Author: NBTC
Bitcoin price started another decline from the $59,500 level. BTC is moving lower, and the bears could gain strength below the $56,000 support. Bitcoin started another decline from the $59,500 resistance zone. The price is trading below $57,500 and the 100 hourly Simple moving average. There is a key declining channel forming with resistance at $58,400 on the hourly chart of the BTC/USD pair (data feed from Kraken). The pair might continue to move down if it fails to stay above the $56,500 support. Bitcoin Price Dips Again Bitcoin price struggled to clear the $59,500 and $60,000 resistance levels. BTC…
Going by on-chain analytic data from SpotOnChain, an inactive ETH whale has finished selling its ETH stash: 7,240 ETH, having a total value of $21.4 million, to Kraken crypto exchange. Depositing to crypto exchanges signals an intent to sell, while withdrawals signal buying. The ETH shift follows a period of unknown direction on the market, with cryptos experiencing a fall in price. Ethereum was not exempted from such selling activity on the market, losing the value of 11.77% weekly. Spotonchain said the Whale had held these tokens for a year and a half, possibly at the start of 2023, when…
In a striking move that has captured the attention of the cryptocurrency community, a single whale has acquired a massive 262 million XRP. This substantial move comes at a time when market analysts are closely watching for a potential price reversal on XRP, the seventh-largest cryptocurrency by market capitalization. According to crypto data tracker Whale Alert, “262,575,885 XRP worth $137,276,075 was transferred from Kraken to an unknown wallet.” 🚨 🚨 🚨 🚨 🚨 🚨 262,575,885 #XRP (137,276,075 USD) transferred from #Kraken to unknown wallethttps://t.co/lX4r84iD63 — Whale Alert (@whale_alert) May 30, 2024 The destination wallet remains unknown, which adds a layer…
Vega Network, a next-generation decentralized exchange protocol, launched the XAU/USDT (Gold Token/Tether US Dollar) trading pair on its DEX network. This development marks the first non-crypto asset market on the Vega network, proposed and voted into existence by its community and $VEGA token holders. This provides a new innovation avenue not only for Vega but also bridges the gap between decentralized finance (DeFi) and traditional financial assets, catering towards complete spectrum of financial needs. By including a physical entity like gold, Vega is enlarging the range of DeFi has to offer and strengthen its commitment in serving every requirement that…
Asset management firm VanEck has officially submitted an S-1 registration form to the US Securities and Exchange Commission (SEC) for a spot Ethereum exchange-traded fund (ETF). The filing represents a key step toward potentially launching the first spot Ethereum ETF in the country. According to the preliminary prospectus, the proposed VanEck Ethereum ETF would trade on the Cboe BZX Exchange under the ticker symbol “ETHV.” The fund’s objective is to reflect the performance of Ethereum’s price, minus expenses. According to Bloomberg ETF analyst Erich Balchunas, this move from VanEck should promptly be followed by similar filings from other issuers within…
Hedera joins Crypto ISAC to enhance trust and drive the adoption of blockchain technologies through a secure environment. Crypto ISAC aims to establish a trusted environment, enhance information dissemination, and ensure resilience against security threats. Hedera has integrated with the Crypto Information Sharing and Analysis Center (ISAC). This nonprofit association is dedicated to enhancing security across the crypto ecosystem. Some of the members of ISAC include, Aleo, Circle, Coinbase, Consensys, Evertas, Fireblocks, Kraken, Offchain Labs among others. We are excited to announce that the #Hedera network has joined the @Crypto_ISAC (Information Sharing and Analysis Center) – a new association aimed…
Binance plans to sell 72.6% of GOPAX to MegaZone, reducing its stake to around 10%, to meet regulatory requirements. The sale aims to comply with the Financial Services Commission’s request and improve governance ahead of a key contract renewal. Financial delays and GOPAX’s debt doubling to 118.4 billion won heighten the urgency for Binance’s strategic stake sale. The leading cryptocurrency exchange, Binance, is drawing attention because it plans to sell its holding of GOPAX, a South Korean cryptocurrency exchange. MegaZone Cloud’s parent company plans to sell Binance its 72.6% stake in GOPAX. This action is a component of Binance’s endeavor…
ZKM, a protocol that seeks to extend Bitcoin via its zkVM protocol, has announced the launch of a Bitcoin layer-2 network called GOAT Network. In an announcement shared with crypto.news on Monday, ZKM said GOAT Network will go live in Q3, 2024 to bring the first universal L2 to the market. The decentralized platform will also be the first L2 on Bitcoin to share network ownership. ZKM’s Entangled Rollup technology will power the new L2, with users set to benefit from Bitcoin network’s security. “GOAT Network’s launch of a Bitcoin L2 is a powerful first step in ZKM’s quest to…
BTC as source of diversification Cryptocurrencies have historically exhibited low correlations with traditional asset classes, offering a unique source of idiosyncratic risk in portfolios. Bitcoin is known for its extreme volatility, with significant price swings like a roller-coaster ride — plunging over 64% in 2022 and then rallying 160% in 2023. This volatility can be challenging for crypto traders. On the other hand, the S&P 500 offers more stable performance, averaging 9% to 10% annual returns and serving as a benchmark for the U.S. economy. Despite lower returns compared to Bitcoin, the S&P 500’s consistency and reliability make it a…
As the crypto market eagerly anticipates the potential launch of spot Ethereum ETFs in the U.S., a staggering 32.6 million ETH—over 27% of the total supply—is now being used to secure Ethereum’s proof-of-stake network, according to the latest data from Coinbase. This milestone underscores the growing enthusiasm for Ethereum staking, even as the ecosystem grapples with the implications of the long-awaited Ethereum ETFs. The new exchange-traded funds, unlike their underlying asset, won’t be able to stake their holdings due to regulatory constraints. The rise in staked ETH has been steady, with a brief slowdown following the Shanghai upgrade in spring…