The United States (US) government has recently moved a whopping 10,000 Bitcoin (BTC) seized from Silk Road, a notorious online black market platform. Over the years, the government has executed multiple large-scale Bitcoin transfers, strategically relocating these assets to new wallets or different exchanges. US Government Moves 10,000 BTC To Coinbase Prime In an X […]
Chainalysis found some attackers, including those linked to North Korea, have even gone as far as applying for IT jobs at targeted companies.
In a recent report, market researcher and analyst DeFi Ignas has provided a detailed analysis of the current bearish and bullish cases for the leading altcoin, Ethereum (ETH), offering valuable insights into the cryptocurrency’s prospects. Factors Behind The Ethereum Underperformance Ethereum has struggled to keep pace with its crypto peers over the past two years, declining 47% against Bitcoin (BTC) and underperforming Solana (SOL) by 6.8x since the market lows of early 2023. According to Ignas, the reasons behind this underperformance are open to debate, but a few key factors stand out. Firstly, the “digital gold” narrative surrounding Bitcoin is easier for new retail users and institutions to grasp than Ethereum’s more complex story. Related Reading: Bitwise CIO Reveals Three Super Bullish Signals From Bitcoin ETFs Additionally, the rising prominence of Solana, which is catching up to or sometimes even surpassing Ethereum in active users, transaction volume, and mindshare, has put pressure on the leading smart contract platform. “Solana is a riskier (lower market cap) bet on smart contract adoption, while Ethereum is squeezed in between,” Ignas explains. “Ethereum’s modular approach with Layer-2 solutions has also led to a fragmentation of liquidity and a more complicated user experience.” However, the researcher remains bullish on Ethereum’s long-term potential, citing several compelling reasons to watch. Network Effects And Real-World Use Cases Efficient and Deflationary Network: If Ethereum’s gas prices remain around 20 Gwei, the network is considered deflationary and scalable, making it an attractive and efficient option for users. Decentralization and Security: Ethereum’s decentralization and security have attracted the trust of major institutions, including BlackRock, PayPal, JPMorgan, and Santander, who are testing blockchain settlement and tokenization on the platform. Mature DeFi Ecosystem: Ignas contends that Ethereum and its Layer-2 solutions boast “the most mature decentralized finance (DeFi) ecosystem” in the crypto space, with significant combined total value locked (TVL) and trading volume, attracting more users and driving up gas fees and ETH burning. Network Effects: Ethereum’s first-mover advantage and the largest developer mindshare contribute to its network effects, solidifying its position as the leading smart contract platform. Real-World Asset Tokenization: Ethereum is emerging as the preferred chain for tokenizing real-world assets (RWAs), with 52% of all stablecoins and 73% of all U.S. Treasuries currently tokenized on the platform. The Overlooked Catalyst? According to the researcher, another catalyst that few are discussing but that could have a significant impact is the upcoming Pectra upgrade, which is expected in the first quarter of 2025. This upgrade, which merges the Prague (execution layer) and Electra (consensus layer) updates, promises to introduce several key improvements, including Account Abstraction (enhancing user experience), staking improvements, and scalability. “The market is underestimating the importance of the Pectra upgrade,” Ignas said. “Features like Account Abstraction, staking enhancements, and scalability improvements could be game-changers for Ethereum’s adoption and usability.” Related Reading: Tron Bullish Rebound At Support Level Signals Potential Upside To $0.1443 While trading at $2,670 as of this writing, VanEck’s ETH base price forecast of $11,800 by 2030 may seem bearish to some, Ignas pointed out, but it still represents a 4.4x increase – significantly more than Solana’s 2.2x forecast over the same period. Ultimately, with a solid ecosystem, growing institutional support, and upcoming technical upgrades, the researcher notes that the bullish case for Ethereum looks increasingly compelling, even as the asset navigates near-term headwinds. Featured image from DALL-E, chart from TradingView.com
The IMF said a hike to electricity taxes for crypto miners could curb global emissions while netting governments billions in revenue.
Robin Linus has unveiled a new whitepaper for BitVM2 and BitVM Bridge, two new developments that offer significant improvements to the original version of BitVM.
Onchain sleuth ZachXBT claims to have found a network of North Korean developers who have been working on dozens of crypto projects.
A tax on the energy used by crypto miners could cut emissions by 100 million tons a year, equal to Belgium’s emissions, say two IMF executives.
While the SEC case against Ripple was decided solidly in Ripple’s favor, the takeaways for the rest of the industry are limited.
According to reports, the Trump Organization—the holding company of former US President Donald Trump’s business ventures—would be moving on to present a new cryptocurrency initiative. In an interview, Eric Trump, the son of the ex-president and executive vice president of the organization, revealed that the new venture would deal with “digital real estate” and one […]
The San Francisco City Attorney is going after 18 websites and apps for facilitating “sexual abuse.”
Crypto analyst Amonyx has laid an ultra bullish price prediction for the XRP price, predicting that the crypto token could reach double digits at some point. This comes amid XRP’s continued underperformance despite the conclusion of the case between Ripple and the US Securities and Exchange Commission (SEC). Massive God Candle To Send XRP Price To $57 Crypto analyst Amonyx mentioned in an X (formerly Twitter) post that a massive God candle was loading, which would send XRP’s price to $57. Based on the chart that the analyst shared, the crypto token will rise to this price level sometime next year, possibly at the peak of this market cycle. Related Reading: Crypto Analyst Reveals What Could Drive The Bitcoin Price To $48,000 The analyst failed to provide insights into what could cause XRP to reach such an ambitious price target. However, a more recent X post from the analysts suggests that the analyst believes that the potential launch of a Spot XRP ETF could allow the crypto token to reach such unprecedented heights. A Spot XRP ETF is a catalyst that other crypto analysts, like Common Sense Crypto, have also alluded to explain why XRP’s price could even reach three digits. An XRP ETF will undoubtedly cause new money to flow into the XRP ecosystem, leading to a price surge. However, it remains uncertain that such a fund can push XRP to such lofty heights. The likelihood of a Spot XRP ETF launching looks higher following the recent conclusion of the case between Ripple and the SEC. However, members of the XRP community will likely be cautious about getting their hopes too high about the launch of such a fund and the impact it could have on XRP’s price, especially having seen how the crypto token has performed since the lawsuit ended. The conclusion of the case between Ripple and the SEC was projected to be a catalyst that could send XRP to as high as $1 in the short term. However, XRP has shown no signs of reaching that price mark anytime soon, as it failed to break above the $0.6 resistance even after Judge Analisa Torres’ recent ruling. XRP’s Bullish Breakout Will Send Price To $263 Crypto analyst Javon Marks has offered a more bullish price prediction for XRP, stating that a bullish breakout could send the crypto token to $263 based on the Full Logarithmic Follow-Through indicator. Related Reading: Private Investors Kicked Out Of Top Bitcoin Holder List, Here Are The Stats The analyst added that this bullish breakout is more than possible, noting that XRP is nearing the converging point of a near “7-year consolidation/pattern development.” He added that the crypto token has also displayed multiple bullish signals, suggesting that this bullish breakout could happen at some point. At the time of writing, XRP is trading at around $0.56, down over 2% in the last 24 hours, according to data from CoinMarketCap. Featured image created with Dall.E, chart from Tradingview.com
In our latest chatbot challenge, we put the latest Grok release from AI to the test against leading LLMs from OpenAI and Anthropic.
On Thursday, the Shiba Inu marketing lead Lucie (@LucieSHIB) announced the official launch date for liquid staking on the Shibarium network. The announcement was made through a video posted on X on August 15, marking a pivotal moment for the project. Lucie celebrated the progress of the development team, stating, “Let’s give a huge shout […]
Bitcoin (BTC) is showing strong signs of an imminent price surge, according to top market analysts, who point to a confluence of bullish factors in the cryptocurrency’s favor. However, after hitting a 6-month low of $49,000 on August 5, BTC has hovered between $58,000 and $60,500 for the past week. However, the dip below all-time highs of $73,7000 reached in March of this year may be short-lived, as evidence mounts that the market’s largest digital asset is poised for a major breakout. 2-3X Bitcoin Rally Ahead? Technical analyst Jamie Coutts highlighted the “first bullish regime signal” for his “composite global liquidity momentum model” since November 2023, which could lead to massive gains ahead for the largest cryptocurrency on the market. In a recent social media post on X (formerly Twitter), Coutts noted that during the previous bullish signal, Bitcoin rose 75% from November 2023 to April 2024 before the trend reversed, and BTC fell 25% from its all-time highs earlier this month. Related Reading: Tron Price Outshines Bitcoin: Can TRX Keep Momentum and Rise? According to Coutts, driving the Bullish signal is a surge in global liquidity, with the Bank of Japan and People’s Bank of China adding $400 billion and $97 billion to their balance sheets over the past month. Coupled with a sharp decline in the US dollar, Coutts believes this coordinated central bank action, likely with the Federal Reserve’s (Fed) consent, is laying the groundwork for Bitcoin’s next leg up. “For BTC to meet this target, the DXY must be well below 101, prompted by ongoing central bank injections. This would push global M2 well over $120T this cycle,” Coutts projected, estimating Bitcoin could rally 2-3x from current levels. Comparing previous market cycles such as 2017, when BTC rallied 19x and 6x to 2020, Coutts claims that he estimates another 2-3 times increase, which would more than double the current high of $73,7000, positioning the Bitcoin price with an eye on the $177,000 mark. Growing ‘HODL’ Trend Adding to the Bullish sentiment, crypto analyst Ali Martinez has observed that Bitcoin investors shift from distribution to accumulation. Over the past three months, nearly 300,000 BTC have been added to long-term holdings, a sign of growing conviction among HODLers. Currently, the largest cryptocurrency on the market is trading at $59,330, up just 0.6% in the last 24 hours, after hitting a low of $57,700 early Thursday. Related Reading: Solana At A Crux: Will SOL Crash To $120 Accelerated By These Factors? What remains to be seen is whether macroeconomic conditions will fuel another push higher for overall crypto market prices and whether BTC bulls can capitalize on this development, attempt to break above higher resistance levels, and retest BTC’s main obstacle at $70,000. Featured image from DALL-E, chart from TradingView.com
The withdrawal of proposals for Bitcoin and Ethereum options trading signals a regulatory recalibration period in the crypto ETF market.
The post Nasdaq ISE pulls back on Bitcoin and Ethereum options trading appeared first on Crypto Briefing.
Low user numbers and sex predator scandals are killing South Korean metaverses, 3AC sues Terra, Malaysian crypto kidnappings. Asia Express.
Bitcoin price falls as demand for leveraged long BTC futures and stablecoins drops.
Depending on the November presidential election outcome, Fred Thiel said he would consider “looking outside the US” for Bitcoin mining firm MARA’s operations.
The world’s biggest crypto exchange, Binance, is now registered with India’s Financial Intelligence Unit (FIU-IND). This would be one major move for Binance, eyeing a fresh attempt at establishing operations in India. Related Reading: Bitcoin: A ‘Reservoir Of Power,’ US Senator Says In Bold Speech The exchange had been banned from operating in the country […]
Bitcoin has observed a pullback down to the $58,000 level during the past day. Here’s what could be the cause behind it, according to on-chain data. Exchanges Have Seen A Large Amount Of Tether Withdrawals Recently According to data from the market intelligence platform IntoTheBlock, centralized exchanges have recently seen a Tether (USDT) outflow spree exceeding $1 billion. Related Reading: This Is The On-Chain Level That Made The Bitcoin Crash Bottom Investors usually keep their coins in exchanges when they want to trade them in the near future, so them making the move to withdraw their tokens potentially implies that they are interested in holding into the long-term. For volatile assets like Bitcoin, exchange outflows can naturally be a bullish sign for this reason. In the context of the current topic, though, the asset being withdrawn is a stablecoin, so the implication for the market is a bit different. Generally, investors store their capital in the form of fiat-tied tokens like Tether when they want to escape the volatility associated with coins like BTC. Such holders do eventually plan to venture back into the other side of the market and they may use exchanges for doing so. When holders buy into assets like Bitcoin using their stablecoin, they naturally end up boosting their prices. As such, exchange inflows of stables can be a bullish sign for the sector. Withdrawals of USDT and others into self-custody instead, however, can be a bearish sign for the market, as it shows the investors don’t believe they would be making a swap into the volatile side in the near future. The latest Tether withdrawals may, therefore, be why the Bitcoin price has tumbled. This USDT exiting exchanges could even have represented fresh BTC sells, as many investors like to move into self-custody as soon as they have swapped between assets. As IntoTheBlock has pointed out in the chart, the last two large USDT exchange outflows also had a bearish effect on BTC. In some other news, the cryptocurrency derivatives market as a whole has seen a large amount of liquidations as a result of the volatility that Bitcoin and other coins have displayed during the past day. Below is a table from CoinGlass that sums up the liquidations that have occurred in the latest volatile market phase. As is visible above, around $146 million in cryptocurrency liquidations have occurred over the past day, with $120 million coming from the long contracts alone, representing more than 80% of the total. Related Reading: Bitcoin ETFs Are “Important, But Not The Drivers,” On-Chain Analyst Argues Interestingly, Ethereum (ETH) is the symbol that has contributed the most towards this derivatives flush and not Bitcoin like is usually the case. That said, ETH has only $6 million more liquidations than BTC. BTC Price At the time of writing, Bitcoin is trading around $58,800, down 4% over the last 24 hours. Featured image from Dall-E, IntoTheBlock.com, chart from TradingView.com
Multiple analysts believe that Ethereum price is likely to touch new lows near $1,600.
A total of nine out of 13 US-listed Bitcoin mining companies raised capital through stock offers in the second quarter of 2024.
Investment advisors including Wall Street giants Goldman Sachs and Morgan Stanley were among the biggest holders of spot ETFs as of June 30 as clients amped up their crypto allocations to a total of $4.7 billion.
An important on-chain metric for Cardano (ADA) recently hit an all-time high (ATH), highlighting the confidence in the crypto token despite its underperformance. This and several other bullish metrics suggest that a significant rally may be on the horizon for Cardano. Long-Term ADA Holders’ Holdings Hit All-Time High The market intelligence firm IntoTheBlock revealed in […]
In July 2024, Circle became the first stablecoin issuer to comply with the European Union’s Markets in Crypto-Assets regulatory framework.
Amid the ongoing bloodbath in the cryptocurrency market, Donald Trump Jr. recently made a post on X (Previously Twitter) that he has launched a Telegram Channel for the latest crypto project announcement. This post on X has spread like wildfire and gained a view of over 400K in just a few hours. Donald Trump Telegram …
The Uno Car Party app, debuting at Gamescom 2024, will be rolled out to over 500,000 vehicles.
Reports have revealed that Shiba Inu (SHIB) whales have dramatically increased their holdings by a whopping 600%. This massive SHIB accumulation signals investors growing confidence in the popular meme-based cryptocurrency. SHIB Whales Increase Holdings By Almost 600% In just a single day, Shiba Inu whales increased their holdings by approximately 596%. According to IntoTheBlock’s data, on August 12, the total net flow of large scale SHIB holders had surged from 27.06 billion SHIB to 161.15 billion SHIB. Related Reading: Private Investors Kicked Out Of Top Bitcoin Holder List, Here Are The Stats While the reason for this aggressive token accumulation remains uncertain, the slight stabilization of Shiba Inu’s price fundamentals may have contributed to the positive shift in investors’ sentiment. Earlier in January 2024, large scale holder net flow had surged as high as 4.51 trillion. However as the months went by, whales have been offloading significant amounts of SHIB tokens as the market showed signs of bearishness. This renewed influx of whale activity is particularly noteworthy as Shiba Inu aims to recover from previous price declines. Additionally, the increase in whale holdings comes after Shiba Inu lead developer, Shytoshi Kusama announced the imminent release of a potentially bullish project in the Shiba Inu ecosystem. Highlighting Kusama’s announcement, crypto analyst, Oscar Ramos has expressed optimism about Shiba Inu’s future price outlook. In an X (formerly Twitter) post Ramos revealed that he believes that Shiba Inu is heading towards the biggest coin breakout it has ever seen. He highlights the ongoing developments and upcoming projects set to launch within the ecosystem as bullish catalysts for Shiba Inu’s price increase. Additionally, Ramos described Shiba Inu as a blue chip cryptocurrency which has been showing immense productivity and growth recently. At the time of writing, the price of Shiba Inu is trading at $0.0000136, marking a 1.47% decrease in the last 24 hours after gaining 2.20% over the past week, according to CoinMarketCap. Shiba Inu Whale Drains $2.2 Million Worth Of SHIB On-chain analytics platform, Arkham Intelligence has uncovered a massive SHIB transaction executed by an anonymous whale. According to Arkham’s reports, an unknown Shiba Inu whale withdrew a whopping 165.37 billion SHIB tokens from Coinbase, the largest crypto exchange in the United States (US). Related Reading: Crypto Analyst Reveals What Could Drive The Bitcoin Price To $48,000 Arkham Intelligence has disclosed that in the last six days, the anonymous whale executed three large scale transactions which amounted to the 165.37 billion SHIB. The total value of the SHIB withdrawal was estimated at around $2.25 million. In the first transaction, 32.537 billion SHIB, valued at $466,250 was withdrawn from Coinbase. The second transaction saw a withdrawal of 35.80 billion SHIB, worth over $480,530. The final and largest transaction involved the withdrawal of 97.027 billion SHIB, valued at over $1.33 million withdrawn. Featured image created with Dall.E, chart from Tradingview.com
At the Ai4 2024 conference held at MGM Grand, Las Vegas from August 12-14, Cardano founder Charles Hoskinson held a speech, focusing on the challenges of merging blockchain and AI. Romain Pellerin, CTO at Input Output, summarized the most significant points from Charles Hoskinson’s keynote speech via X. Cardano Founder: How To Merge AI And […]
Funds said to be tied to #EndBadGovernance protests in the country appear to be moving, in violation of a judge's order.