Author: NBTC
In a recent market analysis, the cofounders of Glassnode, known by their X (formerly Twitter) handle 𝗡𝗲𝗴𝗲𝗻𝘁𝗿𝗼𝗽𝗶𝗰, have provided a comprehensive perspective on the trajectory of Bitcoin (BTC). Their insights suggest not only the potential for a significant rebound but also highlight strategic opportunities for investors to capitalize on short-term market volatility. The analysis points toward BTC’s 50-day Exponential Moving Average (EMA) hovering near $62,000 as a crucial support level, with a projected target of $72,000 for a rebound. This level is identified as a crucial support point, indicating strong buying sentiment among market participants. The support near the 50-day…
The widely followed analyst Benjamin Cowen is saying that Ethereum (ETH) is at risk of facing more downside over the coming months. In a new video, Cowen tells his 801,000 YouTube subscribers that monetary policy is likely to negatively affect Ethereum. “I think that ETH/USD is still facing some headwinds here, especially following the potential rejection of the spot exchange-traded fund (ETF)… …I think the impact that people are going to feel is just from tighter monetary policy. They’re going to blame it on the spot ETF and they’re going to capitulate potentially into that.” According to Cowen, the Ethereum…
RippleX, the developer arm, has identified a discrepancy in a few automated market maker (AMM) pools, which has prevented transactions from executing properly. Its engineering team is working to fix the issue together with community participants. At the same time, RippleX has recommended its users not to deposit new funds into AMM pools for now. It has promised to provide timely updates for the community. Major milestone for XRP Ledger The AMM went live on the XRP Ledger mainnet on March 22 after two years. According to David Schwartz, the chief technology officer at Ripple, the AMM marked the start…
Robinhood CEO Vlad Tenev has broken his silence amid mounting regulatory pressure, addressing concerns over the recent Wells Notice from the SEC. Tenev, speaking out against what he terms a “regulatory onslaught,” emphasized the destructive impact on American innovation and consumers. The notice, indicative of the conclusion of the SEC’s investigation into Robinhood’s cryptocurrency operations, signals potential legal action looming over the popular trading platform. This is not Tenev’s first encounter with regulatory scrutiny. Previously embroiled in controversy during the GameStop short squeeze in 2021, Robinhood’s decision to restrict trading drew widespread condemnation. Its CEO’s testimony before the United States…
We do the research, you get the alpha! Get exclusive reports and access to key insights on airdrops, NFTs, and more! Subscribe now to Alpha Reports and up your game! Go to Alpha Reports Decrypt’s Art, Fashion, and Entertainment Hub. Discover SCENE Bitcoin just got much easier to mine—should we be worried? Data from BTC.com shows that Bitcoin mining difficulty plunged nearly 6% to 83.1 trillion hashes yesterday. The higher the mining difficulty—measured through the energy and resources that miners use to keep the network secure—the more difficult Bitcoin is to attack. A drop in difficulty, therefore, isn’t a good…
Thanks to insights from Vitalik Buterin and contributions from experts like Ansgar Dietrichs, Barnabe Monnot and Davide Crapis, we are getting familiar with the concept of “multidimensional gas.” Traditionally, Ethereum has used a unit called “gas” to measure and price the computational efforts required for transactions and operations. This includes calculations like adding and multiplying, managing data storage, bandwidth and even complex processes like generating cryptographic proofs. The recent proposal involves transitioning from a single-dimensional gas model to a multi-dimensional one, addressing the inefficiencies of treating different types of computational resources as equivalents. The current system, while simple, does not…
Crypto products registered outflows for the fourth consecutive week, totaling over $1 billion in the period, according to asset management firm CoinShares. Despite the start of spot Bitcoin and Ethereum exchange-traded funds (ETFs) trading in Hong Kong, Bitcoin ETFs saw $156 million in outflows globally last week. James Butterfill, head of research at CoinShares, suggests that the average purchase price of these ETFs since their inception has been around $62,200 per Bitcoin. With the price dipping 10% below this threshold, it likely activated a wave of automatic sell orders. Image: CoinShares Bitcoin (BTC) saw $284 million in outflows, while Ethereum…
Dogecoin (DOGE) has once again overtaken Cardano (ADA) to become the eighth-largest cryptocurrency. According to the latest market data, Dogecoin’s market cap has soared to approximately $28 billion, edging out Cardano’s valuation of $27.3 billion. The chief meme cryptocurrency managed to achieve this after making a stunning V-shaped recovery. It is worth noting that Dogecoin has significantly outperformed other altcoins over the past 24 hours. In fact, it is the fifth best-performing cryptocurrency in the top 100 over the past 24 hours. According to the latest IntoTheBlock data, approximately 57.62% of addresses are “in the money,” holding Dogecoin at a…
Over the last few years, the cryptocurrency market has grown rapidly on the Asian continent. According to information provided by Statista, the cryptocurrency market in Asia is expected to reach a value of US$8.2 billion, growing at a compound annual growth rate (CAGR) of 7.68% over the next 4 years. Likewise, according to the recent global cryptocurrency adoption report by Chainalysis, countries such as Vietnam, Thailand, and Singapore are leading cryptocurrency adoption within the SEA region. Funding Increases in the Crypto Market Recently, the OECD reported that global economies are expected to grow by 3.1% this year, showing a slight…
Germany’s state-owned bank, Kreditanstalt fuer Wiederaufbau, is stepping into blockchain territory with its first digital bond, set to transform investment options. The German state-owned bank Kreditanstalt fuer Wiederaufbau (KfW) is gearing up to launch its first-ever blockchain-based digital bonds in a step aimed at the adoption of blockchain technology within the German traditional financial institutions, as per a Bloomberg report. Commenting on the latest development, treasurer of KfW Tim Armbruster said the bank is taking “the next big step with the issuance of a blockchain-based bond for which we want to attract as many investors as possible.” “We believe that…