Author: NBTC
Cryptocurrencies rebounded on Tuesday with bitcoin (BTC) climbing nearly 3% to around $58,000 as fears after last week’s breakdown allayed. The recovery was broad-based, with the market benchmark CoinDesk 20 Index up 2.4% over the past 24 hours, led by gains by solana (SOL), filecoin (FIL) and native tokens of Avalanche (AVAX) and Internet Computer Protocol (ICP). The grind higher could last a while with BTC potentially reaching $60,000, but the rally will be short-lived, said Markus Thielen, founder of 10x Research. “The $55,000-$56,000 range is forming a base from a technical analysis perspective. However, given the medium-term technical damage,…
A prominent business magazine in the US has disclosed that Gen Zers are getting disillusioned with the present economic status. As per Fortune, Gen Zers have even asserted that they consider it acceptable to conduct crypto fraud amid the current position of the economy. This statement reportedly indicates a wider economic frustration as well as a deficiency of valuable financial opportunities for this generation. Gen Zers are so disillusioned with the economy that they think it’s OK to commit fraud, per Fortune.In Q4 2023, 42% of Gen Zers admitted a willingness to engage in first-party fraud, per Fortune. — unusual_whales…
The time required to bridge tokens from the Shiba Inu blockchain Shibarium to Ethereum now takes 45 minutes instead of the previous seven days. The Shiba Inu development team disclosed this pivotal change in a recent update on X. Delightedly, the team announced that the SHIB Army can now experience faster and smoother interaction with Shibarium. According to the notification, the initial seven-day waiting period was to promote price stability by incentivizing users to remain on the layer-2 longer. However, this is no longer the case. Emphatically, the process of moving assets from Shibarium to Ethereum, which typically took a…
Key Points: The South Korean government is considering delaying the cryptocurrency capital gains tax from January 2025 to January 2028, with a final decision expected later this month. The South Korean crypto tax, originally set for October 2021, has already been postponed twice due to concerns about investor burdens and market confusion. Critics argue that further delays are impractical given the long preparation period, while others fear that political considerations could lead to indefinite postponements. According to Hankyung News, the South Korean government and ruling party are considering delaying the implementation of cryptocurrency capital gains tax from January 2025 to…
The State Duma’s Committee on Financial Markets recommended the lower House of the Russian Parliament approve the bill on regulating Bitcoin and altcoin mining activities, according to a recent report from Russia’s news agency TASS. The State Duma is scheduled to consider the bill during its session on July 23. Proposed by Russian Deputy Anatoly Aksakov, the bill seeks to create a structured legal environment for crypto mining, which currently exists in a legal grey area in Russia. It is set to provide a clear framework for legal entities and individuals engaging in mining. The bill stipulates that the Russian…
On-chain data shows that Bitcoin is forming a pattern in its Total Amount of Holders, which last proved bullish for the cryptocurrency. Bitcoin Has Seen A Fall In Its Total Number of Holders Recently According to data from the on-chain analytics firm Santiment, BTC investors have been liquidating their wallets amid the recent bearish wave in the asset. The indicator of relevance here is the “Total Amount of Holders,” which measures, as its name suggests, the total number of addresses holding some balance on the network. When the value of this metric goes up, it means new investors are joining…
Ark Invest reduced its Coinbase (COIN) holdings ahead of Q2 earnings, selling 2046 shares worth $450,000. COIN shares have traded around $230 in the last six months amid low volumes and market skepticism. Ark’s move reflects strategic adjustments amidst crypto market volatility and anticipation of Federal Reserve actions. Ark Invest has begun to reduce its Coinbase (COIN) holdings in preparation for the exchange’s second quarter earnings release. This decision comes amid continuous volatility in the cryptocurrency markets, particularly as Bitcoin price fluctuates. Ark Invest offloaded $446K worth of Coinbase shares on July 12Cathie Wood’s asset management firm Ark Invest sold…
Stablecoins hit a $161B market cap, a 2-year high, led by USDT’s record $111B. USDC market cap grows to $32.6B amid increased trading volumes. Despite a market cap rise, trading volumes on exchanges dropped to $829B. In a sustained growth trajectory, the market capitalization of stablecoins has touched a two-year peak at $161 billion as of May 2022. This milestone follows eight months of consistent upward movement, marking a significant rebound since the Terra Luna financial debacle. Despite the overall market cap surge, stablecoins’ dominance has seen a modest decline to 6.07%, compared to 7% in March. This decrease mirrors…
John Bigatton, the Australian promoter of the now-defunct crypto exchange platform BitConnect, has been convicted by the Sydney District Court for providing unlicensed financial advice. Bigatton was sentenced to a three-year recognizance of good behavior and disqualified from managing corporations for five years on Friday, according to court records and a statement from the country’s corporate regulator on Sunday. Between August 2017 and January 2018, Bigatton promoted BitConnect through seminars and social media, providing financial advice without proper authorization. Crypto Ponzi scheme BitConnect, which required investors to acquire BitConnect Coin (BCC) to participate in its investment opportunities, was marketed by…
European Bitcoin mining company Northern Data AG has announced plans to raise €214 million through a 20% capital increase, issuing 10.7 million new shares. German Bitcoin (BTC) mining company Northern Data AG is set to bolster its operations through a significant capital increase, which is expected to boost its financial reserves by approximately €214 million. In a Jul. 15 press release, the Frankfurt-headquartered company said that it plans to issue 10,699,446 new bearer shares, amounting to 20% of its current share capital, a move that is expected to fuel the expansion of the company’s cloud platform, and expanding its physical…