- Bitcoin Lightning Network hit $2.2 million all-high as awareness increases.
- Jack Dorsey believes Bitcoin will be the de facto currency of the Internet.
The Bitcoin community is celebrating the chief executive officer of Twitter, Jack Dorsey showing his support for the network’s project, the Lightning Network (LN). The co-founder of the social media platform has already shown support for Bitcoin before and even reckoned that it has the ability to become the de facto currency of the internet.
Dorsey is currently taking part in a trial program referred to as LN Trust Chain that entails a connection of transactions executed using the Lighting Network. The trial program commenced on January 2019 but Dorsey joined in on February 5.
The trail was created based on the Olympic flame, the “Lightning Torch”. It supports a carefully executed series of transactions on Bitcoin’s second layer scaling protocol. All the people taking part are supposed to pass on the torch using the hashtag #LNtrustchain. It requires a user to receive a transaction and add about 10,000 satoshis to it before sending to another trusted person.
At the time of press, the torch has collected about 3 million satoshis, an equivalent of $98.60. The LN Trust Chain was organized to ensure that more people are aware of Bitcoin’s Lightning Network. The new protocol has hit a milestone of surpassing $2 million and an all-time high of $2.2 million.
At the moment, Bitcoin is trading at $3,362 after correcting lower 1.8% on the day. Recovery is still limited following the declines at the opening of the session today. Bitcoin is trading above the support at $3,360 with eyes locked on the now psychological $3,400.
More:
Cryptocurrency market update: $2 billion dumped – Bitcoin, Ripple and Ethereum bleed massively
Get 24/7 Crypto updates in our social media channels: Give us a follow at @FXSCrypto and our FXStreet Crypto Trading Telegram channel
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.
Recommended Content
Editors’ Picks
Coinbase lists WIF perpetual futures contract as it unveils plans for Aevo, Ethena, and Etherfi
Dogwifhat perpetual futures began trading on Coinbase International Exchange and Coinbase Advanced on Thursday. However, the futures contract failed to trigger a rally for the popular meme coin.
Stripe looks to bring back crypto payments as stablecoin market cap hits all-time high
Stripe announced on Thursday that it would add support for USDC stablecoin, as the stablecoin market exploded in March, according to reports by Cryptocompare.
Ethereum cancels rally expectations as Consensys sues SEC over ETH security status
Ethereum (ETH) appears to have returned to its consolidating move on Thursday, canceling rally expectations. This comes after Consensys filed a lawsuit against the Securities & Exchange Commission (SEC) and insider sources informing Reuters of the unlikelihood of a spot ETH ETF approval in May.
FBI cautions against non-KYC Bitcoin and crypto money transmitting services as SEC goes after MetaMask
US Federal Bureau of Investigations (FBI) has issued a caution to Bitcoiners and cryptocurrency market enthusiasts, coming on the same day as when the US Securities and Exchange Commission (SEC) is on the receiving end of a lawsuit, with a new player adding to the list of parties calling for the regulator to restrain its hand.
Bitcoin: BTC post-halving rally could be partially priced in Premium
Bitcoin (BTC) price briefly slipped below the $60,000 level for the last three days, attracting buyers in this area as the fourth BTC halving is due in a few hours. Is the halving priced in for Bitcoin? Or will the pioneer crypto note more gains in the coming days?