Welcome to the NiceHash crypto news digest. Let's see what happened these last few days.

The Bitcoin Lightning Network Grew 1212% in 2 Years

A report by River indicates that the Bitcoin Lightning Network's active usage skyrocketed from 2021, estimating between 279k to 1.1 million users monthly. While the number of active nodes seemed to stabilize by mid-2022, the network's capacity continued to rise.

Despite Bitcoin's price decline and reduced Google search interest, the Lightning Network's popularity surged, especially among seasoned Bitcoin users. The continued innovations and active development community around the Lightning Network ensure its robust future, even as Bitcoin faces market and regulatory challenges.

NiceHash too has played an important role in the increase of the protocol's usage. With currently the 7th largest node in the world, NiceHash is a pioneer when it comes to Lightning Network, being one of the first and few mining and trading platforms that let users deposit and withdraw their funds through this protocol.

Misinformation on Bitcoin ETF Approval Causes Over $180M in Liquidations

Amidst a surge in the cryptocurrency market, Cointelegraph, a prominent crypto news platform, incorrectly reported that the U.S. Securities and Exchange Commission (SEC) had approved Blackrock’s spot bitcoin exchange-traded fund (ETF).

This misinformation caused Bitcoin's value to spike by over 10% from $27,700 to $29,900. However, the claim was later debunked by Blackrock, who stated their application was still under review. As a result of this misinformation, Cointelegraph faced significant backlash and has since retracted and amended their statements, issuing an apology.

After the news was proven false, Bitcoin's price retracted, highlighting the volatility and sensitivity of the market to news, whether accurate or not.

Due to this volatility, Coinglass reported that positions worth $105 million were liquidated in one hour, comprised of $73 million in shorts and $32 million in longs. In total, the 24-hour liquidation stood over $180 million on October 16th, affecting around 40,000 traders.

Ferrari Begins Accepting Crypto in the US

Ferrari has reportedly begun accepting cryptocurrencies like Bitcoin, Ethereum and USDC as payment for its luxury sports cars in the U.S. due to demand from wealthy clients and plans to expand this option to Europe.

Most major companies have been cautious about adopting crypto due to its volatility and environmental concerns. Ferrari's Chief Marketing and Commercial Officer, Enrico Galliera, emphasized the company's commitment to carbon neutrality by 2030. The move to accept crypto aims to attract both traditional and new-age investors.

The company has partnered with BitPay, which will convert crypto payments into traditional currency, ensuring protection from market fluctuations and ensuring funds are not from illicit activities.

If you are looking for a powerful crypto wallet to stack your sats for your next luxury car purchase, look no further than NiceHash! With our feature rich Mobile App you are in control. Get access to instant BTC transactions on the go with our Lightning Network support.

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