Author: NBTC
Ether’s ETH$2,611.58 rally, though impressive, leaves much to be desired. That’s because the unwinding of shorts is said to be fueling the rally, not fresh longs or bullish leveraged bets on the Chicago Mercantile Exchange (CME). “The rally is primarily the result of short covering – traders unwinding bearish positions – rather than a surge of bullish conviction,” Sui Chung, CEO of crypto index provider CF Benchmarks, told CoinDesk. CME’s derivatives, preferred by institutions, track the CF Benchmarks’ Bitcoin Reference Rate – New York (BRRNY) variant. When bears cover their shorts, it means they are buying back futures contracts initially sold.…
It’s going to be a big week for XRP with the futures launching on the CME today, and the ETF hype making headlines again. If all goes as planned, this could be a game-changer for XRP, drawing in institutional money and paving the way for spot XRP ETFs. XRP ETF Approval Odds Increase Polymarket traders have also raised their bets on an XRP ETF approval this year to 83%, despite the recent bearish sentiment. Bloomberg analysts have also raised the odds of approval to 85%, over rising institutional interest and a fair regulatory environment. The Chicago Mercantile Exchange (CME) launching…
The Bitcoin network hashrate rose 2% in the first two weeks of May to an average of 885 exahashes per second (EH/s), Wall Street bank JPMorgan (JPM) said in a research report Friday. The hashrate refers to the total combined computational power used to mine and process transactions on a proof-of-work blockchain, and is a proxy for competition in the industry and mining difficulty. Miner profitability improved in May, as the price of bitcoin BTC$102,586.74 rose, and gross margins expanded, the bank said.The hashprice, a measure of daily mining profitability, rose 13% from April, which the bank said was “encouraging.”…
A closely followed on-chain analyst believes that Bitcoin (BTC) is at a critical juncture and may be one big move away from signaling bull market exhaustion. Pseudonymous analyst Checkmate tells his 114,800 followers on the social media platform X that Bitcoin is facing heavy selling pressure at current levels based on its heatmap, a visual tool that shows where buy and sell orders are stacked in the orderbook. “Bitcoin is working its way through a very dense supply cluster between $93,000 and $100,000. Pretty much blue skies above $100,000.” Source: Checkmate/X According to the analyst, Bitcoin bulls need to step…
Top 25 Solana meme coin Ponke has announced a partnership with 223, a spinout venture of licensed accessories firm JCorp, to create a range of adult-focused collectibles and apparel. Official products have yet to be confirmed, but the Ponke team told Decrypt they’re exploring the possibility of producing blind box collectibles, novelty and high-end toys, as well as other products aimed at countercultures like the cannabis industry. As part of this partnership, Ponke will present a dozen concept products at this week’s Las Vegas Licensing Expo, alongside some of JCorp’s global IPs including Disney, Star Wars, and Marvel. The Ponke…
Ethereum network fees are now at $0.09, which makes sending transactions much cheaper. ETH trading volume surged as buyer interest returned, signaling a potential shift in momentum. Fewer fees and better upgrades have made Ethereum faster and easier to use than before. Ethereum transaction fees have dropped to just $0.09, while its market price surged to $2,612.76, reflecting renewed network activity and investor confidence. Real-time gas metrics reported by Crypto Rover on X confirmed Gwei rates as low as 1.615 for low-priority transactions. Simultaneously, CoinMarketCap data showed a 2.94% price gain in 24 hours, driven by growing demand and favorable…
ICP leads all blockchains in developer activity despite a decline in trading volume Most top projects saw daily price gains even as trading volumes dropped Starknet posts highest price gain while Ethereum sees largest volume decline Recent data tracking GitHub-based development activity shows that several major blockchain projects continue pushing forward with code updates, even as trading volumes show signs of decline. The 30-day metrics highlight a growing divergence between development work and market behavior, with most projects recording daily price gains despite reduced trading activity. Internet Computer (ICP) ranked first in development activity, scoring 840.67, way ahead of its…
Amidst the nail-biter, week-long drama over whether the Senate’s GENIUS Act is really dead or not, progress appears to have been made Thursday—with pro-crypto Democrats now touting concessions they’ve received from Republican colleagues in a new draft of the bill, which could see a vote by early next week. Decrypt obtained a copy and reviewed this negotiated draft of the Senate’s stablecoin legislation. The bill indeed contains new language on issues such as national security protections, ethics, Big Tech, and foreign issuers. But it’s currently unclear if these measures will have enough teeth to make them enforceable. The most high-profile…
A new report by fintech and crypto research firm Rittenhouse Research cited Galaxy Digital’s transition from Bitcoin mining to artificial intelligence (AI) infrastructure as the top reason for its “strong buy” rating on the company’s stock. Galaxy Digital’s AI Pivot, Not Bitcoin Mining, Is Its Biggest Bull Case, Rittenhouse Research Says While Galaxy Digital was once a major player in Bitcoin (BTC) mining, its 2022 acquisition of the Helios data center from troubled miner Argo Blockchain may have unexpectedly positioned the company as a major infrastructure provider in the burgeoning AI economy. At the time of the acquisition, the move…
Everyone who has used bitcoin has made use of the mempool, or a mempool. So what is the mempool? Well technically, there is no such thing as “the” mempool. Every individual full Bitcoin node operates its own mempool, a cache of valid bitcoin transactions that have been broadcast to the network but have yet to be confirmed in a block. Nodes exchange messages with each other to see what transactions they have or not, and exchange ones they don’t have. Each mempool is its own independent island essentially, with its own set of unconfirmed transactions, and sometimes its own configuration…