Author: NBTC
On-chain data suggests this signal that has historically occurred around Ethereum peaks has yet to appear in the current cycle. Ethereum Foundation Wallets Haven’t Made Large Outflows This Cycle So Far In a new post on X, the market intelligence platform IntoTheBlock has discussed a pattern that Ethereum has witnessed alongside its previous market peaks. The pattern in question is related to the netflows for the wallets associated with the Ethereum Foundation. The ETH Foundation is a non-profit entity supporting the cryptocurrency and its ecosystem. Below is the chart shared by the analytics firm that shows the trend in the…
The Tezos blockchain ecosystem demonstrated substantial growth across multiple sectors in the first quarter of 2024, according to a recent report by Messari. Per the report, Tezos observed impressive growth in gaming, development, financial metrics, and network usage. Notably, the developments spotlighted in the report were an obvious testament of Tezos’ expanding ecosystem. Tezos Gaming Sector Growth and Network Upgrades For one, the gaming sector commanded significant growth. Data confirmed that active gaming addresses increased by 558% quarter-over-quarter (QoQ), reaching 97,000 in Q1 2024. Further, citing on-chain data, Messari confirmed that the social gaming application Coin Blast was particularly successful,…
South Korea is reportedly adopting a new crypto regulatory framework to align with public demand for a national policy supporting financial innovation. Kim Joo-hyun, Chairman of the South Korean Financial Services Commission (FSC), provided insights into the creation of a new virtual asset division that aligns with the nation’s vision. During a recent meeting with Virtual Asset Service Providers (VASPs), the FSC Chairman emphasized the government’s goal of establishing a streamlined crypto regulatory framework in compliance with global financial standards. South Korea’s first law on virtual asset user protection is set to be implemented on July 19. The new law…
Two years ago, Non-fungible tokens (NFTs) captivated the world with skyrocketing prices and mainstream attention, but then the market snapped back and many said that NFTs were “dead.” They spoke too soon. This technology continues to proliferate on a global scale, reshaping entire industries. Even with the NFT market reaching sales volumes of nearly 200,000 NFTs worth over $191 million per day it’s easy to dismiss them as Internet culture toys due to headline grabbing projects like CryptoPunks and Bored Apes. You’re reading Crypto Long & Short, our weekly newsletter featuring insights, news and analysis for the professional investor. Sign…
Ethereum price started a recovery wave from the $3,230 zone. ETH climbed above $3,350, but it now faces strong resistance at $3,420. Ethereum started an upside correction from the $3,240 support zone. The price is trading below $3,420 and the 100-hourly Simple Moving Average. There is a key bearish trend line forming with resistance near $3,410 on the hourly chart of ETH/USD (data feed via Kraken). The pair must clear the $3,420 and $3,450 resistance levels to continue higher. Ethereum Price Eyes Recovery Ethereum price extended losses and traded below the $3,350 zone. ETH even tested the $3,240 support zone…
The trading volume of derivatives on Cardano (ADA) has shot up by a whopping 170% in just 24 hours, according to data from CoinGlass. This surge has propelled perpetual futures on the Cardano token to over half a billion dollars in trading volume during the same period. At the same time, data from CoinMarketCap shows that there has been a 117.88% increase in ADA trading volume on spot markets across various exchanges, with a total of $554.9 million traded. When you combine both spot and derivatives markets, the total trading volume of the Cardano token has reached a remarkable $1.09…
Australian cryptocurrency company NGS Crypto has rebranded itself as “Hiddup” amid an ongoing investigation by the Australian Securities and Investments Commission (ASIC). The investigation involves allegations of $41 million being stolen from investors. When NGS Crypto announced the rebrand, it mentioned “trademark dispute” as the reason. Meanwhile, the ASIC aims to recover millions in interest owed. Its lawsuit targets NGS Crypto Pty Ltd, NGS Digital Pty Ltd, and NGS Group Ltd, all of which have entered liquidation. ASIC alleges that NGS Crypto and its related entities violated Australian regulations by offering financial services without proper licensing. They reportedly encouraged Australians…
Prominent crypto exchange Bitrue continues to promote investment in XRP despite the downturn witnessed across the broader market. The exchange issued its latest XRP endorsement in a tweet today. Bitrue encouraged investors who are uncertain about which cryptocurrency to invest in to commit their capital to XRP completely. “When in doubt, go all-in #XRP,” the exchange remarked in an X post today. Interestingly, Bitrue attached a rocket emoji to the tweet, suggesting that XRP could be primed for a significant rally. XRP Enthusiasts React Expectedly, the post elicited mixed reactions among XRP enthusiasts, with many characterizing the tweet as a…
PancakeSwap, a decentralized exchange, has unveiled its AI-powered prediction market on the Arbitrum network. It is driven by the Allora Network’s artificial intelligence model. Integrating Allora’s advanced machine learning models, PancakeSwap now offers predictive capabilities previously unseen in the platform. How PancakeSwap Leverages Allora Labs’ AI Model Over the last three years, Allora Labs (previously known as Upshot) has developed models that forecast prices for over 400 million assets. This expertise is now available to PancakeSwap users, combining AI-driven insights with an active trading environment. “We’re excited to integrate Allora’s AI models into our prediction market. Now our users can…
The digital realm of collectibles is witnessing a revolutionary shift with the entry of “Solo Leveling: Unlimited,” a new NFT platform derived from the immensely popular South Korean web novel and webtoon, Solo Leveling. This platform, developed by Singapore-based Web3 specialist OtherWorld, is set to make its debut on the Avalanche blockchain, marking a significant advancement in the integration of entertainment and blockchain technology. “Solo Leveling: Unlimited” is not just another digital collectibles platform. It stands out by leveraging a custom Layer-1 network developed specifically on Avalanche, allowing for gasless transactions—a feature that not only enhances user experience but also…