Author: NBTC
In light of the Securities and Exchange Commission dropping its probe into Paxos over its branded Binance stablecoin (BUSD) — after it was almost completely unwound — one wonders whether there was any material impact on Binance. It turns out, not so much, at least going by how much crypto users are keeping there. Collating Binance’s monthly proof of reserves reports shows the firm disclosing $115 billion in user funds at the start of July, up from $61 billion one year ago. When reports first surfaced of a years-long Department of Justice investigation into Binance in December 2022, there was…
Bitcoin has experienced its steepest decline in the current cycle, trading over 26% below its all-time high (ATH), according to onchain analysis firm Glassnode. This contraction has significantly affected short-term holders, with over 2.8 million BTC now below their acquisition price. Bitcoin Market Faces Significant Drawdown, Glassnode Reports Despite the notable downturn, Glassnode’s latest analysis highlights that this drawdown remains historically shallow compared to previous cycles. The current market cycle, spanning 2023-24, has exhibited both similarities and differences to past cycles. Following the collapse of FTX, bitcoin enjoyed 18 months of steady appreciation, only to face a correction exceeding 26%…
Amid the market slowdown, crypto analysts believe Ethereum (ETH) might be ready to retest key resistance levels again. Meanwhile, investors are expectant about the second-largest cryptocurrency performance as the final approval of spot ETH ETFs (exchange-traded funds) approaches. Is Ethereum ETFs Approval Already Priced In? The upcoming approval of spot Ethereum ETFs has crypto investors speculating about the launch’s impact on ETH’s performance. Renowned investor Daan Crypto Trades believes the news about the S-1 form approval won’t affect Ethereum’s price. Per the trader, the announcement will play out like the 19b-4 approval news in May. Nearly two months ago, the…
OKX, a frontrunner in the burgeoning Web3 domain, announced on July 13, 2024, an important update that extends the capabilities of its comprehensive digital asset management tool, the OKX Wallet. The latest development in this saga is the integration of OKX Wallet with East Blue, a platform that is redefining the Bitcoin network’s utility and accessibility. A key development by the strategic partnership makes it a universal step forward in making Bitcoin more easily accessible and user-friendly, bridging users into frictionless connectivity. The East Blue platform is set to dramatically change the Bitcoin ecosystem through efficient, cost-effective transaction solutions. Besides…
QCP Capital, which expects a rise for Bitcoin and the general crypto market, claimed in today’s analysis that the bottom has now been found. Analysts stated that despite the ongoing great selling pressure, the big declines experienced last week did not continue this week, and generally stated that they thought BTC and cryptocurrencies had now found the bottom. Stating that their upward expectations continue, analysts listed the reasons as follows: “We think that cryptocurrencies have bottomed because we cannot go lower despite the great selling pressure in the market. We continue our rise due to the positive winds we count:…
Kraken Head of Strategy Thomas Perfumo said spot Ethereum (ETH) ETFs could help the crypto sector while commenting on political developments in the US. On July 12, Perfumo told Bloomberg that spot Ethereum ETFs would attract capital flows while attracting attention to crypto, noting: “It’s a rising tide, lifts all boat story. “ Perfumo further explained that Ethereum’s eventual value “hinges on the Ethereum ETF.” He said that the crypto market is “pricing in” $750 million to $1 billion of net inflows to Ethereum products on a monthly basis, which would imply that Ethereum could reach all-time highs between $4,000…
Legendary boxing champion Manny Pacquiao recently applauded Shiba Inu (SHIB) for supporting his foundation’s philanthropic efforts. At the same time, Pacquiao expressed excitement for Shibarium, Shiba Inu’s layer-2 blockchain platform. Manny Pacquiao’s gratitude for SHIB Not much was known of the collaboration between Shiba Inu and Pacquiao until this time. “Hello, Shib community! Thank you for your commitment to helping those in need. We appreciate your continued support for the Manny Pacquiao Foundation (MPF) and we are excited for Shibarium,” Pacquiao stated in a special message. Typically, an endorsement from an influential personality like Pacquiao is expected to have a…
OKX Wallet has announced the integration of DEX, an AI-powered decentralized exchange (DEX), into its platform. This new integration allows users to easily access crypto and real-world asset (RWA) derivatives directly through the OKX Wallet. We are excited to announce that @d3x_exchange, an AI-powered DEX, is now integrated with our Wallet and DEX API!Use our Wallet to seamlessly access crypto and RWA derivatives on DΞX and get market insights from their Insight Copilot. pic.twitter.com/dFzltTAJu1 — OKX Wallet (@okxweb3) July 13, 2024 OKX Wallet Users Access Enhanced AI Market Tools This integration will allow users to fully benefit from the solution…
Amid an apparent selloff that rapidly accelerated over the last two days, the German government has reduced its Bitcoin holdings to less than $1 billion as of Wednesday. Germany has moved substantial amounts of Bitcoin from its wallets to various crypto exchanges and market markets in recent days, following slower movements in previous weeks. This selloff comes just a month after the government held approximately $3.46 billion in BTC as of June 10. According to data from Arkham Intelligence, the German government currently holds 13,733 BTC, valued at $792 million—compared to 49,860 BTC just a month ago. This sharp reduction…
The price of Ethereum (ETH) has found support at $2,850 and has fallen below the resistance of the 21-day SMA or high at $3,200. Price analysis by Coinidol.com. Long-term analysis of the Ethereum price: bearish Since July 8, buyers have moved steadily higher. On July 11, the cryptocurrency saw a strong rejection at the 21-day SMA, leading to a long candlewick. If the bulls break the 21-day SMA, the bullish momentum will continue to the 50-day SMA high or the resistance at $3,500. Currently, the upside has stalled in the middle of the price range or above the $3,100 support.…