Author: NBTC
Bitcoin price started a downside correction from the $72,000 zone. BTC is now consolidating near $70,000 and might eye another increase in the near term. Bitcoin struggled above the $71,800 resistance zone. The price is trading above $69,000 and the 100 hourly Simple moving average. There is a key bullish trend line forming with support at $69,200 on the hourly chart of the BTC/USD pair (data feed from Kraken). The pair could start another increase unless there is a move below $68,800. Bitcoin Price Corrects Gains Bitcoin price gained pace for a move above the $70,000 level. BTC even spiked…
Aave’s decentralized autonomous organization (DAO) is evaluating a proposal to join the Lido Alliance and establish a dedicated market for the liquid staking protocol’s staked Ethereum (stETH) token. The Lido Alliance aims to promote infrastructure development around stETH, focusing on restaking use cases. This alliance emerged in response to the rising dominance of EigenLayer, an innovative Ethereum restaking protocol that has significantly impacted the industry since its launch last year. Why Aave is considering the Lido Alliance The Aave Chan Initiative explained that a dedicated market would enhance the user experience for wstETH holders and maintain the lending protocol as…
The cryptocurrency market went through a shakeout, with most cryptocurrencies experiencing a crash in the past 24 hours. A crypto influencer and Ethereum (ETH) supporter currently holds $8 million in unrealized losses with the ERC-20 token FRIEND. Notably, the pseudonymous influencer Machi Big Brother, with 164,400 followers on X, has over 50% losses with FRIEND. Lookonchain spotted the one-month losing position from the labeled account and reported it in a post on June 8. FRIEND and social volume with crypto influencers The well-known cryptocurrency trader Ansem has defined FRIEND as a meme coin and a “culture coin,” highlighting its ecosystem.…
Distributed ledger technology (DLT) is becoming increasingly important globally this year, with exchanges, fintechs, and custodians being the biggest adopters, a new report has revealed. The report, “DLT in the Real World,” was published by the International Securities Services Association (ISSA), a global body whose members include central securities depositories (CSDs), custodians, tech firms, and other players in the securities sector. ISSA’s survey, which involved over 340 securities firms globally, found that DLT’s importance to the sector had increased 10% since last year. Overall, the technology’s strategic importance hit a record high after a slight dip last year. ISSA found…
Bitcoin has recently experienced one of its most significant price surges of 2024, with an increase of over 8% in a single day. This surge is notably attributed to a massive wave of liquidations in the futures market, where approximately $259 million in short contracts were liquidated. This event, the largest of its kind since 2022, has injected substantial buying pressure into the market, influencing Bitcoin’s price trajectory. This phenomenon highlights the volatile nature of cryptocurrency markets and the impact of futures trading on the underlying spot prices. The liquidations have not only adjusted the market’s dynamics but also signaled…
The world of finance is standing on the brink of a transformative era driven by the rising prominence of tokenized assets. According to a recent McKinsey & Company report, tokenization—the process of converting assets into digital tokens on a blockchain—has reached a tipping point, setting the stage for at-scale implementations that promise enhanced liquidity, operational efficiencies, and new avenues for revenue generation. From Concept to Reality: McKinsey & Company Explores the Surge of Tokenization in Finance While widespread adoption of tokenization is still in progress, financial institutions that have begun integrating blockchain technology are poised to gain a competitive edge.…
GOLD and SILVER assets will represent 1 gram each of the precious metals and will be fully redeemable for Gold bullion and Silver bullion, respectively. Community is expecting more Gold-backed stablecoins to be released on XRP Ledger’s rails. Meld Gold teams up with Ripple, launches Gold and Silver tokens on XRPL in Q3 Tokenization innovators Meld Gold partnered with Ripple, a U.S. fintech decacorn. As a result of the partnership, Meld Gold will release two new stablecoins on XRP Ledger, backed by Gold and Silver, respectively. Each token will represent 1g of the precious metal held by leading custody providers…
HIVE Digital Technologies, a cryptocurrency mining company, certainly has reasons to be pleased, as the last 12 months have presented a much better picture of its operations. After a record weak fiscal year in 2023, during which the company’s revenues fell by 50% and net losses reached $236 million, 2024 proved much more favorable, although profitability was not achieved. The company reported annual revenue of $114.5 million and adjusted EBITDA of $37.5 million for the fiscal year ended March 31, 2024. During the period, the company mined 3,123 Bitcoin and held 2,287 Bitcoin worth $161.3 million on its balance sheet…
As links between the blockchain and real life, oracles bring in outside data to enhance the use and relevance of smart contracts. Of them, Pyth Network has a lot of potential. It guarantees quick and correct price information by tying blockchain applications with market data providers. Pyth has recently made some remarkable strides, broadening its market and beginning to seriously challenge Chainlink, the industry leader. These advancements show how significant Pyth is becoming and suggest that it may completely change the blockchain oracle space. Closer Look at Pyth Network The Advanced Oracle protocol Pyth Network connects blockchain applications with market…
Bitcoin trading during US market hours has surged to unprecedented levels, accounting for 46% of this year’s cumulative volume from January to April. This increase in trading activity is closely linked to the January launch of spot-Bitcoin exchange-traded funds (ETFs). US Dominates Bitcoin Trading, Asia Lags Behind Kaiko Research highlights that the volume of Bitcoin trading spikes at the beginning and close of US trading hours. This pattern correlates with the calculation of net asset values for the ETFs at the close of US stock exchanges each weekday. Additionally, Thursdays see the highest share of trading during US hours, contributing…