Author: NBTC
This is a segment from the Supply Shock newsletter. To read full editions, subscribe. Yes, Warren Buffett is one of the greatest to ever do it. But he clearly has a blind spot for Bitcoin. It’s seven years ago today that Buffett famously called Bitcoin “rat poison squared” in front of CNBC reporter Becky Quick. Buffett, who at 94 has just confirmed that he’s stepping aside as Berkshire Hathaway CEO at the end of the year, has actually been negging Bitcoin since May 2013. At Berkshire’s annual shareholder meeting, an audience member asked Buffett and Munger how they viewed the…
Ethereum has climbed to around $2,540, approaching the key $2,500 level, but signs point to the market becoming overheated. According to a May 21 analysis by CryptoQuant contributor ShayanMarkets, trading volume has spiked as Ethereum (ETH) nears this resistance zone. This increase in activity has coincided with a spike in short-term profit-taking. When a market is said to be “overheating,” it typically means that prices have risen too quickly due to speculation rather than long-term conviction. In this instance, ETH’s quick 55% recovery over the last month after a 45% decline in Q1 raises the possibility that the rally may…
This is a segment from the Empire newsletter. To read full editions, subscribe. As crypto continues to shift to a more fundamental focus, it makes sense that new metrics will be introduced — such as net new assets (NNAs). Blockworks Research defines them as “assets that didn’t previously exist and/or couldn’t exist without crypto rails.” And, to be fair, it’s not a new metric to track, according to my colleague Ryan Connor. Connor penned a report on NNAs and how they play into the rise of consumer crypto, something I’m keenly interested in. Basically, Connor makes the case that crypto…
Chainlink plans to help accelerate web3 innovation on Solana with the launch of a new startup program dubbed Build on Solana. The Chainlink (LINK) program aims at boosting Solana (SOL) network adoption by supporting web3 projects focused on building on the layer 1 blockchain. Build on Solana targets teams leveraging the Chainlink standard to develop on Solana. Selected projects will benefit from expert guidance, technical mentorship, growth resources, and increased market visibility. “With Build on Solana, we’re deepening our collaboration with the Solana ecosystem to support teams that are building the next generation of onchain applications,” said Sheth Sanket, vice…
Since John Karony’s trial started on May 6, US government prosecutors have built their criminal case against the former SafeMoon CEO in bits and pieces. It has occasionally seemed uncertain whether jurors would be able to draw a clear narrative from testimony by Karony’s confessed co-conspirators, his alleged victims, and expert forensic analysts. That uncertainty ended this morning with a powerhouse closing statement delivered by Assistant US Attorney Dana Rehnquist, who laid out close to two dozen “material lies” told by Karony to the investing public, most over the course of just a few weeks in early 2021. The prosecution’s…
Binance is conducting airdrops for three separate tokens: HAEDAL, ALLO, and TGT. Since the announcement, Haedal’s price has climbed over 60%. Haedal was first minted in April, but the other two assets are launching today with a TGE. The token has previously been exclusive to the DeFi ecosystem, making Binance the first centralized exchange to list and airdrop it. Binance’s HAEDAL Airdrop Draws Attention Binance, the world’s largest crypto exchange, currently dominates the airdrop sector. Airdrop hunting recently drove Binance Alpha’s trading volume to $2.8 billion, and the firm shows no signs of slowing down. Today, Binance is hosting an…
Bitcoin BTC$106,546.31 mining profitability fell in April as the network hashrate rose, investment bank Jefferies said in a research report Tuesday.”BTC mining profitability decreased by 6.6% in April, driven by a 6.7% increase in the network hashrate,” analysts Jonathan Petersen and Jan Aygul wrote. 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. U.S. publicly listed mining companies produced 3,277 bitcoin in April, a drop from the 3,534 coins that were mined in March, the report noted, and…
Crypto markets slumped on Monday morning, with seven of the top ten cryptocurrencies in the red, including bitcoin. Market Dip Drags Bitcoin Under $94K While Equities Hold Steady Bitcoin (BTC) fell to $94K on Monday morning as crypto markets tumbled 1.06% to a market capitalization of $2.93 trillion, according to data from Coinmarketcap. Stocks traded mostly sideways with the major indices barely budging, although gold climbed 2.38% to $3,320.60 per ounce at the time of reporting. The cryptocurrency’s pullback, comes in the wake of last week’s rally that saw BTC surge all the way to $97,905.90 on Friday after the…
Responding to Succinct Labs’ real-time proving milestone in the ecosystem, Vitalik Buterin says the Ethereum team hopes to increase the Layer1 gas limit by ten to 100 times. In a recent post, Buterin commented on an X user’s skeptical take on an announcement from Succinct Lab’s co-founder Uma Roy about her team’s recent demo of a full “zkVM” proof system for the ecosystem’s execution layer. Although Buterin does congratulate the Succinct team on their progress, he proceeds to point out four areas that the project — as well as the wider network — needs to tackle in order to make…
The Decentralized Physical Infrastructure Networks (DePIN) sector is experiencing notable growth, now having over 25 projects generating revenue. According to Messari, the sector’s price-to-sales (P/S) ratio currently sits between that of base layer protocols and DeFi projects, which indicates a maturing market with growing revenue. DePINs, split into Digital Resource Networks (DRNs) and Physical Resource Networks (PRNs), are evaluated for valuation drivers, and Messari’s chart compares their P/S ratios in the time span between 2023 and 2024. The report analyzes 80 DePIN projects, showing that 25 of them are revenue-generating, with valuations based on Fully Diluted Valuations (FDVs). It must…