Author: NBTC

Amid a positive sentiment triggered by former United States President Donald Trump expressing unwavering support for Bitcoin (BTC) at one of the largest cryptocurrency events in existence, the maiden crypto asset is eyeing to reclaim the $70,000 level, but it might not end there. As it happens, Bitcoin could hit a new all-time high (ATH) in the next few weeks, as observed by experts over at the crypto market analytics platform Bitcoinsensus, who identified a Wyckoff re-accumulation chart pattern looking “very promising,” according to an X post on July 29. In the experts’ words, “an all-time high seems inevitable in…

Decentralized activities account for the biggest share of block space on L2 chains. Almost all rollup platforms grew in 2024, getting the biggest boost from DEX trading and lending. Other activities take up less than 5% of block space on some chains. DeFi and L2 chains proved to be a good fit in 2024, as DEX trading and lending became the main drivers of activity on these networks. The crypto landscape in 2024 also included stablecoins serving as the main source of liquidity on L2. Mantle reserves more than 57% of block space for DeFi activities. Base has the second-largest…

Since July, crypto whales have distributed Ethereum (ETH) in large volumes. This selling pressure affected the price, which cratered from over $3,500 at that time to $2,140 in the first week of September. However, these same whales seem to have offered ETH a breath of fresh air with large-scale accumulation. In this on-chain analysis, BeInCrypto explores what this could mean for investors as the market adjusts to a more bullish environment. Ethereum Stakeholders Bought 70,000 Coins According to Glassnode, the number of Ethereum addresses holding at least 10,000 ETH was 918 on September 16. As of this writing, that figure…

The Fed made a more aggressive start than expected last week, cutting interest rates by 50 basis points. This interest rate cut mobilized risk assets such as Bitcoin (BTC) and prices increased. However, while the FED’s rate cut positively impacts BTC and altcoins, it also impacts the revenue of stablecoin issuers Tether and Circle. Bluechip, an independent stablecoin rating agency, reported in a post on its X account that for every 50 basis point interest rate cut by the FED, USDT issuer Tether lost $488 million and USDC issuer Circle lost $144 million in annual revenue. This is because as…

A key Democrat on the House Financial Services Committee used a hearing on Tuesday as a chance to push for an 11th-hour compromise on stablecoin legislation. The hearing also saw Republican members hammering Securities and Exchange Commission Chair Gary Gensler on his crypto oversight record and the agency’s reliance on enforcement actions to steer the industry. U.S. Rep. Maxine Waters (D-Calif.), the House Financial Services Committee’s ranking Democrat, suggested in a Securities and Exchange Commission oversight hearing on Tuesday that she and the Republican chairman should finish a bill this year to regulate U.S. stablecoin issuers. “I want us to…

Bitdeer Technologies Group has tested its SEAL02 chip, reaching an efficiency target in Bitcoin mining. Bitdeer Technologies Group announced on Sept. 26 the successful testing of its latest (BTC) mining chip, SEAL02, via a press release. The chip achieved a power efficiency ratio of 13.5 joules per terahash (J/TH). This result marks a significant step in the company’s SEALMINER technology roadmap, set in June 2024. The SEAL02 chip was developed in partnership with TSMC, a leading semiconductor manufacturer, using one of the latest technologies available. The chip’s performance was verified during prototype testing, demonstrating its effectiveness in a power-saving mode.…

Today, enjoy the Empire newsletter on Blockworks.co. Tomorrow, get the news delivered directly to your inbox. Subscribe to the Empire newsletter. 1 million BTC The US government has four official reserve assets. Why shouldn’t bitcoin be the fifth? Gold is by far the biggest. Or, more precisely, gold certificates. The US currently holds dollar-denominated certificates to almost 261.5 million fine troy ounces of gold. The Fed values those certificates at $42.22 per ounce, a statutory price it has kept by law as of 1973. Gold currently trades for nearly $2,400, giving the Fed’s gold certificates at market value of $608.35…

Velar, a protocol in the Bitcoin trading ecosystem, established a strategic alliance with stablecoin developer Hermetica to deploy a USDh stable swap pool on Stacks’ Bitcoin Layer 2 (L2) expansion. This initiative seeks to enhance the DeFi ecosystem surrounding Bitcoin, offering users more liquidity and yield than ever before. Velar is Expanding Bitcoin Liquidity and DeFi with USDh Hermetica provides excellent value to its Users by allowing them to buy USDh, its Bitcoin-based synthetic stablecoin. USDh stablecoin enables Bitcoin holders to make a ‘surplus’ of up to 25 percent (APR) without leaving the Bitcoin environment. With the launch of the…

Since Sept. 15, 2024, onchain fees on the Ethereum network have seen a steady rise, jumping from $1 per transaction to $5.08 by Sept. 20. Though there was a slight dip, bringing fees down to just over $4 on Sept. 23, the average cost per transfer reached 0.0027 ETH ($7.06) on Tuesday morning. Ethereum Users Hit With Increasing Fees In the past seven days, ethereum (ETH) outpaced bitcoin, posting a 15.9% gain compared to BTC’s 9% increase. Alongside this price hike, Ethereum’s onchain fees have climbed, reaching an average of $7.06 per transaction. According to Etherscan’s gas tracker, a typical…

Stablecoins will drive institutional adoption in Asia, Chainalysis CEO Michael Gronager said in an interview. While Asia has greater user adoption, the U.S. is still the more influential geography. Even so, the result of the U.S. presidential election in November “won’t matter much.” SINGAPORE — Stablecoins will drive institutional adoption in Asia, “even if regulators are not happy with it,” Chainalysis co-founder and CEO Michael Gronager said in an interview at Token2049 in Singapore. Yet, while more users in the region have leaped into cryptocurrency than elsewhere, the U.S. is still the industry’s most influential geography. Stablecoins, crypto tokens whose…