Author: NBTC

Bitcoin’s price has dropped to a one-month low, reaching $58.5K this week, as confirmed by CryptoQuant, a leading analytic firm. This decline aligns with predictions from their previous report, which highlighted slow demand growth for Bitcoin. Despite the cryptocurrency market remaining in a bull phase, it exhibits the least bullish sentiment observed since March 2023. The ultimate support level for #Bitcoin is $56K; falling below this could lead to a major correction. pic.twitter.com/ZD9xDN6wAm — CryptoQuant.com (@cryptoquant_com) June 28, 2024 CryptoQuant’s latest report details several crucial on-chain metrics to determine whether Bitcoin has reached its price floor and the conditions necessary…

Though investors exiting the Grayscale Ethereum Trust (ETHE) hurt the US spot ETH ETF market’s initial net flows figure, four of the funds saw solid traction. The nine ETFs collectively posted net outflows of $342 million in their first four trading days (July 23-26), according to Farside Investors data. Sizable inflows into products by BlackRock, Bitwise and Fidelity could not make up for the $1.5 billion leaving higher-priced (2.5%) ETHE. Those outflows roughly match those endured by the Grayscale Bitcoin Trust (GBTC) during the product’s first four days as an ETF. Read more: Nomura’s crypto unit to offer yield-bearing ETH…

Shares of Coinbase rose about 2% after the company reported its earnings. The company’s second quarter adjusted Ebitda missed Wall Street’s expectations. Coinbase (COIN) second-quarter revenue beat the Wall Street analysts’ estimates slightly as the industry continues to recover from the crypto winter, sending the crypto exchange’s shares higher. The crypto exchange said its second quarter total revenue was $1.45 billion versus average estimate of about $1.4 billion, according to FactSet. However, the second quarter adjusted Ebitda of $596 million came in lower than the consensus of $607.7 million. Coinbase’s biggest source of income comes from transaction fees, which slipped…

A top-tier layer-1 blockchain for Decentralized Physical Infrastructure Networks (DePIN) and Machine RWAs, peaq revealed its ecosystem expansion with the addition of the Kaisar Network. Kaisar is transforming the AI industry, providing decentralized alternatives to centralized data centers and cloud GPU services, based on Web3 principles. Kaisar Network plans to introduce its native KAI token and implement its core business logic on peaq. With access to more than 100,000 GPUs from a variety of sources, including businesses, data centers and private users, this integration will allow Kaisar to provide decentralized GPU capacities. This action tackles the severe GPU shortage that…

A nice thing about watching Olympic swimming is that it’s not too complicated to determine who’s the fastest. Everyone dives into the same pool, there’s some paddling, and at the end of the final lap, one person touches the wall first. The same can’t be said for blockchains, where engineers are always releasing ever more powerful, speedier systems, and use-cases and transaction types vary from project to project, as do tools and methods for measuring performance. The dilemma extends to designers of cryptographic tools, and the myriad ways of reporting hashes per second. Such was the backdrop as Polyhedra Network,…

American businessman Dave Portnoy, the founder and owner of Barstool Sports, announced that if bitcoin drops to the $40,000 range, he will invest $5-10 million worth of BTC using Barstool funds. Portnoy stated that while he personally owns BTC, he wouldn’t use Barstool money to buy at the $60,000 level. Portnoy’s Bitcoin Bet: Barstool Sports Founder Awaits $40K BTC Dip Portnoy, widely recognized for Barstool Sports, a prominent sports and pop culture media company, has previously discussed bitcoin multiple times. He bought the cryptocurrency during the pandemic but sold it shortly afterward, regretting his decision as bitcoin’s value significantly increased…

Israel’s central bank has announced the first batch of participants in its digital shekel challenge, including PayPal (NASDAQ: PYPL) Israel and digital asset custodian Fireblocks. Announced in May, the challenge invited applicants with ideas on how to boost payment efficiency and cut costs through the proposed digital shekel. It was inspired by the Bank of England’s (BoE) Project Rosalind’s two-tier API model and was open to lenders, payment companies, fintechs and academic innovation labs. The Bank of Israel (BOI) has announced the 14 successful applicants participating in the first iteration. They are led by PayPal’s local subsidiary, Fireblocks, a digital…

Lido DAO (LDO) revealed the effect of running a low-float coin initially. While the project grew, the value of LDO was stuck in a range. Lido DAO is growing by all possible metrics, except for its token price. Traders noticed that LDO was stagnant, though reporting a much higher overall market capitalization. Lido DAO is a case study in low-float coins, which have a different price cycle compared to previously launched fully diluted assets. The inflow of new LDO tokens started in 2021, combining several linear unlocks. Lido DAO released tokens from investors and founders over the course of a…

Polyhedra Network has announced the open beta launch of its Proof Cloud at the Google ZK Summit. Proof Cloud is designed to make ZK proofs more accessible in both web2 and web3 environments. Supported by Google Cloud, Polygon (MATIC), Linea, and Lita, Proof Cloud aims to meet the rising demand for efficient and cost-effective zero-knowledge proof technology. ZK-proof technology allows one party to prove to another that they know a value or statement is true without revealing any information about the value itself. It is commonly used in blockchain and crypto for privacy and security. The Polyhedra Network connects over…

U.S. spot bitcoin exchange-traded funds (ETFs) attracted $11.8 million on Thursday, marking the third consecutive day of inflows. Bitwise’s BITB fund topped the list, bringing in $8 million during the trading sessions. Demand for Bitcoin ETFs Continues Since Jan. 11, 2024, the 11 spot bitcoin ETFs have accumulated $14.45 billion in total net inflows, including Thursday’s $11.8 million boost. This represents the third consecutive day of gains for the bitcoin ETFs, although the daily inflows have slightly declined each day. Additionally, daily trade volume has dropped, with Thursday seeing $919.95 million in volume. Bitwise’s BITB led with $8 million in…