burn BAYC #1626.

“Let’s go write some code right now,” said Rodarmor, who was excited at the prospect of burning a BAYC NFT.


BAYC #1626 wasn’t the first time they used Ordinal’s Teleburn feature.

Casey Rodarmor first tried it out on his ENS domain.

He and Hamilton later oversaw Jason Williams.

Rodarmor first came up with the term Teleburn when he combined the words teleport and burn, referencing its hasty development.

Rob Hamilton believes Teleburn will gain traction, acting as a way for people to bridge their digital collectibles.

Rodarmor is also looking to extend the feature to support assets on other chains like Tezos and Solana.

“This has now set the standard of representing an asset across the chain,” said Hamilton.

“It’s going to be the way to actually have skin in the game.”

He also alluded to how assets burned are permanently gone from the market.


When news of the BAYC burn erupted online, Greg Solano, one of Yuga Labs’ co-founders, weighed in on the matter.

He said the Inscription linked to BAYC #1626 is an unlicensed reproduction of the original because Williams no longer owns it on the Ethereum network.

“If you transfer your Ape to an address you no longer control (even if it’s the ‘burn’ address), you have effectively given up your license,” said Solano.

He also waved off the idea that BAYC #1626 is permanently gone as it still exists on-chain.

However, people can no longer access the Ape.

Image source: Crypto Slate

Ordinal Punks make waves as hottest NFT project

Ordinal Punks – Since the debut of the Ordinals project in late January, Bitcoin NFTs have gained a lot of attention in the Web3 community.

CryptoPunks was one of Ethereum’s first and persistent NFTs in earlier network releases.

Cloned copies of the potent tokens are now a hot issue in relation to Ordinals.


In 2017, Larva Labs created CryptoPunks, a groundbreaking NFT project that paved the way for the current PFP movement.

They were first released at a free mint with a collection of 10,000 Ethereum assets before the NFT market gained traction.

Since then, trade volume on CryptoPunks has reached around $2.5 billion.

A different kind of clone

The Bitcoin network welcomed the advent of Ordinals in late January.

Despite being relatively new, the platform already has a number of projects that are using the CryptoPunks aesthetic.

The most well-known project among the many up-and-coming ones has been Ordinal Punks.

The Ordinals initiative created Ordinal Punks, 100-pixel avatars that are “inscribed” on Bitcoin.

Moreover, they are tradeable.

Ordinal Punks aren’t exact replicas of the original collection, unlike other CryptoPunks clones that have been observed in recent years.

Ordinal Punks

The project is generating up discussion on Crypto Twitter since some people think it is more closely modeled on the Mutant Punks collection of knockoff Ethereum games.

The project employed an open-source algorithm and the CCo Punk sprite sheet to generate new Punks, according to a user who connected to Ordinal Punks and provided more information.

An Ordinal Punk was purchased 9.5 BTC on Wednesday for over $215,000.

The cost is roughly two times what it would be to become a legitimate CryptoPunk (64 ETH, or around $106,000).

One specific Ordinal Punk is based on a rare alien CryptoPunk that was once auctioned for about $24 million in ETH.

Read also: Ordinals still divisive topic in Bitcoin community

Price & difference

One NFT investor and collector revealed that he paid 15.2 BTC on Wednesday for a package of seven Ordinal Punks, which at the time was equivalent to almost $349,000 in value.

However, as a result of Ordinal’s recent debut, they operate differently from other typical NFTs on platforms like Ethereum and Solana.

As of now, there isn’t enough infrastructure to facilitate the purchase and sale of NFTs after they have been characterized.

For want of a better phrase, Ordinals currently lacks Bitcoin NFT markets.


Currently, transactions between users or escrow services take place over the counter (OTC).

Online spreadsheets are used to keep track of asking and winning bids.

Collectors who follow the Ordinal Punks use Twitter and Discord to coordinate the exchanges.

The early Bitcoin “inscriptions,” according to some collectors, are expected to appreciate in value over time.

The pseudonymous NFT collector who purchased the Ordinal Punks bundle, dingaling, tweeted about the platform’s potential.

“There’s [a] real moment behind Ordinals and things are still very very early,” they wrote.

“There are opportunities everywhere.”

“Orderbooks are currently updated on shared spreadsheets and sales are only done via OTC/escrow. But there’s lots of building being done behind the scenes.” 

Potential dangers

Although a promising platform, Ordinals also has certain drawbacks.

For instance, the existing trading paradigm is vulnerable to frauds and hackers due to a lack of infrastructure.

Online, the matter has already been brought up by crypto Twitter users.

TheNorwegian, a pseudonymous NFT collector, pointed out potential problems with the collection in a widely shared Twitter thread and questioned whether it was the “biggest NFT scam of all time.”

Other projects

A significant project on the platform in addition to Ordinal Punks is Bitcoin Punks.

10,000 original CryptoPunks are held in duplicate by the project on Bitcoin.

The first 10,000-piece NFT project to be released through Ordinals is referred to as Bitcoin Punks.

The assets have previously been produced at no cost by collectors.

It’s unclear at this time, though, how much trading interest there is in the Bitcoin Punks collection.

On the official Discord server, a project administrator cautioned holders to exercise caution while trading until they have finished a code audit.

Image source: Cryptoknowmics

Ordinals still divisive topic in Bitcoin community

Ordinals – A project that enables Bitcoin-native on-chain NFTs was introduced to the Bitcoin network in January, dividing the community.

The benefits of a JPEG being included on the blockchain were debated by supporters, developers, and enthusiasts.

As discussions rage on, a Dune report revealed that on Tuesday, there were more than 11,000 Bitcoin inscriptions made using Ordinals.

The project

The most recent project by Bitcoin to connect NFTs to the Bitcoin ecosystem is called Ordinals.

In order to expose NFTs to Bitcoin via the Rare Pepes collection, they started Counterparty in 2014.

They released Stacks three years later.

The assets (JPEGs and video games) in the most recent project, however, are distinct since they are directly written on Satoshis on the blockchain.

They are also no longer dependent on sidechains or extra tokens.

A divide

The Ordinals project has gained a lot of attention in the Bitcoin community and has sparked discussions and inquiries concerning the future of the Bitcoin network.

Some claim that the effort exposed the network to several dangers, including malware attacks and rising transaction costs.

It’s not all bad, however.

Veteran Bitcoiner Dan Held tweeted his support for Ordinals, stating that it is excellent for Bitcoin.

“Hal Finney would like Bitcoin NFTs,” he wrote, attaching a screenshot of an email by the late Hal Finney, who wrote about crypto trading cards.

According to rumors, Hal Finney is the man who invented Bitcoin under the alias Satoshi Nakamoto.

In 2014, Finney passed away.

Read also: Crypto ads not as prominent in 2023 Super Bowl


NFTs are known as “inscriptions” by the rest of the Bitcoin community, whereas Ordinals refer to them as “digital artifacts.”

The inscriptions are active as a result of a November 2021 Bitcoin Taproot feature upgrade that permits arbitrary data storage.

Following the project’s introduction on January 21, 2023 by developer Casey Rodarmor, interest has grown.

Many people are willing to push the satoshi’s inscribed limitations.

Application innovation

Lolli’s co-founder and CEO, Alex Adelman, referred to Ordinals as a time of homecoming for the leading cryptocurrency project.

“The Ordinals project is a milestone for bitcoin [SIC], demonstrating how innovation on the bitcoin network can give rise to a breadth of new applications beyond its use as sound money,” said Adelman.

Despite his appreciation for Ordinals, Adelman still thinks that when it comes to the resources and skill devoted to innovation and the creation of new applications, Bitcoin still trails Ethereum.

However, it’s probable that Bitcoin NFTs will draw in fresh interest and funding, giving developers the chance to create innovative solutions that can improve scalability and efficiency.

A lack of features

Even if Bitcoin’s NFT minting has drawn attention to the original blockchain, ordinal inscriptions still lack the characteristics of NFTs.

,As an example, Ordinals lack smart contracts, a feature that the Bitcoin network does not, by default, support.

The limitations, according to Satoshibles creator Brian Laughlan, will draw greater attention to other projects like Stacks.

“The reason I am bullish on Stacks even more now is because people will eventually start to feel the limitations of Ordinals – high main chain fees, no smart contracts, etc,” said Laughlan.

“They will look to L2 solutions, and Stacks is ready to fill that gap.”

The developer of Satoshibles claimed that Stacks’ voice has been muffled by the opposition from Bitcoin zealots.

The best thing that could have occurred for Stacks, he said, was Ordinals.

“Now more people are looking at Bitcoin than ever,” said Laughlan.

“You got ETH Maxis running Bitcoin nodes and Bitcoin Maxis loving jpegs all of a sudden. The world has gone mad.”

The split in the community will likely get wider as the discussion on Ordinals continues.

The inscriptions on the Bitcoin blockchains will endure for a very long time, whether Bitcoin maxis like it or not.

Image source: The Nation View

Cryptocurrency rally is good, but people are wary

Image source: Watcher Guru

Cryptocurrency: Recently, cryptocurrencies have improved with an increase in price, notably Bitcoin and Ethereum.

The positive news, however, also reignites a discussion that frequently arises in these circumstances: will the market bounce, or will the current patterns just result in another severe crash?

Bitcoin reached an all-time high selling price of $69,000 in November 2021.

Higher interest rates and the demise of well-known companies, like FTX and Three Arrows Capital (3AC), among others, have since hit the digital coin.

Cryptocurrency movement

The price of the top cryptocurrency has dropped by approximately 67% since November 2021, while other digital assets, such as stocks, are doing well so far in 2023.

Bitcoin’s price this month increased by 38% to $22,893.39, which is the highest level since August 2022.

The price of the Ethereum (ETH) cryptocurrency increased by 38% to $1,635.68.

In anticipation of the economic data that suggested a slowdown in inflation in December, cryptocurrency prices have so far increased in January.

The figure is also encouraging, which increases the likelihood that the Federal Reserve will raise rates less aggressively than it did last year in an effort to rein in skyrocketing prices.


Although the news has largely been positive, several are issuing cautionary statements.

Crypto analysts think the current rise is a trap and that the recent increase is too good to be true.

Commentators also predict that the rise will suddenly collapse, hurting many traders who thought it signaled the beginning of a fresh rally.

Others are similarly dubious about the cryptocurrency boom.

A famous Bitcoin website on Twitter conducted a poll with 18,000 participants, who labeled the rally as a bull trap.

Il Capo Of Crypto, a well-known crypto enthusiast and analyst, concurred with him.

Read also: Coinbase stock price jumps after settlement

“I’ve been checking charts all this time, avoiding noise from Twitter,” he wrote.

“The way the upward movement is happening, the way htf resistances are being tested…it clearly looks manipulated, no real demand.”

“Once again, the biggest bull trap I’ve ever seen. But they won’t trap me.”

Suspicions about the professed crypto experts spread around the space.

It even made it to Reddit, where one person challenged observations by citing a news story about the market bottom.

“Hard to believe that it was only a week or so ago that everyone and their analyst was solemnly and confidently proclaiming that [Bitcoin at] 12k was inevitable and unavoidable,” said the user.

Jim Cramer

Last Wednesday, Jim Cramer, head of CNBC’s Mad Money, weighed in and called the crypto rebound a manipulation.

“The manipulation higher of crypto shows you this is truly a sham market,” Cramer tweeted.

The accuracy of Cramer’s analysis was uneven.

It was made fun of, leading to the creation of memes and other parody accounts.

One account, for instance, is known as “Inverse Cramer ETF,” a fictitious Exchange-Traded Fund that promotes the exact opposite of Cramer’s advice.

Several articles also made fun of the Mad Money host’s opinions, viewing his pessimism as a sign of positivity.

Kraken’s head of growth marketing, Dan Held, mockingly raised a glass and responded, “Bottom is in!”

A positive outlook

Other influential accounts were optimistic while others were cautious.

PlanB said that the Bitcoin surge signaled the beginning of a new bull market in digital assets.

Other community members made the decision to use it as an opportunity to make fun of those who are wary of investing in cryptocurrency because they can suffer more losses.

Wall Street

Also perplexed by the rising crypto values is Wall Street.

JP Morgan analysts published a research paper last Friday, but it fell short of properly explaining the surge in its entirety.

They agreed, however, that market conditions for riskier assets had improved, citing the most recent inflation data.

“We don’t have a great answer on the January-to-date rally of crypto, we do think it is emblematic of the underlying conviction many still have in cryptocurrencies,” they wrote.

“The crypto-bulls and whales seem to have been reinvigorated.”

Demystifying Bitcoin: All of the Cryptocurrency’s Misconceptions Explained

The assertion by Jack Dorsey, co-founder and CEO of Twitter Inc. and Square Inc. in July 2021 has, tragically, not aged well. Not with Russia in Ukraine and reminders of the resulting horrors being disseminated daily.

But Dorsey, long a proponent of cryptocurrency, put the sentiment out there, long before Vladimir Putin mobilized: Bitcoin could be a force for world peace.

His exact statement on “The B Word” webinar was as follows:

“My hope is that it creates world peace or helps create world peace. We have all these monopolies off-balance and the individual doesn’t have power and the amount of cost and distraction that comes from our monetary system today is real and it takes away attention from the bigger problems. All these distractions that we have to deal with on a daily basis take away from those bigger goals that affect every single person on this planet and increasingly so. You fix that foundational level and everything above it improves in such a dramatic way. It’s going to be long-term but my hope is definitely peace.”

Certainly we can all hope, but certainly there is no shortage of bitcoin skeptics, either. Consider multi-billionaire Warren Buffett, the CEO of Berkshire Hathaway, who once decried the cryptocurrency as “rat poison squared.” 

“When you buy non-productive assets,” he once told CNBC, “all you’re counting on is whether the next person is going to pay you more because they’re even more excited about another next person coming along. But the asset itself is creating nothing.”

Peter Schiff, CEO and chief strategist for Euro Pacific Capital, is likewise skeptical about the future of bitcoin … as well as the dollar. But he said in one interview that he believes “the bitcoin bubble will pop before the dollar bubble,” and that it is more likely that there will be “a cryptocurrency crisis before we have a dollar crisis.”

There was some indication that bitcoin’s bubble had burst when it plunged from a record-high valuation of $69,000 in November 2021 to under $33,000 in January 2022, but it has since stabilized, and many experts believe its future is bright. One of them, Galaxy Digital founder/CEO Michael Novogratz, told Bloomberg that he believes bitcoin will remain in the $30,000-to-$50,000 range this year, en route to a $500,000 valuation by 2027.

The results of a March 2022 NBC News poll further reflect cryptocurrency’s momentum. The poll showed that 21 percent of Americans had used, traded or invested in crypto, including 42 percent of those between the ages of 18 and 34. Another report, by, showed that four of every 10 in the 18-to-35 age group expressed the intention of using crypto to pay for goods and services in the next year – though only 23 percent of companies plan to offer crypto payment methods before 2024.

Jess Houlgrave, head of strategy for crypto at, told Yahoo Finance that the survey results reflect the fact that cryptocurrency is “maturing and is increasingly being driven by utility, pragmatism and empowerment,” while adding that it could “transform the way people transact” and “potentially reinvent the dynamics of the entire digital economy.”

Still, there remains some misunderstanding of just what cryptocurrency, and bitcoin in particular, is. Bitcoin is the oldest of “at least 10,000” cryptos, dating back to 2009, as Greg Genega, a crypto expert, told PBS in March 2022. He described it as “a digital currency that you can send, receive and store,” and noted that it is secured on a blockchain, a decentralized digital ledger.

He also said bitcoin is the “closest to a stored value or money or actual currency,” as it is divisible, durable, portable and verifiable. There are, in fact, just 21 million bitcoin in circulation, and there will never be more, meaning it is, as Genega said, “very dis-inflationary.”

In 2021 El Salvador became the first country to adopt bitcoin as legal tender (while retaining the U.S. dollar as its national currency), and that nation’s president, Nayib Bukele, recently announced plans to launch bonds backed by bitcoin, in hopes of raising money that would be put toward infrastructure and other projects. 

Certainly there is some degree of skepticism toward going all in on bitcoin, but Bukele believes it will help El Salvador’s unbanked population. Because cryptos operate without oversight from a central authority like a bank, transactions are not subject to the sort of fees that, for example, traditional money transfers might be.

Yes, there will always be questions about bitcoin and other cryptos. Yes, there will always be skeptics, like Warren Buffett and others. But it seems safe to say that bitcoin is here to stay. It has disrupted the financial landscape, and will continue to do so. It’s just a question of degree.

Core Scientific to join bankrupt crypto companies list

Image source: Twitter

Core Scientific: Core Scientific is one of the most prominent publicly listed cryptocurrency mining businesses with an American base.

Rumors suggest that the Texas-based business would submit a Chapter 11 bankruptcy filing on Wednesday morning.

The company made the decision to declare bankruptcy after a year of rising energy prices and falling cryptocurrency values.

The company

Core Scientific has always been one of the most active companies mining Bitcoin and other proof-of-work currencies.

The business employs a method to deliver electricity to data centers throughout the country.

It is stocked with highly specialized computers that verify transactions and produce new tokens.

The process requires the following:

  • Expensive equipment
  • Technical know-how
  • Plenty of electricity

Market cap

The market value of Core Scientific was $78 million at the close of trading on Tuesday.

Core Scientific valued the firm at $4.3 billion when it went public in July 2021 using a special-purpose acquisition vehicle.

However, the company’s current value is less than that amount (SPAC).

In the preceding year, the stock decreased by more than 98%.

Even though the business has a healthy cash flow, it is insufficient to pay off the debt associated with the equipment it was leasing.

While Core Scientific continues to run its business, as usual, the senior security noteholders, who are in charge of the majority of the company’s debt, will be bargained with.

A person who asked to remain nameless to discuss sensitive business topics provided the majority of the material.


At the end of October, the company issued a bankruptcy warning.

The stock price of Core Scientific had dropped by 97%.

The corporation likewise warned regular stockholders that their investments could be lost.

But if the sector rebounds, this might not be the case.

The agreement with Core’s convertible note holders is set up so that common equity investors won’t lose everything if the economic climate surrounding bitcoin improves.

Furthermore, Core Scientific disclosed that it would miss the loan payments that were due in early November and late October.

Additionally, the business said that creditors could sue them for nonpayment.

Read also: Sherrod Brown wants cryptocurrency banned in the US

Token drops

The token’s value dropped at Core Scientific, which mainly mines Bitcoin, from a record high of $69,000 in November 2021 to more than $16,800.

Its profit margins were restricted by declining value, increased mining competition, and rising energy prices.


The business has operations in North Dakota, North Carolina, Georgia, and Kentucky and is centered in Austin, Texas.

The protracted decline in the price of Bitcoin and the rise in electricity prices impacted operating performance and liquidity, as was further highlighted in the October filing.

The hash rate, a statistic used to demonstrate the computing capacity of miners in the Bitcoin network, has increased across the entire Bitcoin network, according to Core Scientific.


The cryptocurrency loan platform Celsius filed for bankruptcy in July.

According to the company, it has $167 million in cash on hand to pay bills while managing its business.

Before declaring bankruptcy, Celsius made news for shutting down consumer accounts.

One of Core Scientific’s clients was the crypto-lending business.

The strain that the bankruptcy proceedings for Celsius put on Core’s balance sheets is an illustration of how the cryptocurrency market was affected in 2022.

Read also: Jon Tester, US Senator, still dismissive of crypto

Other companies

Core Scientific is one of the biggest hosts and providers of blockchain infrastructure in North America.

It is also a significant miner of digital assets.

Despite its importance, Core is only one of several struggling companies.

In September, Compute North, an infrastructure and hosting services provider for cryptocurrency mining, filed for Chapter 11 bankruptcy.

Another miner, Marathon Digital Holdings, disclosed an exposure to Compute North of $80 million.

In the meantime, Greenidge Generation, a vertically integrated cryptocurrency miner, disclosed second-quarter net losses of more than $100 million in August.

The corporation ultimately abandoned its efforts to grow in Texas.

Last but not least, after the business disclosed plans to raise $27 million with a strategic partner on October 31, shares of Argo fell 60%.

However, that was no longer taking place.


Bitcoin miner Core Scientific is filing for Chapter 11 bankruptcy – but plans to keep mining

Embattled crypto lender Celsius files for bankruptcy protection

Bitcoin miner Core Scientific issues bankruptcy warning and the stock is down 97% for the year

Dogecoin plummets overnight, suffers major loss

Image source: Marca

Dogecoin (DOGE), the crypto industry’s most prominent meme coin by market capitalization, plummeted over 9% overnight.


The meme coin is now trading at around $0.088 after the latest drop.

Additionally, the Bears have been controlling the token for the past week.

To elaborate, Dogecoin fell almost 16% over the past seven days.

Following Ethereum and Bitcoin, DOGE generated the third-highest liquidations in the past 24 hours.

Meanwhile, Coinglass reports a total of $6.34 million in DOGE liquidations.

The majority of the liquidation occurred on the crypto exchange Binance and roughly half of the liquidation ($3.79 million) was liquidated in the last 12 hours.

Read also: Maxine Waters means business, urges SBF to appear


The accumulated losses have yet to affect the gains earned at the end of November following speculation that Elon Musk would incorporate Dogecoin into Twitter.

During a recent presentation, Musk shared user metrics for the site along with new updates like encrypted messaging and long-form tweets.

However, the final box beside “Payments” remains blank, prompting speculations that Musk has big plans to introduce cryptocurrency, particularly Dogecoin.

Despite the speculations, there has been little indication that he will push with the plans.

Other drops

Despite Dogecoin suffering the most significant losses in the top 10 largest cryptocurrencies, it wasn’t the only one to drop points.

In the past 24 hours, Bitcoin and Ethereum dropped -0.7% and -1.5%, respectively.

Bitcoin is currently trading for $17,028.75, while Ethereum sells at $1,252.90.

Ethereum led the liquidations in the same period, posting $12.57 million in blown-out leveraged positions.

Meanwhile, Bitcoin traders lost $9.25 million in the latest bearish impulse.

Read also: Blockchain industry set to flourish in the Middle East

Other notes

In the crypto space, patrons are focused on Tuesday’s meeting with the House Financial Service Committee.

Sam Bankman-Fried, the former CEO of FTX and Alameda Research, is expected to testify and explain how his crypto exchange collapsed in November.

“I still do not have access to much of my data – professional or personal,” he said in a Twitter conversation with House Chairwoman Maxine Waters.

“So there is a limit to what I will be able to say, and I won’t be as helpful as I’d like.”

“But as the committee still thinks it would be useful, I am willing to testify on the 13th.”

Additionally, the Federal Reserve is meeting on Wednesday.

The market expects the central bank to raise interest rates by 50 basis points.

The previous rate raises were 75 basis points, indicating that the Fed is on track to slowing down its attack on inflation, given the latest data points.


Dogecoin plummets 9% as crypto markets flash red

DogeCoin manages better Black Friday than other coins

Image source: Crypto Stars

DogeCoin had an intense week on Black Friday as it outperformed Bitcoin and Ethereum in the crypto market.

Friday movement

On Friday, the revolutionary meme coin jumped 10.5% over a 24-hour period, as recorded by CoinGecko.

Despite the surge, it was far from DogeCoin’s all-time high in May 2021, when the coin hit 73 cents.

DogeCoin’s massive leap came when Elon Musk, an avid supporter of the meme coin, hosted Saturday Night Live.

The coin first started as a joke but became the Tesla owner’s digital asset of choice.

During Black Friday, DogeCoin became the best-performing major cryptocurrency in the market.

Read also: FTX struck with major debt to 50 creditors

Other coins

Bitcoin, the leading cryptocurrency, fell 0.5% on Friday, while Ethereum dropped to nearly 1%.

Meanwhile, the cryptocurrency market continues to reel after a brutal month.

Investors were disappointed to hear that FTX, one of the most prominent and promising cryptocurrency exchanges, has gone bankrupt.

As a result, almost every major coin and token went through a sell-off.

It is unknown how DogeCoin handled a better Black Friday rally, but the Crypto Twitter speculation has gone viral.

Writing about the future of blockchain, David Gokhshtein, an influencer, said:

“I feel that we’ll all see Vitalik and Elon working together to somehow upgrade $DOGE.”

The meme coin

DogeCoin was created in 2013 by engineers who jokingly paid tribute to the “doge” meme, a Shiba Inu dog who speaks broken English.

However, Elon Musk started pumping the coin on Twitter in 2020 (which he now owns), driving up its value.

From there, Musk and Mark Cuban, an influential investor, argued over the usefulness of paying with the coin.

Despite the rally, DogeCoin is still down 91% from its peak.

Read also: Blockchain industry set to flourish in the Middle East

Current movement

As of this writing, DogeCoin has a market capitalization of $12.7 million.

While it is down -11.4% in the last 24 hours, the coin is selling for $0.093136.


Dogecoin gets double-digit Black Friday pump

Aave CEO Stani Kulechov dismisses Web3 integration anytime soon

Image source: Coin Desk

Aave CEO Stani Kulechov is under the impression that Twitter won’t be switching to Web3 anytime soon.

Kulechov believes Web3 will play an essential role in social media.


The Aave CEO laid out his vision for Lens Protocol.

Lens Protocol is a blockchain-based social media verse that allows users to maintain and import their social capital across different platforms.

Kulechov defines social capital as “followers” and “profiles.”

He added that with the current Web2 paradigm, users would have to leave their share capital with every new account they create with a new service.

Lens, launched in May, is based on Ethereum’s Polygon scaling solution.

Use smart contracts to tokenize social metrics like NFT.

Lens hopes to reinvent the wheel to create a decentralized and interoperable social media protocol.

“I have an audience on Twitter, and I can share my ideas, make connections – that’s social capital that I create there,” said the Aave CEO.

“But I can’t take my followers or my profile and put it in another application that has a better experience for me, reflects my values better, or I have better alignment with.”

Read also: Coinbase safe from FTX exposure, says CEO


Stani Kulechov compared the Lens protocol to Bitcoin, saying the comparison provides a close analogy between Web2 and Web3 technologies.

“In Bitcoin, you basically own your money, your store of value,” the Aave CEO explained.

“With Lens Protocol, you effectively own your social capital, your social presence.”

As for the challenge of scaling down the Lens protocol and attracting social media developers to work on it, Kulechov said they aren’t looking for Twitter involvement.

“We have to build new things.”


The popular social media platform was recently acquired by Elon Musk, who is bullish on Dogecoin and owns millions of dollars worth of Bitcoin through Tesla.

Many have the impression that Musk will integrate Twitter into Web3.

Meanwhile, Kulechov doubts that Twitter will soon be entirely Web3-based.

Read also: Yuga Labs’ founders support creators royalties in blog post


Blockchain technology is still hailed as one of the main drivers of Web3, a decentralized form of today’s internet where ownership is distributed among users.

However, Aave’s CEO is one of many to suggest the decentralization of social media.

Jack Dorsey, co-founder, former CEO and first user of Twitter, wanted to create a decentralized standard for social media platforms before leaving Twitter in 2021.

In 2019, Dorsey funded Blue Sky, an independent initiative led by Paral Agrawal, then Twitter’s CTO.

Last year, Dorsey reached out to Jay Graber, who took over as project director from Agrawal.

Agrawal became Twitter CEO after Dorsey left before Musk fired him in late October.

Blue Sky recently launched the beta test for its new protocol and opened the waiting list for its app.

Over 30,000 people signed up within two days of the announcement.


Twitter won’t go Web3 ‘anytime soon’: Aave CEO Stani Kulechov