Author: NBTC
A crypto investor, Fred Krueger, thinks Ethereum is overvalued at spot rates. Referring to X, Krueger added that Ethereum supporters are “detached from reality” after ETH, the native currency, recently broke above $3,000. The investor pointed to the general declining on-chain activity, fierce competition from alternatives like Solana and Avalanche, for instance, and regulatory uncertainty that makes holding the coin risky. Ethereum Is Slow And Usage Is Shrinking Krueger argues that Ethereum’s on-chain transactions could be faster and cheaper. In the current landscape marked with scalable and low-fee alternatives, either built on Ethereum or existing as independent chains, the chain’s…
Crypto intelligence platform DappRadar says the total value locked (TVL) in the decentralized finance (DeFi) sector surged to a level not seen in over a year. DappRadar notes in a new analysis that total DeFi TVL increased by 7% in January and reached $110 billion, the highest since 2022. TVL refers to the amount of capital deposited within a protocol’s smart contracts and is often used to gauge the health of a crypto ecosystem. DappRadar radar says the jump in overall TVL indicates a “resurgence in the market.” “This surge in DeFi’s TVL is partly attributed to growing optimism about…
Bitcoin Ordinals project Taproot Wizards saw robust uptake for its inaugural “Quantum Cats” digital-art sale on Monday, despite severe tech issues that delayed the planned mint three times last week. With almost two hours left for whitelisted buyers to claim the NFT-like collectibles, at least 2,570 of the series of 3,000 had been claimed, at a fixed price of 0.1 BTC ($4,274 each) – for total revenue of roughly $11 million. Such proceeds would already exceed the $7.5 million that Taproot Wizards raised last year from investors, amid a wave of enthusiasm for the Ordinals inscriptions, sometimes referred to as…
The tides are gradually turning in favor of Grayscale Bitcoin Trust (GBTC) with the Exchange Traded Fund (ETF) now recording positive Premium. Since the spot Bitcoin ETF products were greenlighted by the US SEC, Grayscale’s GBTC has recorded substantial outflows. The product’s substantially high fees of 1.5%, much higher than others, resulted in an exodus of investors. The tides are, however, changing with the outflows in reversal mode. CryptoQuant co-founder and CEO Ki Young Ju called attention to this trend change earlier on X. Grayscale GBTC by the Data As of the last update from CryptoQuant, Grayscale’s GBTC is the…
Avalanche (AVAX) has a challenging week ahead with a sell-off of nearly $400 million worth of tokens. This is part of Avalanche’s unlocks from the Genesis distribution, summing up to the usual proof-of-stake (PoS) issuance. On February 21, vesting contracts will release 9.54 million AVAX worth $376.61 million at press time prices. Finbold retrieved this data from TokenUnlocksApp on February 17. Notably, Avalanche dominates the platform’s total cliff unlocks of $433.94 million for the next seven days by over 86%. In particular, this massive unlock amounts to 2.6% of Avalanche’s current circulating supply of 367.51 million AVAX. Additionally, it is…
2023 was rough for cryptocurrency prices and the overall state of the market. But it also saw the birth of many narratives and catalysts for many cryptocurrency projects and ecosystems, with some of them seeing explosive, overnight surges in total value locked (TVL) and others growing more organically. One thing is true: capital, research, and development (besides the hard work) are being poured into new technologies and features that could bring a wave of improvements to decentralized finance (DeFi). This article will explore these technologies and some of the best-performing protocols and cryptocurrency narratives. zkEVM The zkEVM ecosystem has recently…
Mainstream media reports might tell you that NFTs are dead, but the holder of a CryptoPunks NFT said he wanted to prove them wrong—by taking out a seven-figure loan on one of the rarest assets in the prominent profile picture (PFP) collection. “Here we are, four or five months removed from an article in Rolling Stone saying that NFTs are worthless,” collector and entrepreneur Gmoney said today on Rug Radio’s live “FOMO Hour” show. “And so I was like, ‘Well, what better way to show that these are not worthless if I can get a million-dollar loan against an NFT,…
In a significant move that underscores the escalating competition within the cryptocurrency exchange and custody sector, Kraken, the United States’ second-largest crypto exchange, is reportedly setting its sights on entering the burgeoning market for crypto ETF custodianship. This strategic pivot comes from Coinbase’s successful foray into serving as a custodian for most of the newly approved Spot Bitcoin ETFs. With the spotlight shifting towards Spot Ethereum ETFs, Kraken is poised to leverage its industry standing and technical prowess to carve out a substantial niche in this rapidly evolving domain. Kraken’s strategic ambitions According to insights shared by Fox Journalist Eleanor…
Ripple’s acquisition plan to grab a company with a New York trust charter will expand the business it’s allowed to conduct in the U.S., potentially letting it move beyond its well-known role as a payments network. The deal – Ripple’s second recent purchase of a custody business – must still be approved by the New York regulator. Ripple struck a deal to acquire Standard Custody & Trust Co., the company said Tuesday, in order to secure a New York trust charter in an ongoing expansion of its U.S. regulatory licensing. Despite Ripple’s overseas focus and its high-profile legal clash with…
In a recently published tweet, Shiba Inu’s official marketing lead Lucie spread the word about the plans of the SHIB team to conduct burns of not only SHIB but also of the other major tokens which are being used on Shibarium (including two new ones which have not been launched yet). All this will be possible thanks to the new Sheboshis NFT collection. Plans to burn Shibarium tokens Lucie announced that the team plans to use the revenues from selling the new NFT collection Sheboshis for burning Shibarium native tokens – SHIB, BONE and the others too. Those Sheboshis that…