Author: NBTC
The so-called Coinbase premium has evaporated, indicating a weaker stateside buying pressure. At press time, bitcoin was trading at $64,000, down over 12% from record highs reached last week. A market dynamic that characterized bitcoin’s (BTC) recent rally to record highs has changed, signaling a weaker stateside demand for the leading cryptocurrency. The seven-day moving average of the so-called Coinbase Premium indicator, which tracks the spread between bitcoin’s prices on the Nasdaq-listed Coinbase (COIN) exchange and the offshore giant Binance, has flipped negative, according to data tracked by CryptoQuant. In other words, bitcoin is now trading at a discount on…
Stablecoins boost demand for U.S. Treasury notes, said Howard Lutnick, the CEO of Tether custodian Cantor Fitzgerald. Lutnick says China may see a potential digital dollar as a spy wallet. One of the long-running debates in the crypto market is whether U.S. dollar stablecoins – cryptocurrencies whose value is pegged to the currency – strengthen the greenback’s global dominance. According to Cantor Fitzgerald’s CEO, they do and are beneficial to the world’s largest economy. “Dollar hegemony is fundamental to the United States of America,” Howard Lutnick said during a Chainalysis Conference on Wednesday, according to Bloomberg. “It matters to us,…
Infamous gold bug Peter Schiff recently took to X (formerly Twitter) to predict a major Bitcoin (BTC) price crash. The largest cryptocurrency has so far dropped 12.9% from its all-time high of $73,737 which was achieved on March 14. Has Bitcoin peaked? Schiff recalled a trend during which many proponents of Bitcoin were adding laser eyes to their social media profiles. This happened at the peak of the bull market euphoria in 2011. The somehow cringe-worthy trend involved major celebrities and even politicians like Wyoming Senator Cynthia Lummis. The trend attracted a lot of mockery after the price of the…
Uplink, a company attempting to democratize internet access, announced a $10 million funding round led by Framework Ventures. The firm is a Decentralized Physical Infrastructure Network (DePIN), a sector that data provider Messari estimates could have a market value of $3.5 trillion by 2028. DePIN projects connect blockchain technology with physical systems and often offer tokens to incentivize people to crowdsource the infrastructure. Uplink provides decentralized network connectivity with the aim of creating better distributed and user-operated infrastructure. According to the company, the idea is to reduce reliance on traditional centralized telecommunication providers. Users and enterprises will be able to…
Bitcoin’s drop below $64,000 led to over $440 million in losses for futures traders, with significant liquidations on Binance and OKX exchanges. Major cryptocurrencies like Ethereum, Solana, and Dogecoin also suffered losses, with expectations of bitcoin falling further to $55,000 amidst record-high outflows from Grayscale’s GBTC. A brief bitcoin (BTC) slump to under $64,000 caused over $440 million in liquidation for crypto futures traders betting on higher prices. Some traders expect bitcoin to reach the $55,000 level in the short term. Long bets on bitcoin took on $100 million in losses alone, with ether (ETH), Solana’s SOL and dogecoin (DOGE)…
In a dramatic turn of events, marginfi, a prominent player in the Solana decentralized finance (DeFi) ecosystem, saw a sharp 25% decline in its Total Value Locked (TVL). This happened right after CEO Edgar Pavlovsky announced his resignation. How Marginfi Users Reacted to CEO’s Resignation The sudden departure sparked a withdrawal frenzy, with users pulling out nearly $100 million. Pavlovsky’s exit marked the climax of brewing internal strife, leading to significant unrest within the platform. He left, citing discrepancies with the operational ethos of Marginfi. Consequently, the TVL nosedived to around $600 million, reflecting the eroding trust and uncertainty among…
Sales volumes of non-fungible tokens (NFTs) recorded a more than 37% increase to $277 million in the seven-day period ending April 11. Six of the top 10 collections with the largest sales volumes were Bitcoin-based NFTs. Some experts attribute the renewed interest in NFTs to the rise of real-world assets and NFTs with built-in utility. Wash Volumes, Transactions Decrease According to the latest data from Cryptoslam, the seven-day sales volumes of NFTs as of April 11 were $277 million, a more than 37% increase from the sales recorded in the previous period. During this period, the Uncategorized Ordinals compilation led…
While there is much discussion about the broader crypto venture market’s rather sharp decline in 2023, there is little discussion around the growth of the early stage bitcoin-native in the past few years. Many of these startups have been quietly building bitcoin payments infrastructure that has the potential to disrupt the global financial landscape. Today, Trammell Venture Partners, an Austin-based venture capital firm, has announced the second annual results of its proprietary research from 2021 to 2023 on the early growth of the bitcoin-native startup and venture capital ecosystem. TVP launched the venture industry’s first dedicated bitcoin-native fund series in…
Starknet, the leading decentralized finance (DeFi) platform, has announced the launch of the latest version of DAI on Starknet. This significant development brings enhanced functionality and efficiency to DAI users within the Starknet ecosystem. With the new DAI version now live, users can seamlessly transition from the previous iteration to leverage the benefits of the updated token. StarkGate, the platform’s gateway to Starknet, has successfully rolled out the updated DAI token, providing users with the opportunity to swap their existing DAI tokens for the new version. This transition opens up avenues for improved transaction speed, lower fees, and enhanced scalability,…
Following the higher-than-expected inflation data announced yesterday, many companies operating on Wall Street revised their forecasts regarding the FED’s interest rate cuts. While Standard Chartered previously predicted four interest rate cuts, it now expects the FED to cut interest rates by 25 basis points twice this year. The bank also predicts that the Fed will start reducing interest rates in the third quarter of 2024, not in the second quarter as previously predicted. TD Securities also predicts that the FED will make two interest rate cuts this year and the first cut will take place in September. Wells Fargo updated…