SANTA CLARA, California, 13th June 2024, GamingWire
Ethereum’s Zero-Knowledge (ZK) Layer-2 scaling solution, zkSync, is facing backlash from the crypto community after its recent ZK token airdrop announcement. Community members have expressed concerns about the lack of anti-Sybil filtering and the “unfair” token distribution. Related Reading: Solana-Based DePIN Project CEO Steps Down Ahead Of Token Launch ZkSync Faces Backlash On Tuesday, zkSync […]
Fidelity’s Director of Global Macro, Jurrien Timmer, recently commented on the debate over whether Bitcoin or gold is a more reliable store of value, outlining scenarios for when each of these asset classes is or is not able to hedge against inflation based on the economic environment. The Theory Of Money Supply And Asset Valuation […]
Stablecoin issuer Paxos downsized its workforce by 20% despite robust finances and optimistic growth projections in the stablecoin market, Bloomberg reported on June 12. In an email that notified employees of the change, Paxos CEO Charles Cascarilla said the staff reduction will allow the company to “best execute on the massive opportunity ahead in tokenization […]
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The biggest winners on June 12 were TeraWulf, Hut 8 Mining and Core Scientific.
President Joe Biden’s re-election campaign is exploring the option of accepting cryptocurrency donations through Coinbase Commerce, The Block reported on June 12, citing sources familiar with the discussions. The move would former President Donald Trump’s recent move to accept crypto donations via the same platform. Coinbase Commerce, a service facilitating payments in various cryptocurrencies, already supports […]
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Recent analyses suggest that a significant portion of the capital flow into Bitcoin exchange-traded funds (ETFs) is driven by arbitrage strategies rather than direct investment from retail traders. Particularly, Raoul Pal, CEO of Real Vision, has highlighted this trend based on data concerning these funds’ ownership and trading patterns. Related Reading: BlackRock Amplifies Its BTC […]
Glassnode has discussed in a new report the reasons behind Bitcoin moving sideways despite inflows into the spot exchange-traded funds (ETFs). Why Bitcoin Has Been Stagnant Despite Spot ETF Inflows In its latest weekly report, the analytics firm Glassnode has talked about how the impressive inflows into the US spot ETFs have failed to make the price break its sideways trend. The spot ETFs, which the US Securities and Exchange Commission (SEC) approved in January of this year, have provided investors with an alternate means of gaining exposure to the cryptocurrency. Related Reading: Is Bitcoin Overheated Right Now? This Metric Suggests No These funds buy and hold Bitcoin on behalf of their users, letting them get indirect exposure to the coin’s price movements without having to own the asset itself. The more traditional investors, who don’t want to attempt to navigate cryptocurrency exchanges and wallets, have found the spot ETFs to be a comfortable investment option. Since their launch, the spot ETFs have brought large demand for the asset. Initially, these fresh capital inflows helped BTC rise to a new all-time high (ATH), but recently, the asset has been consolidated. Below is a chart that shows how the combined reserve of these funds compares against the other large entities in the sector. From the graph, it’s visible that the spot ETFs hold 862,000 BTC. This is more than what the miners (excluding Patoshi) hold (706,000 BTC) but notably less than the reserve of the centralized exchanges (2.3 million BTC). Glassnode has noted that the cryptocurrency exchange Coinbase alone holds a big part of the total exchange reserve and the US spot ETF balance through its custody service. “With Coinbase serving both ETF clients and conventional on-chain asset holders, the gravity of the exchange in the market pricing process has become significant,” reads the report. The data for the whale deposits to the platform reveal a rising trend until mid-April. According to the analytics firm, a significant portion of these whale deposits had come from the Grayscale Bitcoin Trust (GBTC), adding to the selling pressure in the market. The whale exchange inflows shooting up may partly explain why the spot ETFs haven’t proven as effective. Another factor behind the consolidation can be the trend in the futures market. The chart below shows that the CME’s future open interest has recently been at high levels. The report thinks this could signal that an increasing number of traders have been adopting a cash-and-carry arbitrage strategy. This arbitrage involves a market-neutral position, coupling the purchase of a long spot position, and the sale (short) of a position in a futures contract of the same underlying asset which is trading at a premium. Related Reading: Litecoin In Uphill Battle: Strong Resistance Might Block Recovery This could explain why the spot ETF inflows have only been able to have a neutral impact on the prices in the Bitcoin market recently. BTC Price Bitcoin has swiftly recovered more than 4% in the past 24 hours as its price is now back above $69,700. Featured image from Dall-E, Glassnode.com, chart from TradingView.com
Researchers from Harvard and Google DeepMind say accurately mimicking the movement of real rats reveals how neural circuits guide complex behaviors.
Terraform Labs CEO Chris Amani said Terra will become a community project as the company winds down following a $4.5 billion SEC settlement. Amani wrote on June 12 that the community must “take over ownership of the chain.” He said that certain teams and developers want to handle the project and will announce their intent […]
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A peer-reviewed study urges the scientific community to be open to the possibility of aliens on Earth—or hiding on the moon.
The price of GME plunged over 16% on Wednesday, despite the company announcing a $2.1 billion infusion.
Meme coins have received a high-risk score from Coin Metrics reports, underscoring the increased volatility and market manipulation within this market. The analysis conducted by Coin Metrics aims to spread awareness of the speculative nature of these digital assets, urging caution for investors considering jumping on the meme coin bandwagon. Report Flags Meme Coins As […]
Prominent crypto analyst Dave the Wave has provided a bullish narrative for Bitcoin despite the flagship crypto’s recent setback. As part of his analysis, he suggested how high Bitcoin could rise in the short and long term. Bitcoin To Rise To As High As $300,000 Dave the Wave suggested in an X (formerly Twitter) post that Bitcoin could rise to as high as $300,000 based on his logarithmic growth channel (LGC) indicator. Based on the chart he shared, BTC’s rally to this unprecedented price level is expected to happen sometime in 2025. Related Reading: Crypto Analyst Identifies 5 Altcoins To Buy That Could Be A Good Bet Meanwhile, in the short term, Dave the Wave expects Bitcoin to rise above $100,000 later this year. He highlighted an ascending diagonal line, which Bitcoin has continued to hold as support even following its recent decline below $67,000. As such, the analyst believes that the flagship crypto will remain in a multi-month upward trend as far as it holds above the line. Crypto analyst Rekt Capital also suggested that there was no need to worry about Bitcoin’s pullback, stating that this current pullback would not last forever. In fact, he remarked that everything was going according to plan, as the Bitcoin pullback was long overdue based on “historical tendencies.” The analyst expects Bitcoin to continue consolidating in this Re-Accumulation range for a while. Rekt Capital predicts that the breakout into the ‘Parabolic Uptrend’ phase will likely come in September this year if history repeats itself. This aligns with Dave the Wave’s prediction that Bitcoin will rise above $100,000 later this year. Rekt Capital also warned Bitcoin investors about being shaken out of their positions. He stated that Bitcoin will soon be transitioning into “increasingly fearful territory” as its price drops to as low as $60,000. He added that this “fear tends to precede the point of maximum financial opportunity.” In another X post, he remarked that Bitcoin will retrace deep enough to convince anyone that the bull run is over, and then the flagship crypto will resume its uptrend. BTC Still On Course Crypto analyst Mikybull Crypto also shared a sentiment similar to Rekt Capital’s. He stated that BTC is still in the range and advised investors not to get shaken out. The analyst had earlier called for patience while BTC consolidates in this range. He highlighted a wedge that he claimed would send Bitcoin’s price to an initial target of $85,000 when a breakout occurs. Related Reading: Ethereum Buying Pressure Reaches Critical Level Amid Massive Whale Buying Crypto analyst Jelle also suggested that this is the time for Bitcoin investors to do nothing and just sit on their hands. The analyst reshared his profit-taking strategy, which showed that Bitcoin investors should only look to take profits when the flagship crypto climbs to $80,000. Featured image created with Dall.E, chart from Tradingview.com
Blockchain analytics platform Bubblemaps has levied allegations of significant insider trading activity in the memecoin projects recently promoted by Andrew Tate and Iggy Azalea. Despite the evidence of wallets purchasing significant amounts of the tokens during and before their respective launches, there is no evidence linking them to Tate or Azalea. The allegations, shared through […]
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Coinbase’s fourth annual corporate adoption report found that Fortune 500 companies and small businesses are adopting blockchain technology.
Cudis has started to ship its Genesis smart ring, pitching features that it hopes will set it ahead in the wearable tech space.
While the fallen crypto mogul is still in Montenegro, he is now personally on the hook for $204 million.
In a major milestone for Ethereum and layer-2s, Optimism, a layer-2 scaling platform for the second most valuable network, has announced the activation of open source and permissionless fault proofs. Even though the platform manages over $7 billion of assets, according to L2Beat, Optimism, like most optimistic rollups, lacked a way of trustlessly verifying transactions. It relied on a centralized sequencer and fraud-proof system for this function. Optimism Activates Trustless Fraud-Proof System Activating the open-source fault-proof system is crucial to creating a more decentralized and secure future for the Optimism ecosystem. Overall, fault proofs are a critical component, allowing users to verify the validity of all offchain transactions. Related Reading: Ex-Ripple Director Explains XRP Price Slide Amid Good News Most importantly, it allows users to challenge any fraudulent activity on Optimism, creating a safeguard against unauthorized withdrawals, for example, and much more. In a post, Optimism Labs said the layer-2 platform relied on a centralized system. Here, the Optimism Security Council held the power to initiate withdrawals. However, the platform eliminates this dependency with trustless fault proof in place. This means that any user can withdraw tokens without the council intervening. The power move is huge for the community and decentralization. Even so, to ensure the safe implementation of this fault-proof system, the Optimism Security Council will still have the power, at least temporarily, to intervene in cases of critical failures. This decision means Optimism will continue to operate securely as it decentralizes gradually. Eventually, the platform plans to release a “multi-proof nirvana” that is open-source and modular, possibly including zero-knowledge proofs. This will go beyond the current “Cannon” system. Buterin Acknowledgement, But Why Is OP Crashing? Vitalik Buterin, the co-founder of Ethereum, acknowledged this milestone, welcoming Optimism to the “club of stage 1+ L2s.” Nonetheless, the co-founder still needed more zero-knowledge proof-based layer-2 platforms to join the ranks. Optimism is the second layer-2 platform after Arbitrum to announce the release of fault-proof systems, though both are still being tested. Dubbed the Bounded Liquidity Delay (BOLD), Arbitrum’s fraud-proof system was launched on Testnet early last month. Despite this milestone, OP is firm but under pressure in the first half of June. Related Reading: Shiba Inu Loses 14% In Last 7 Days – Will The Misery Worsen? At spot rates, OP is down roughly 55% from March highs. With Ethereum and Bitcoin prices under pressure, the token could break May lows of $1.8 with eyes on $1.1. Feature image on Canva, chart from TradingView
The US District Court for the Southern District of New York has issued a final judgment against Terraform Labs and its co-founder Do Kwon, in the high-profile case filed by the Securities and Exchange Commission (SEC). The ruling finds the defendants guilty of multiple securities law violations and imposes stringent penalties and restrictions on their […]
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Bitfarms’ stock price on the Nasdaq has increased more than 56% in the last 30 days amid Riot Platforms’ attempt at a takeover.
It may seem like the industry is finally getting the political support it needs. But proceed with caution.
Circle's Web3 Services now support Solana, offering Programmable Wallets and Gas Station to streamline app development for the growing developer community.
The post Circle to let Solana devs pay for users’ gas fees with Gas Station appeared first on Crypto Briefing.
Crypto analyst Eljaboom has provided insights into how Shiba Inu (SHIB) could rise in this bull run. The analyst alluded to history to show that the second-largest meme coin by market cap can still reach unprecedented heights. Shiba Inu To Reach $0.00024 In This Bull Run Eljaboom suggested in an X (formerly Twitter) post that Shiba Inu will rally by over 1,000% to reach $0.00024 in this bull run. This came following his remarks that history was repeating itself for SHIB. The accompanying chart he shared showed that the analyst was expecting Shiba Inu to experience a similar price surge as it did in 2021, although way higher this time around. Related Reading: Bitcoin Turns Weakness Into Strength: Analyst Identifies Major Liquidity Zone At $73,000 Crypto analyst Crypto Emily seemed to agree with Eljaboom’s prediction, stating that anyone who has lost faith in Shiba Inu is “clueless.” Meanwhile, Eljaboom’s prediction aligns with other crypto analysts who predict that Shiba Inu will shed another zero and rise to $0.0001. One is Javon Marks, who predicts that SHIB will eventually rise to $0.0001553. Crypto analyst Capt Toblerone shared a similar prediction to Eljaboom’s own while using the Elliot Wave Theory to analyze Shiba Inu’s chart. The chart showed that SHIB will rise to $0.00022 when wave 3 of the five-way sequence occurs. Interestingly, the analyst suggested that Shiba Inu’s rise to this price level could happen by September this year. Meanwhile, other crypto analysts, like Armando Pantajo, have made more bullish price predictions for SHIB in this bull run. Pantajo predicted that Shiba Inu would shed two zeros and rise to $0.001. Crypto analyst Ali Martinez went one further and predicted that Shiba Inu could shed three zeros and rise to $0.011. Factors That Can Spark Shiba Inu’s Unprecedented Price Surge Several factors could contribute to Shiba Inu’s parabolic rise to such heights. One is the institutional adoption of the meme coin. The Shib community has been actively working towards achieving this by petitioning Grayscale to consider launching a SHIB ETF. Interestingly, this petition has gained over 10,000 signatures, highlighting the community’s dedication to the cause. Related Reading: Bitcoin Crash Below $67,000 Sends Market Spiraling, Here Are The Levels To Watch The potential launch of a Shiba Inu ETF would bring new money into the meme coin’s ecosystem, which could trigger this parabolic price surge. New money is also expected to flow into the SHIB ecosystem when the team finally launches the proposed privacy-focused layer-3 network. More users are expected to troop into the Shiba Inu ecosystem to enjoy such utility. Meanwhile, layer-2 network Shibarium undoubtedly still has a significant role to play in SHIB’s growth. The network has already committed to using some of the network fees earned for Shiba Inu token burns. As such, Shibarium can be expected to carry out massive token burns again once daily transactions on the network pick up. Featured image created with Dall.E, chart from Tradingview.com
As Bitcoin continues to trend below its recent all-time high of $73,000, determining the next trajectory of the asset has been a topic of interest within the cryptocurrency space. Well-known cryptocurrency analyst and enthusiast Javon Marks has made a daring prediction that has drawn the attention of the crypto community, forecasting that the digital asset’s […]
NFT sales surge volumes across various platforms and blockchains, with Bitcoin-based digital collectibles leading the charge.
Bitcoin futures and options markets indicate that the prevailing sentiment remains bullish.
Citron Research took a short position in GME as Roaring Kitty staged a comeback, but backed out today as the popular meme stock continued to churn.
The growing involvement of America’s top public companies in blockchain technology has intensified calls for clear regulatory guidelines to retain crypto developers and talent within the US. Coinbase recently raised concerns in a “State of Crypto” report over the decline in crypto talent in the US and emphasized the importance of regulatory certainty in ensuring […]
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The Artificial Superintelligence Alliance (ASI) announced its token merger would be postponed to next month after presenting logistical and technical issues. The alliance was set to merge Fetch.AI (FET), SingularityNET (AGIX), and Ocean Protocol (OCEAN) into the ASI token on Thursday. As a result, the three AI tokens faced a 4% drop in the last 24 hours. Related Reading: Crypto Expert Reveals Top 7 AI Tokens For Massive 100x Growth – Don’t Miss Out! ASI Token Merger Postponed To July In March, Fetch.AI, SingularityNET, and Ocean Protocol, three leading AI blockchain projects, revealed their plan to merge into the ASI token. This move aims to develop a decentralized AI platform to foster technology advancements accessible to a wider audience. On Tuesday, the ASI alliance announced the delay of the token merger from June 13 to July 15, 2024. Per the announcement, the primary reasons for the rescheduling are “logistical requirements” and “technical independencies.” It was further explained that the ASI token merger involves managing complex integrations and attention to numerous moving parts. As a result, the delay was a “strategic decision” to ensure a smooth execution during the process and ensure all “stakeholders’ needs are adequately met.” Humayun Sheikh, Fetch.AI’s CEO, and ASI’s Chairman, reassured the community that the alliance’s vision remained unchanged despite the delay. This temporary delay does not impact the substantial progress we have made towards creating a decentralized superintelligence network. Our teams are actively working with centralized exchanges to finalize the remaining steps. We appreciate the continued support and patience of our community and stakeholders as we work through these final logistical steps. SingularityNET Foundation’s CEO, Ben Goertzel, explained that they are working on integrating the three companies’ AI and blockchain technology. Additionally, he stated his excitement for the upcoming milestone: The finalization of the 3-way tokenomic merger on July 15 will be a major milestone, and we anticipate a series of progressively more exciting milestones after that as we leverage our $ASI token-based network to move toward increasingly capable AI systems and in time actual superintelligence. FET, AGIX, And OCEAN Face 8% Drop After the announcement, the three AI tokens saw a negative price impact in the following hours. SingularutyNET’s AGIX token saw an 8.9% decline, from trading at $0.7035 to $0.6404 throughout Tuesday. In the early hours of Wednesday, the token recovered some ground from the retrace. AGIX traded at $0.6819, a 3.8% decrease from the day before. Similarly, Ocean Protocol’s OCEAN had an 8% drop after the news. The token’s price went from trading at $0.7156 to $0.6576 before recovering the $0.68 support level on Wednesday morning. At the time, AGIX faced a 4.4% decline in its price before the announcement of the delay. Meanwhile, FET saw the largest retrace of the three, with a 10.8% drop. The token fell from the $1.66 price range to $1.48. Later, the token recovered above the $1.62 level, a 3.1% decrease from Tuesday morning. Crypto analyst Altcoin Sherpa commented on FET’s performance. The price drop was a good reminder that “everything comes back down eventually; you just have to be patient.” Moreover, Sherpa said the price range may be a good buy, but it was yet “TBD if it’s ‘the bottom.’” Related Reading: Dogwifhat To Tumble? Analyst Sets $1 Target For WIF However, the tokens have now recovered from the drop. As of this writing, FET is trading above the $1.7 price range. The surge represents a 6.7% increase in the last hour and a 4.4% recovery from its price 24 hours ago. Similarly, AGIX and OCEAN have seen a 5.7% and 5.5% surge in the last hour. This represents a 3.4% and 3% increase since the ASI token merger delay announcement. Featured Image from Unsplash.com, Chart from TradingView.com