BlackRock believes that Bitcoin (BTC) will become an integral part of the financial system over the coming decade as it increasingly melds with the best parts of the traditional financial system. The asset manager’s Head of Digital Assets, Robert Mitchnick, made the statement during Reflexivity Research’s Bitcoin Investor Day on March 22. FOX Business reporter […]
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The Worldcoin Foundation has released the core software components of its ORB technology into the open-source domain, providing a key technological step forward in verifying human identity online with enhanced privacy and security. The release, now available on GitHub under MIT/Apache 2.0 licenses, supports the Foundation’s ongoing efforts to improve transparency in the digital verification […]
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Stablecoins have recently achieved a significant milestone, surpassing $150 billion in market capitalization, with daily trading volume reaching $122 billion. This achievement marks a notable resurgence and growth in the stablecoin sector, with implications for the broader cryptocurrency ecosystem. Related Reading: BONK Bonked: Price Crashes 30% In 7 Days – More Pain Ahead? Market Dynamics And Growth Factors Stablecoins are digital assets designed to maintain a stable value by pegging their price to a reserve asset, such as the US dollar or other fiat currencies. They serve as a crucial bridge between traditional finance and the crypto space, offering stability and liquidity for users and investors. The recent surge in the stablecoin market can be attributed to several key factors. Firstly, the growing demand for stable assets in the volatile crypto market has driven increased adoption of stablecoins as a safe haven for traders and investors. Additionally, the rise of decentralized finance (DeFi) platforms has fueled the demand for stablecoins as a means of conducting transactions, providing liquidity, and earning yields. Source: CoinMarketCap Tether’s Dominance And Market Impact Tether (USDT), one of the most widely used stablecoins, has played a significant role in driving the growth of the stablecoin market. With a market capitalization exceeding $100 billion, Tether’s dominance underscores its position as a key player in the crypto space. Undoubtedly dominant in this sector, Tether commands a 70% market share. With a market capitalization of over $31 billion, USD Coin (USDC), the second largest stablecoin, grants Circle’s stablecoin a market share exceeding 20%. At the time of writing, DAI held a 3% market share and $4.7 billion, placing it in third position. Total crypto market cap at $2.4 trillion on the 24-hour chart: TradingView.com Tether’s market impact extends beyond its role as a stable asset, as it has faced scrutiny and regulatory challenges due to concerns about its reserve backing and transparency. Despite these challenges, Tether’s resilience and continued dominance highlight the strong demand for stablecoins and their utility in the digital economy. Crypto Enthusiasts Celebrate Stablecoins’ Rising Market Cap The crypto community is cheering the rising market cap of stablecoins, seeing it as a sign of coming prosperity. Total Stablecoin Mcap: Mar 21st. $147b. Feb 21st. $138b. Jan 21st. $133b. Dec 21st. $130b. Nov 21st. $127b. Oct 21st. $124b. it is impossible and stupid to not be bullish on DeFi whilst this chart is just up and to the right for the last 6 months. pic.twitter.com/qkcERkIXi8 — ZeroToTom (@zerototom) March 21, 2024 A growing market cap suggests more money is flowing into crypto, providing much-needed liquidity for trading and potentially pushing prices up. Additionally, stablecoins offer a safe haven during market dips, potentially encouraging more investors to enter the broader crypto market. This increased comfort and investment could fuel the entire market’s growth. Related Reading: Fantom (FTM) Bull Run: Can FTM Hit $2 After 20% Price Spike? Implications For The Crypto Ecosystem The surpassing of $150 billion in stablecoin market capitalization signifies a maturing and expanding crypto ecosystem. Stablecoins have become essential infrastructure in the digital economy, enabling seamless transactions, cross-border payments, and financial services innovation. Featured image from Xverse, chart from TradingView
In recent findings, an investigation by the United Nations has illuminated the extent to which North Korea has leveraged cyber activities such as crypto hacks to “bolster” its economy and further its weapons development programs. The report spans from 2017 to 2023 and details a series of cyberattacks targeting crypto-related firms. It highlights the approach […]
Recent observations by Eric Balchunas, a senior ETF analyst at Bloomberg, suggest that the movements in Bitcoin’s price are influenced by factors beyond just the flows of spot Bitcoin Exchange Traded Funds (ETFs). According to Balchunas, who shared his insights on X, “bigger forces at work” shape the largest cryptocurrency’s valuation. This indicates that the correlation between spot ETF flows and Bitcoin’s price action is less direct than some assume. Related Reading: Bitcoin Supply On Exchanges Hit 4-Year Low, But Why Is Price Crashing? The ETF Influence And Market Movements This analysis emerges amid a period of significant financial activity for Grayscale, which has seen substantial outflows, described by Balchunas as experiencing a “second wind” of departures. Yesterday, Grayscale reported outflows of $281.57 million, marking a notable decrease in its Bitcoin holdings by more than 40% since the inception of spot Bitcoin ETFs on January 11. This scenario highlights a broader narrative within the cryptocurrency investment sphere, where the relationship between ETF activities and Bitcoin’s market performance is complex and multifaceted. Interesting is price of bitcoin still went up yesterday and yet it went down second half of last week when Ten saw net inflows = there are other players controlling this market. ETFs def a factor but bigger forces at work here. — Eric Balchunas (@EricBalchunas) March 21, 2024 Despite the record outflows from Grayscale’s GBTC, Bitcoin’s market behavior has shown resilience. The cryptocurrency recently exceeded the $67,000 mark before experiencing a slight retracement, currently trading at a price of $66,106. This movement coincides with comments from Federal Reserve Chair Jerome Powell, which seemingly spurred a rally across various risk assets, including cryptocurrencies. Powell’s reassurances regarding the outlook on rate cuts prompted a slight recovery in Bitcoin’s price, demonstrating how external economic factors and sentiments can impact cryptocurrency markets. It is worth noting that Bitcoin traded below $65,000 before the announcement. On-Chain Insights And Bitcoin Future Prospects Further deepening the analysis, Charles Edwards, a crypto analyst, recently suggested that pullbacks are common in Bitcoin’s bull runs, with corrections of around 30% within the realm of possibility. A normal Bitcoin bullrun pullback is 30%. Back in December, we were already in the longest winning streak in Bitcoin’s history. A 20% pullback here takes us to $59K. A 30% pullback would be $51K. These are all levels we should be comfortable expecting as possibilities. — Charles Edwards (@caprioleio) March 19, 2024 In related news, data from the on-chain analysis platform CryptoQuant has recently indicated a nearly 40% reduction in Bitcoin’s supply on exchanges over the past four years. This trend points towards a bullish sentiment within the Bitcoin ecosystem, suggesting that investors are inclined to hold onto their assets in anticipation of future value increases. Moreover, CryptoQuant’s data reveals that Bitcoin’s demand has consistently outstripped its supply since 2020, a trend that supports the asset’s value on the premise that scarcity enhances perceived value. Related Reading: Hold Your Horses: ‘Buying The Crypto Dip Is Still Too Early’ Warns Top Analyst — Here’s Why This dynamic is expected to intensify following the upcoming Bitcoin halving event, which will reduce the miners’ supply by half, potentially leading to further increases in Bitcoin’s price. Featured image from Unsplash, Chart from TradingView
Blockchain protocol MakerDAO (MKR) continues to see significant gains, maintaining a strong upward trend throughout the year. MKR has seen significant growth of over 358%, accompanied by positive metrics reflecting increased adoption and usage of the protocol. In addition, upcoming voting initiatives aim to further increase the platform’s benefits for its stakeholders. MakerDAO Announces Plans For Rate System Changes In a recent announcement, MakerDAO stated that it closely monitors developments in the cryptocurrency market and has gained a better understanding of the impact of recent proposals. As a result, the protocol is recommending the next set of changes to its rate system. MakerDAO emphasized that further adjustments will likely be introduced shortly, contingent upon market dynamics, such as prices, leverage demand, and the external rate environment encompassing centralized finance (CeFi) funding rates and decentralized (DeFi) effective borrowing rates. Related Reading: US Spot Bitcoin ETFs Experience Record Outflows, Losing $740 Million In Three Days The protocol further noted that the Maker rate system will be adjusted accordingly if the external rate environment continues to exhibit signs of decline. Efforts are underway to update the rate system language within the Stability Scope, including developing a new iteration of the Exposure model. These updates aim to ensure that the system can adjust rates more gradually and effectively in the future. Based on recommendations from BA Labs, a blockchain infrastructure provider, the Stability Facilitator proposes various parameter changes to the Maker Rate system, which will be subject to an upcoming Executive vote. As shown in the table above, the proposed changes include reducing the Stability Fee by 2 percentage points for various collateral types such as ETH-A, ETH-B, ETH-C, WSTETH-A, WSTETH-B, WBTC-A, WBTC-B, WBTC-C. In addition, the Dai Savings Rate (DSR) and the Effective DAI Borrowing Rate for Spark will also be reduced by 2 percentage points. However, one active protocol user offered an alternative viewpoint, suggesting using the demand shock opportunity to expand the net interest margin. While agreeing with the proposed 2% interest rate reduction for borrowers, the user advocates for a larger 4% reduction in the DSR, which he believes will further benefit MakerDAO’s net interest margin. Ultimately, the outcome of the voting process will determine whether these proposed changes are implemented and benefit the stakeholders of MakerDAO. Further decisions regarding rates and fees will be made based on the results. Market Cap Skyrockets According to data from Token Terminal, MakerDAO has demonstrated significant growth and positive performance across various key metrics over the past 30 days. In terms of market capitalization, MakerDAO’s fully diluted market cap has reached approximately $3.07 billion, reflecting a notable increase of 40.9% over the past 30 days. The circulating market cap is around $2.82 billion, showing a similar growth rate of 41.1%. On another note, the total value locked (TVL) in MakerDAO has increased by 10.1% over the past 30 days to approximately $7.05 billion. The token trading volume for MakerDAO has surged 126.6% over the past month, reaching approximately $4.35 billion. This increase in trading volume suggests heightened market activity and interest in the protocol. In terms of user activity, MakerDAO has seen an increase in daily active users, with an increase of 32.2% to 193 users. On the other hand, weekly active users decreased by 22.6% to 783 users. However, monthly active users have shown a positive growth rate of 10.0%, reaching 2.88k users. Short-Term Outlook For MKR Regarding price action, MKR is currently trading at $3,158, reflecting a 4.8% growth in the past 24 hours, 10% in the past seven days, and an impressive 49% increase in the past fourteen and thirty-day time frames. The token has encountered a support wall for the short term at $3,048. This support level is significant for the token’s growth prospects. Another key support level is at $2,884, which further contributes to the token’s short-term stability and potential growth. Related Reading: Crypto Expert Reveals The Possibility Of Bitcoin Reaching $500,000 On the other hand, the nearest resistance level is observed at its 28-month high of $3,321. This level represents the highest point reached by the token since November 2021. Featured image from Shutterstock, chart from TradingView.com
In a recent development, Seychelles-based firm OKX, one of the largest cryptocurrency exchanges in the world, has announced the shutdown of its services in India. According to recent reports, the decision comes in response to regulatory hurdles faced by the exchange in the country. Users were notified of the closure through a notice sent on […]
Do Kwon, the beleaguered founder of TerraForm Labs, is headed to South Korea to face charges connected to the 2022 Terra ecosystem collapse. This follows a Montenegrin appeals court rejecting his final attempt to be extradited to the United States. The decision marks the culmination of a months-long legal battle where both South Korea and […]
In 2008, at the height of the global financial crisis, an anonymous figure named Satoshi Nakamoto proposed Bitcoin, a groundbreaking electronic cash system.
Indian customers will have to withdraw their funds by April 30.
The Solana ecosystem has achieved a significant milestone by becoming the most popular blockchain ecosystem of the year. This is due to its ability to capture nearly half of the world’s crypto investor interest in the chain-specific theater. Together with the outstanding performance of native meme coins like dogwifhat and important ecosystem project tokens like Pyth, Solana’s comeback to 2021 peaks show a revived faith in the network. Related Reading: Analyst Bullish On Polkadot (DOT), Predicts $17 Price Target Before April Solana’s Dominance: Coingecko Study Insights According to a study by Coingecko, as a result of Solana’s nearly 50% share of global chain-specific interest, and its affiliated projects’ increasing popularity and performance, the ecosystem has a significant mindshare that reinforces its leadership in the cryptocurrency market. Currently priced at $191, Solana (SOL) has increased by 13% in value over the past 24 hours. The fifth-ranked cryptocurrency has a market capitalization of nearly $85 billion, and its 24-hour trading volume amounted to $9 billion. Bitcoin price action. Chart: TradingView The popularity of Solana’s meme coins and ecosystem initiatives are successful in attracting attention to the network’s lively and dynamic ecosystem. As long as Solana is drawing attention and capital, its ecosystem will continue to dominate the cryptocurrency investor scene, paving the way for network expansion and innovation. Ethereum, on the other hand, is the second most popular blockchain ecosystem this year, having garnered nearly 13% of investor interest. Ethereum is probably not a new, hot crypto narrative anymore as its ecosystem and investors are already familiar with it. The Ethereum ecosystem is also seeing its focus spread out among the layer 2 ecosystems that are developing on top of it. SOL seven-day price ascent. Source: Coingecko Factors Driving Solana’s TVL Increase Meanwhile, according to DefiLlama’s data, the Solana blockchain has demonstrated a remarkable performance, with its decentralized finance (DeFi) total value locked (TVL) rising by nearly 80% in the previous month alone. Related Reading: DeFi Turmoil: Over $5 Million Wiped Out In Liquidations Amid Ethereum Price Drop This incredible ascent represented a significant turning point for the network, with the Solana TVL reaching its highest point in the previous two years. According to the most recent report, Solana is among the top five with the fastest-rising TVL in DeFi, with nearly $4 billion. Source: Defillama Much of Solana’s TVL is based on the increase in trade volume, which is tracked by the Defi protocols and operates across its Layer 1 (L1) network. Just this past month, there was a 125% increase in the daily trading volume of these protocols; the level of trading reached a peak of nearly $3.7 billion. Additionally, the network achieved an all-time high of $1.6 million in total daily fees, with fee income of $3.61 million. Featured image from Pexels, chart from TradingView
As of the latest data, the US spot Bitcoin Exchange-Traded Funds (ETFs) have surged past a notable milestone, with cumulative trading volume breaching the $150 billion mark on March 19. This development is particularly noteworthy considering the spot ETFs‘ relatively short period in the market, following their approval by the Securities and Exchange Commission (SEC) […]
Amid a recent downturn in the broader crypto market, the concept of “buying the dip” has once again surfaced, tempting traders and investors with the prospect of snagging assets at lower prices. However, caution is the watchword from Markus Thielen, CEO of 10x Research, a top analyst in the crypto space. Thielen’s latest advisories suggest that the current market conditions may not yet be ripe for the optimistic strategy of dip purchasing. Related Reading: High-Stakes Week For Bitcoin And Ethereum As Central Bank Decisions Approach: Key Predictions The Basis Of Bearish Sentiment Thielen’s recent analysis, released earlier today, underscores a bearish outlook on flagship cryptocurrencies Bitcoin (BTC) and Ethereum (ETH), advising that it may be premature to buy the dip. This guidance is rooted in a comprehensive approach to market analysis, combining analog models, data-driven predictive models, and objective analysis. At the heart of Thielen’s cautionary stance is a detailed report outlining the factors contributing to the firm, 10x Research’ bearish outlook on Bitcoin and Ethereum. Despite a seemingly attractive price point for these cryptocurrencies, Thielen believes the market has not yet bottomed out, suggesting further declines before any significant rally. The report pinpoints $63,000 and $60,000 as critical support levels for Bitcoin. A breach below $60,000, Thielen warns, could precipitate a fall into the $52,000-$54,000 range. Yet, despite these short-term bearish indicators, Thielen remains optimistic about Bitcoin’s potential, envisioning a climb to heights of over $100,000 within the year. Thielen noted: Buying this dip is still too early. Technically, we still expect Bitcoin to trade below 60,000 before a more meaningful rally attempt is started. Based on the previous new high signals, we could paint a rosy picture of 83,000 and 102,000 upside targets, but for the time being, we are more focused on managing the downside. The Crypto Market’s Critical Juncture The current state of the crypto market reflects a tense anticipation of the upcoming central bank announcements from the US Federal Reserve. This decision is expected to significantly influence monetary policy and, by extension, the cryptocurrency market. Particularly, insights from crypto futures exchange Blofin suggest that the outcome of this announcement could sway market sentiment substantially. Meanwhile, the market reacts in real-time, with Bitcoin slightly increasing 2.4% in the past 24 hours but still showing a notable decline over the past week. Adding to the complexity of the market dynamics are observations from Alex Krüger, a respected figure in macroeconomics and cryptoanalysis. Related Reading: Bitcoin Might Be Poised For A ‘Double Pump Cycle,’ Reveals Analyst – Here’s Why Krüger attributes the recent price collapse to several factors, including market over-leverage, the negative sentiment ripple from Ethereum, and speculative fervor around certain altcoins. These elements combine to paint a picture of a market at a crossroads, with significant volatility and uncertainty ahead. Reasons for the crash, in order of importance (for those who need them) #1 Too much leverage (funding matters) #2 ETH driving market south (market decided ETF not passing) #3 Negative BTC ETF inflows (careful, data is T+1) #4 Solana shitcoin mania (it went too far) — Alex Krüger (@krugermacro) March 20, 2024 Featured image from Unsplash, Chart from TradingView
The US Federal Reserve announced on March 20 that it would keep interest rates steady at 5.25% to 5.5% — aligning with market expectations and easing concerns of a more aggressive tightening of monetary policy. Additionally, the Federal Open Market Committee (FOMC) maintained its projection for a rate cut within this year, signaling a cautious […]
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The Ethereum Foundation (EF) has come under investigation by an undisclosed “state authority,”. As per a commit message on GitHub, the EF received a “voluntary inquiry” from the authority, accompanied by a confidentiality requirement. The details and scope of the investigation remain undisclosed, leading to speculation and uncertainty within the Ethereum community. However, this is […]
In a trial set to commence on March 26 in the Dutch city of Hertogenbosch, Alexey Pertsev, the prominent developer behind Tornado Cash, finds himself at the center of a legal storm as he faces money laundering charges. The allegations, revealed in a three-page indictment obtained by DL News, accuse Pertsev of laundering over $1.2 […]
The surge in XRP trading volume has been significant, with multiple sources reporting substantial increases over a short period. On March 19, 2024, CoinMarketCap data revealed an increase in XRP’s trading volume by 130% to over $4 billion within 24 hours. Related Reading: DeFi Turmoil: Over $5 Million Wiped Out In Liquidations Amid Ethereum Price Drop This surge occurred amidst a general market downturn, where XRP’s trading volume increase helped offset some losses experienced by other assets. Despite a slight decrease in XRP’s price to $0.605, the asset remained in the green over the last month, showing an increase of more than 8%. Source: CoinMarketCap Market Developments Trigger Spike One of the key drivers behind this uptick in trading volume is a favorable court ruling between the US Securities and Exchange Commission and Ripple Labs. This ruling provided much-needed regulatory clarity for XRP, leading to major exchanges like Coinbase, Kraken, Bitstamp, and Binance.US either relisting or announcing plans to resume trading with XRP. The increase in trading volume also reflects an uptick in investor enthusiasm for XRP. The trading volume spike, which at one point constituted over 22% of XRP’s market capitalization, indicates a strong wave of interest and confidence among investors. Additionally, an impressive price rally in XRP, with the price soaring by nearly 100% at one point, further fueled trading activity as investors capitalized on the price movement. XRP market cap currently at $32 billion. Chart: TradingView.com Exchange Listings Boost Trading Activity The reopening or relisting of XRP on major exchanges post-court ruling played a pivotal role in boosting trading volume. Exchanges like Coinbase, Kraken, Bitstamp, and Binance.US reopening XRP trading provided traders with increased opportunities, contributing to the boost in overall trading volume. In the past week, the price of XRP has experienced notable fluctuations, reflecting a mix of ups and downs in the cryptocurrency market. According to Coinbase, XRP’s price has seen a 3% decrease in the last 24 hours and a significant 17% decline over the past week. This downward trend indicates a challenging week for XRP investors as the price struggled to maintain its position. Related Reading: AVAX Price Soars To Highest In Nearly 2 Years, Over 80% Of Holders In Profit Varied Price Data From Different Sources On the other hand, YCharts data presents a slightly different picture, indicating an XRP price of 0.6539 USD on March 19, 2024. This figure represents a 5.61% increase from the previous day and a significant 68% uptick from one year ago, showcasing a more positive outlook for XRP in the long term. Investors and traders are closely monitoring XRP’s development as it works through the uncertainty in the market. A break below the 200-day moving average at $0.57 could be the first sign of impending market decline. Featured image from iStock, chart from TradingView
The decentralized finance (DeFi) ecosystem teetered on the brink of a meltdown yesterday as cascading liquidations swept through the market following a sharp drop in Ethereum (ETH) price. Over $5.4 million in collateralized assets were forcibly sold off in a 24-hour period, raising concerns about the stability of the DeFi house of cards. Related Reading: AVAX Price Soars To Highest In Nearly 2 Years, Over 80% Of Holders In Profit Ethereum, the world’s second-largest cryptocurrency by market capitalization, bore the brunt of the liquidations. Its price plummeted over 9% to below $3,200, a far cry from its recent high of $4,092. This price swing triggered a domino effect, as collateralized loans used to amplify returns in DeFi protocols faced margin calls. Data from Parsec paints a bleak picture, with a potential $24 million liquidation event looming if ETH price dips further to $3,008. Volume of transactions involving Ether across Defi protocols. Source: Parsec On-Chain Derivatives Spark $52 Million DeFi Liquidation Blitz To make matters worse, within the same time frame, major on-chain derivatives have triggered liquidations totaling more than $52 million. After selling at a high of $4,100 for Ethereum, short traders recouped their losses by repurchasing the cryptocurrency at $3,200. The pain wasn’t shared equally, however. Panic selling by long position holders, those betting on an ETH price increase, resulted in a whopping $104 million in liquidations compared to a little over $16 million for short sellers. This imbalance could exacerbate the ETH price decline, creating a negative feedback loop. The situation highlights the inherent risks associated with leverage in DeFi protocols, While leverage can magnify profits, it can also amplify losses, especially during periods of high volatility. Ether market cap at $378 billion on the 24-hour chart: TradingView.com The bloodbath wasn’t confined to the DeFi space. The broader crypto market experienced heightened volatility as investors braced for the upcoming Federal Open Market Committee (FOMC) meeting. The potential for a Federal Reserve interest rate hike, coupled with weak inflows into Spot Bitcoin ETFs, cast a shadow of bearish sentiment across the digital asset landscape. Ether price down in the last 24 hours. Source: Coingecko. Ethereum Price At A Glance Currently, Ethereum (ETH) is experiencing a decline of nearly 10% and is currently trading at $3,138. The 24-hour trading volume for ETH stands at $29 million. Ethereum had a 20% retracement, making it the second most significant decliner among the top 10 cryptocurrencies. ETH traders maintained their sense of confidence by retaining and mitigating their positions in anticipation of an impending period of recovery. Related Reading: XRP Price On The Crosshair As Trading Begins On US-Backed Exchange Based on the prevailing market indicators, it is plausible that the price of Ethereum may evade more drops in the foreseeable future, as the bullish sentiment seeks to consolidate at the support level of $3,200, thereby establishing a foundation for a subsequent phase of recuperation. Featured image from Pexels, chart from TradingView
ETHFI, the governance token for the Ether.fi staking protocol has seen a significant drop in price since its debut on Binance on Monday, March 18. After initially trading at $4.13, the token has lost over 25% of its value, raising concerns among investors. Nonetheless, recent on-chain activity has fueled speculation of further sell-offs, potentially threatening the token’s stability and its ability to hold the $3 mark. In particular, blockchain analytics firm Nansen has identified interesting behavior involving Arrington XRP Capital on the Ether.fi platform, highlighting some significant transactions. Price Concerns For ETHFI In a recent post on social media site X (formerly Twitter), Nansen’s analysis reveals interesting activity involving venture capital fund Arrington XRP Capital on the Ether.fi platform. According to the blockchain analytics firm, Arrington XRP Capital minted 5,000 units of eETH, Ether.fi’s natively reshaped liquid staking token. Notably, these eETH tokens were distributed to ten different wallets, each containing 500 units. Related Reading: AVAX Price Soars To Highest In Nearly 2 Years, Over 80% Of Holders In Profit Following the distribution, Arrington XRP Capital proceeded to claim a total of 200,498 ETHFI tokens across the ten wallets. The funds were transferred to another address, consolidating the acquired ETHFI tokens. In the final step of the observed activity, Arrington XRP Capital sent the entire balance of ETHFI tokens to the Binance cryptocurrency exchange, potentially for selling purposes, which could put further pressure on ETHFI. However, the Ether.fi team has responded to the speculation surrounding the on-chain movements made by Arrington XRP Capital. Ether.fi Clarifies According to Ether.fi, Arrington XRP Capital has been a consistent investor in the platform and has provided significant support since its inception. The statement further noted that as early adopters and active stakers, the Arrington team has actively staked its assets on Ether.fi, contributing to the platform’s growth. The multi-wallet distribution observed in recent activity did not surprise Ether.fi, as they were reportedly informed of this approach in advance. Ether.fi claimed that splitting the assets into multiple wallets did not provide additional benefits or change the distribution outcome. The protocol alleged that consolidating the assets into a single wallet would have produced the same results. The protocol alleged that these assets are part of their liquid funds, which are “actively traded.” The decision to transfer the assets to the Binance cryptocurrency exchange was motivated by the nature of their trading activities and liquidity needs, the Ether.fi team concluded. Arrington Capital Addresses Speculations The Arrington Capital team also clarified the context through a social media post. They clarified that they had been long-term investors, staking over $50 million of ETH since February 2023. The company claimed that the recent sale of a “small percentage” of its initial airdrop tokens amounted to less than $700,000, allegedly representing only 0.1% of the day’s trading volume. Related Reading: Crypto Report Says ‘Alameda Gap’ Is Gone After Bitcoin Rally, What This Means Ultimately, Arrington Capital emphasized that their actions were not a “Sybil attack” and did not exploit the protocol’s distribution methodology. They wrapped up their response by claiming that airdrop distribution follows a linear model that is “unaffected” by distribution across multiple wallets. Featured image from Shutterstock, chart from TradingView.com
Data shows that around $533 million in crypto long contracts have been flushed down as Bitcoin crashed below the $63,000 level. Bitcoin Has Continued Its Recent Downtrend During The Past Day Since setting a new all-time high (ATH) above the $73,800 mark, Bitcoin’s fates have changed as the digital asset has switched to experiencing bearish […]
Bitcoin’s recent downturn has prompted renowned crypto analyst Willy Woo to offer a fresh perspective on the cryptocurrency’s future trajectory. Woo’s analysis, based on the surge in Bitcoin’s Macro Index, suggests an optimistic outlook for the leading digital currency, potentially indicating a pivotal shift in market dynamics. Unveiling Bitcoin Double Pump Prediction Willy Woo, a figure well-respected in the cryptocurrency analysis sphere, has recently shared insights that paint an intriguing future for Bitcoin. Related Reading: Bitcoin Plunges Under $63,000, Here’s Where Next On-Chain Support Is According to Woo, the notable increase in the Bitcoin Macro Index could signal more than just a recovery; it might be the precursor to a rare “double pump” cycle. Drawing parallels with the market patterns 2013, Woo’s forecast points towards two significant price surges for Bitcoin in the coming years. He anticipates the first peak by mid-2024 and a second, even more substantial top in 2025. This dual surge scenario, though historically uncommon, aligns with Woo’s analysis of current market conditions and Bitcoin’s intrinsic growth potential. At the rate the #Bitcoin Macro Index is pumping, I wouldn’t be surprised if we get a top by mid-2024, which would hint at a double pump cycle like 2013… a second top in 2025. pic.twitter.com/i2a0V5ytPv — Willy Woo (@woonomic) March 19, 2024 Navigating Through The Bearish Terrain Meanwhile, the past week has not been kind to BTC, with the asset experiencing a roughly 10% decline. This downward trend extended over the past 24 hours, seeing Bitcoin’s value dip by 4.9%, bringing its price to around $65,000—a sharp fall from its recent peak above $73,000. Amid this bearish price action, IntoTheBlock, a notable crypto analytics firm, suggests the $61,000 level as a critical demand zone, highlighted by the significant volume of Bitcoin purchased at this price point. This area is deemed attractive for accumulation by institutional investors and large-scale traders, suggesting a possible recovery in the near future. Bitcoin is looking for support. But where will it find it? The $61k range could be a key area to keep an eye on. 805k addresses acquired over 466k BTC at this level, indicating a healthy appetite for $BTC around that level. pic.twitter.com/XYw7LSC6Ji — IntoTheBlock (@intotheblock) March 19, 2024 Additionally, as Bitcoin navigates its current market challenges, cryptocurrency analyst Charles Edwards points out that a typical pullback during a Bitcoin bull run amounts to about 30%. Related Reading: FOMC Preview: Bitcoin and Crypto’s Fate Tied To Fed Rate Move With BTC having experienced its longest winning streak in history, a corrective dip to $59,000 or even $51,000, as per some predictions, remains within the realm of possibility. A normal Bitcoin bullrun pullback is 30%. Back in December, we were already in the longest winning streak in Bitcoin’s history. A 20% pullback here takes us to $59K. A 30% pullback would be $51K. These are all levels we should be comfortable expecting as possibilities. — Charles Edwards (@caprioleio) March 19, 2024 These levels represent potential buying opportunities for investors looking to capitalize on Bitcoin’s cyclical nature and its anticipated ascension post-pullback. Featured image from Unsplash, Chart from TradingView
Umoja raises $4M in seed funding to advance its smart money protocol, aiming to provide sophisticated wealth creation tools to crypto retail.
In its most recent research newsletter, crypto research firm Kaiko alluded to an ‘Alameda Gap,’ which has been massively impacting the Bitcoin and crypto market for some time now. However, that seems to be in the past, as Kaiko stated that the gap no longer exists. What The Alameda Gap Is About According to the report, the ‘Alameda Gap’ is the gap in liquidity that existed after the collapse of the collapse of the defunct crypto exchange FTX and its sister company Alameda Research. Alameda was one of the most prominent market makers then and provided massive liquidity to the market. Related Reading: Is Ripple Behind The XRP Price Crash? Massive Selling Spree Sparks Concern Following Alameda’s collapse, this liquidity gap is said to have persisted as market makers “waited on the sidelines for sentiment and trading activity to recover.” Now, the market looks to have moved past this, as Kaiko revealed that, as of last week, the market depth has almost fully recovered and is back to its pre-FTX average. The research firm added that the Bitcoin 2% market depth is up 40% year-to-date (YTD) and briefly surpassed its pre-FTX average of $470 million. This increase is said to have been mainly due to the surge in Bitcoin’s price, which has risen faster than the market liquidity since the SEC approved the Spot Bitcoin ETFs in January. Bitcoin is up about 50% YTD and has already hit new highs since the beginning of the year, including a new all-time high (ATH) of $73,750. Meanwhile, the improvement in liquidity is also evident in the fact that the cost of trading has declined on the three major US crypto exchanges: Coinbase, Kraken, and Bitstamp. How Bitcoin Is Outperforming Gold Kaiko also highlighted in its report that the Bitcoin-to-Gold ratio, which measures both assets’ relative performance, is inching closer to its ATH, which it last hit in November 2021. Interestingly, this increase means that BTC is outperforming Gold, even though both assets have recorded ATHs these past few weeks. Related Reading: Solana Surpasses Ethereum In Major Metric Amid Surge Above $200 Furthermore, funds linked to these assets show how Bitcoin has outperformed Gold. Kaiko noted that Bitcoin ETFs have attracted $11 billion since they launched in early January. Meanwhile, the largest physically-backed Gold ETFs (SPDR Gold Shares (GLD) and iShares Gold Trust (IAU) have registered outflows during the same period. Kaiko suggested that this could mean that investors were moving towards Bitcoin as the “new global store of value.” Interestingly, the CEO of Jan3 and Bitcoiner, Samson Mow, while giving reasons why Bitcoin will hit $1 million, also mentioned that people will start demonetizing Gold and substitute it for BTC at some point. BTC price falls to $62,700 | Source: BTCUSD on Tradingview.com Featured image from Forkast News, chart from Tradingview.com
Grayscale Bitcoin exchange-traded fund (GBTC) fees will gradually decrease as the market evolves, according to CEO Michael Sonnenshein. In a March 19 CNBC report, Sonnenshein pointed out that the fee reductions would align with market maturity, saying: “We have seen this in countless other exposures, countless other markets, you name it, where typically when products […]
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The bankrupt crypto lender Genesis Global Capital has agreed to a final judgment ordering it to pay $21 million to settle charges with the U.S. Securities and Exchange Commission (SEC) for violating securities laws by offering and selling its now-defunct Gemini Earn program, the SEC announced Tuesday.
The Grab super app is now making available the option of paying in cryptocurrencies, The Straits Times reported Tuesday citing alerts from Grab users.
Part of the funds would hire staff across SEC divisions, with one job dedicated to crypto and another to help with the increased lawsuits the agency faces.
Over the past five days, Bitcoin (BTC), the leading cryptocurrency, has experienced a period of heightened volatility, triggering significant liquidations of leveraged positions as its price fluctuated wildly in hours. After reaching an all-time high of $73,750 on Thursday, BTC experienced a sharp decline to $64,600 on Sunday. On Monday, at the start of the […]
There’s a misguided belief that memecoins are helping people out of poverty that I believe is really damaging to the space. More so, I think chains like Solana and Avalanche, which are seeing increased attention due to memecoin fervor, are incredibly overheated. Essentially, memecoin volumes are vanity metrics akin to likes and followers on social […]
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Record $2.9 billion inflows into digital assets this week, with Bitcoin comprising 97% of 2023's total inflows.