The post-halving world of Bitcoin continues to throw curveballs. After a hashrate surge to celebrate the block reward reduction in April, Bitcoin’s computational power has taken a nosedive, dropping 20% in recent weeks. Related Reading: Pepe Power! Meme Coin Surges On Back Of GameStop Nostalgia This unexpected decline has ignited a debate among analysts, with some sniffing out a fire sale and others urging caution. Bitcoin: Hashrate Hiccup Or Miner Exodus? Hashrate, a measure of the combined processing power dedicated to securing the Bitcoin network, typically climbs after a halving event as miners invest in more powerful rigs to compete for the reduced rewards. However, this time around, the trend defied expectations. Experts like Maartunn, a pseudonymous analyst at CryptoQuant, believe this signals a potential “miner capitulation.” Less efficient miners are now likely throwing in the towel. The halving, which cut block rewards in half, squeezed profit margins for miners using older equipment. As these miners shut down their operations, the hashrate dips. Hash Ribbons Flash Warning Sign Supporting Maartunn’s theory is a technical indicator called Hash Ribbons. This metric tracks the difference between short-term and long-term hashrate averages. When the gap widens, it suggests a decline in mining activity, potentially due to less efficient miners dropping off. The recent hashrate plunge has triggered a spike in Hash Ribbons, historically a sign of miner capitulation that has often coincided with price lows for Bitcoin. Bitcoin Miners Selling Off? Further fueling the capitulation theory is a decrease in Bitcoin’s Miner Reserve. This metric tracks the amount of Bitcoin held in wallets associated with miners. A decline in the reserve suggests miners might be offloading their mined coins, potentially to cover operational costs or to exit the market altogether. Undervaluation Signal Or Cyclical Dip? Maartunn interprets these signs as a bullish indicator. Hash Ribbons often point to opportune moments to buy, he argues. Backing his claim is the Market Value to Realized Value (MVRV) ratio, which suggests Bitcoin might be undervalued. This metric compares the current market price to the average price at which all Bitcoins were acquired. A negative MVRV, like the one Bitcoin currently has, suggests the asset is trading below its historical cost basis, potentially indicating a buying opportunity. Related Reading: Buckle Up, XRP Fans: Analyst Eyes Price Explosion To $0.65 In Next 5 Days Not Everyone On The Capitulation Train However, not all analysts are convinced. Some argue that the hashrate decline could be temporary, perhaps due to factors like extreme weather events disrupting mining operations in certain regions. Additionally, the post-halving period is typically one of adjustment for miners, and a short-term hashrate fluctuation might not necessarily signal a mass exodus. The post-halving Bitcoin landscape is still unfolding. While the hashrate decline and other signs suggest a potential buying opportunity, particularly for long-term investors, the situation remains fluid. Featured image from Shutterstock, chart from TradingView
Alexey Pertsev, the developer behind the controversial cryptocurrency mixing service Tornado Cash, is challenging his recent conviction for money laundering in a Dutch court. The case has ignited a firestorm of debate within the crypto community, raising questions about developer responsibility and the future of open-source software. Related Reading: Ethereum ETF Dreams Dashed? Analyst Says […]
The post ETH/BTC Ratio Declines to Three-Year Low Despite Market Recovery: What’s Next for ETH Price? appeared first on Coinpedia Fintech News
Bitcoin’s price surged robustly towards $66K following softer-than-expected U.S. inflation data. This push has brought the crypto market close to resistance levels. However, the ETHBTC ratio has been declining sharply. Analysts see this as a sign of declining interest in Ethereum’s price as Bitcoin’s ETF hype continues to attract altcoin investors. Negative Sentiments Impact Ethereum …
Creators of NotWifGary aim to "stand [their] ground against Gary Gensler and the SEC" in support of Ethereum and open-source developers.
Quick Take The 13F filings for Bitcoin exchange-traded funds (ETFs) in the first quarter of 2024 have unveiled a significant surge in demand and investor interest. According to Eric Balchunas, a senior ETF analyst at Bloomberg, BlackRock’s (IBIT) had an astounding 414 reported holders in its inaugural 13F season. Balchunas noted that “Even having 20 […]
The post Insights from Q1 2024 13F filings for Bitcoin ETFs appeared first on CryptoSlate.
The symbiotic relationship between AI and crypto is still in its nascent stages, according to tech execs.
Vanguard’s newly appointed CEO, Salim Ramji, has scuttled notions that he might reverse the investment giant’s decision against launching a spot Bitcoin exchange-traded fund (ETF) due to his pro-crypto stance. Ramji’s May 14 appointment at Vanguard had led to speculations that the investment firm might reverse its anti-BTC stand, with Bloomberg’s senior ETF analyst Eric […]
The post Vanguard’s new CEO upholds firm’s stance against Bitcoin ETFs despite crypto enthusiasm appeared first on CryptoSlate.
Popular meme stocks GameStop and AMC fell sharply after U.S. markets opened on Thursday, trading 15% lower than their previous close.
Spot bitcoin exchange-traded funds debuted with a giant splash in January, quickly attracting billions of dollars of investment. But who was buying them and why have inflows stalled in recent weeks? Was it a fad that fizzled?
Spot bitcoin exchange-traded funds debuted with a giant splash in January, quickly attracting billions of dollars of investment. But who was buying them and why have inflows stalled in recent weeks? Was it a fad that fizzled?
The post Raoul Pal: Crypto ‘Banana Zone’ to Hit in 2 Weeks, Prices to QUADRUPLE appeared first on Coinpedia Fintech News
In a recent podcast, Raoul Pal sheds insights into the “Banana Zone” and his “Everything Code” framework, which provides a comprehensive understanding of how global liquidity cycles drive asset prices, particularly in the tech and crypto sectors. Understanding Banana Dynamics According to Pal, the Everything Code is a conceptual framework that suggests the business cycle …
The post Elon Musk’s xAI Launches Grok AI Chatbot in Europe appeared first on Coinpedia Fintech News
Elon Musk’s xAI has officially launched its AI chatbot, Grok, in Europe. Grok aims to give users a real-time understanding of current events and tackle “spicy questions.” Designed to serve as a personal search assistant, Grok enhances the user experience by offering insights and timely information. This marks a significant milestone for xAI as it …
The post Michael Saylor States Bitcoin as ‘Meme-ing Of Life’ appeared first on Coinpedia Fintech News
The MicroStrategy CEO, Michael Saylor has yet again caught attention with his statement on BTC as he took to X to post a message saying- ‘Bitcoin is the Meme-ing of life’. This comes amid a growing trend of meme coins gaining traction in the market. Saylor precisely pointed this out at a time when the …
The post Solana-Based DEX Drift Announces 120 Million Token Airdrop appeared first on Coinpedia Fintech News
The Drift Foundation, the entity overseeing the Solana-based DEX, has launched its Drift token and opened airdrop claims. The airdrop consists of 120 million tokens, representing 12% of its total supply of 1 billion. It includes a 2% bonus, or 20 million tokens. Drift is the first protocol to include a bonus component in its …
Central American country, El Salvador has realized significant profits from its extensive Bitcoin reserve. The country which previously accepted Bitcoin as a legal tender has now made hundreds of millions of dollars in gains as Bitcoin surged past $66,000 recently. El Salvador Bitcoin Profits Soar El Salvador’s audacious Bitcoin bet continues to pay off as […]
Bitcoin recently rose above $66,000 for the first time since April. This recent price rally from the flagship crypto is believed to be due to several factors, including the recently released inflation data. Inflation Data Comes In Lower Than Expectations The Consumer Price Index (CPI) inflation data was announced on May 15 and came in lower than expected. The CPI rose by 0.3% in April, against forecasts of 0.4%. The CPI data was also lower than those recorded in March and February, when inflation rose by 0.4%. Related Reading: How High Can The XRP Price Go? Crypto Analyst Unveils 6-Month Prediction Therefore, the latest inflation data suggests that inflation in the US might be slowing down. This development has provided some relief for investors, as the Fed is likely to maintain a dovish stance and consider rate cuts as inflation looks to decline. Lower interest rates mean investors will be more confident investing in risk assets like Bitcoin. Another factor contributing to Bitcoin’s rally is recent reports showing that some notable institutions are heavily invested in the flagship crypto. Bitcoinist reported that the State of Wisconsin has invested almost $99 million in BlackRock’s Spot Bitcoin ETF. Hedge Fund Millenium Management is also reported to hold $1.94 billion across five different Spot Bitcoin ETF products. This presents a bullish outlook for Bitcoin as it suggests that institutional investors are interested in the crypto token for the long term. Meanwhile, from a technical analysis perspective, Bitcoin also looked primed for this rally, with crypto analyst Rekt Capital revealing that the flagship crypto was out of the post-halving “Danger Zone.” Crypto analyst Mikybull Crypto also noted that Bitcoin was displaying a cup and reversal pattern on the weekly chart and added that the “breakout will be explosive and will send it to a cycle top.” What Next For Bitcoin? In a Telegram update, crypto trading firm QCP Capital stated that they expect this bullish momentum to take Bitcoin’s price to the previous highs of $74,000. They highlighted activity in the derivatives market and growing institutional demand as factors that could contribute to Bitcoin’s rise to this price level. They also raised the possibility of this being the resumption of the bull market, stating that “the stars seem to be aligning on this breakout with significant sovereign and institutional adoption, abating inflation and upcoming US elections.” The trading firm added, “If this is indeed the start of the bull trend again, then this move could take us past all-time highs.” Related Reading: Ethereum Bull Flag Breakout: ATH On The Horizon As Major Metrics Turn Bullish Rekt Capital suggested that this might be the beginning of an upward trend for the flagship crypto as he revealed that the daily downtrend for Bitcoin is over. In another X post, the crypto analyst also noted that the Bitcoin bull market is not yet over. Chart from Tradingview.com
The Open Network users will be able to use Oobit’s Tap & Pay technology to pay merchants in fiat while spending USDT.
The post Notcoin Airdrops 80 Billion Tokens as It Debuts on TON Blockchain appeared first on Coinpedia Fintech News
The viral Web3 clicker game Notcoin is now live on the TON (The Open Network) Blockchain, airdropping more than 80 billion NOT tokens as it opens for trading. Notcoin has allocated over 90% of the airdropped tokens to miners, with the remaining 7.9 billion NOT tokens redeemable from NFT vouchers. This airdrop comes ahead of …
The post Ethereum Bulls To Take Over After Symmetrical Triangle Break appeared first on Coinpedia Fintech News
Ethereum(ETH) since the last bull trend in March 2024 is down nearly 30% and has been struggling to settle above its supreme mark of $3000 since May 2024. Well, the bulls have been slightly merciful and ETH has regained the region and currently trading in a range of $2980 to $3041. The recent 24-hour surge …
The post SEBI vs. RBI: Diverging Views on Crypto Regulation in India appeared first on Coinpedia Fintech News
In contrast to the RBI, India’s market watchdog, SEBI, is open to overseeing crypto trading. However, the RBI maintains that private digital currencies pose a macroeconomic risk. In 2021, the government had prepared a bill that would have banned cryptos, although the bill has not yet been introduced. Just last year, India called for a …
Understand the mechanics of reentrancy attacks, a common exploit in smart contracts. Get insights on prevention and mitigation strategies.
The miner’s bitcoin stash is a protective feature for investors and opportunistic capital for the business to use for growth, the report said.
The post Top Analyst Warns of PEPE Coin Downtrend Amid Memecoin Surge appeared first on Coinpedia Fintech News
Meme markets were buzzing with excitement following the return of Keith Gill, better known as Roaring Kitty, famed for his pivotal role in the January 2021 GameStop short squeeze. In his latest cryptic post, Gill shared a meme depicting a gamer in a focused stance, which many interpret as a signal to pay attention to …
On April 24, the ‘Women in Crypto for Boards‘ series in London brought together C-level and Board-level women from the digital asset industry to address the underrepresentation of women in Web3, showcasing both the challenges and the opportunities for advancing gender equality in this rapidly evolving field. The event’s founder, Tim Connolly, highlighted the importance […]
The post Boosting female leadership in crypto through quotas and proactive networking discussed in London appeared first on CryptoSlate.
The post Crypto Regulations in Singapore 2024 appeared first on Coinpedia Fintech News
Singapore, as a country, has a high adoption rate of 11.05% owing to the tech-savviness of the population there. The pro-crypto stance upheld by Singapore is supporting the growth of cryptocurrency in the region. Singapore has been one of the early adopters of cryptocurrencies, thus the environment here is crypto-friendly with basic regulations in place. …
The post Notcoin Airdrops 80 Billion Tokens: A New Milestone on TON Blockchain appeared first on Coinpedia Fintech News
Notcoin, the web3 clicker game going viral among crypto fans, will issue its cryptocurrency on the TON blockchain today, conducting a massive airdrop of over 80 billion NOT tokens. Initially gaining attraction as a Telegram Mini App, Notcoin’s launch on the TON blockchain will significantly expand its reach to the broader crypto ecosystem. Airdrop and …
In less than a month, a GameStop whale pocketed $44 million thanks to the return of meme influencer Roaring Kitty.
Notcoin, a gaming token that has more than 35 million users, has began trading at a $TKTK fully diluted value (FDV), according to TradingView.
Gnosis has launched Genome, a digital ID service native to Gnosis Chain, allowing users to claim .GNO and .gnosis.eth names for seamless, interoperable Web3 identity across EVM-compatible blockchains.
The post Gnosis opens public registration for Genome naming service appeared first on Crypto Briefing.
On the latest episode of The Agenda podcast, MyPrize founder Zach Bruch makes the case for crypto casinos and online gambling as a path toward mass adoption.