Author: NBTC
Decentralized exchanges (DEXs) on the Solana blockchain have outperformed those on other networks, recording 210 million transactions over the past 30 days. This performance reflects Solana’s increasing role in the decentralized finance (DeFi) ecosystem and its capacity to efficiently handle a high volume of transactions. What Drives Solana’s Success in DEX Transactions? Data from the Dune dashboard shows that Solana’s DEXs have significantly outperformed 15 other layer-1 (L1) and layer-2 (L2) blockchains. These include Ethereum, BNB Chain, and Arbitrum. Solana’s 210 million transactions over the past 30 days place it far ahead of its nearest competitors. BNB Chain recorded 29…
The Russian crypto mining industry could grow “by between 20% and 40%” in 2024, a new report has claimed. Per the media outlet Overclockers, the claims came from industry insiders in a report from BitRiver. The latter is Russia’s biggest crypto mining player. The firm is one of the driving forces behind a recent legislative push that could result in the “legalization” of the sector. Russian Crypto Mining Industry ‘Continues to Grow’ In the report, analysts claimed that the “low cost of electricity” and “the absence of strict regulation by the authorities” were resulting in “good growth dynamics” for crypto…
The upcoming Bitcoin halving could potentially be a “buy the rumor, sell the news” event, according to Rikke Staer, CEO of cryptocurrency payments solution provider Coinify. Staer suggested that more sophisticated market participants and institutional investors this market cycle could lead to a ‘buy the rumor, sell the news’ case for the upcoming Bitcoin halving. The halving event, which cuts mining rewards in half, could make less efficient mining operations unprofitable. “These miners may be forced to sell their existing Bitcoin holdings to cover electricity costs, equipment maintenance, and other operational expenses,” Staer said. The Coinify CEO also warned that…
Analysts are predicting an increase in Ethereum price volatility ahead of this week’s spot ETF application deadlines. Cobo COO Lily King warned of increased volatility and cautious market behavior as traders navigate uncertainties. “We can expect volatility to increase and the market to remain cautious ahead of the decision on spot ETH ETF applications this week,” King said. Presto research analyst Peter Chung echoed King’s views in a report Monday. “Whether approval or rejection, we expect ETH volatility to increase as the May 23 deadline approaches,” Chung said. The first round of spot ETH ETF deadlines is approaching, with VanEck’s…
The two new tokens teased by MakerDAO are NewStable (NST) and NewGovToken (NGT). NST replaces Dai and offers upgraded features while NGT replaced MKR and empowers broader governance participation. Existing Dai and MKR holders will have the choice to transition to the new tokens or continue using their current assets. MakerDAO, the decentralized autonomous organization that oversees the Maker Protocol, has announced the introduction of two new tokens – NewStable (NST) and NewGovToken (NGT). These tokens mark a significant milestone in MakerDAO’s evolution, offering enhanced stability and governance features within its ecosystem. NewStable (NST) token The NewStable (NST) token represents…
BingX, a prominent cryptocurrency exchange, celebrated its sixth anniversary on May 20 by announcing an ambitious global expansion strategy called “ExpansionX.” Under the theme “Amazing Six,” the exchange commemorated this milestone with a grand prize pool of 13 million USDT. Supporting 18 languages and a global user base of 10 million, BingX has strengthened its leadership with notable growth in perpetual futures trading volume and the listing of 750 tokens on its spot trading platform. The “ExpansionX” initiative aims to broaden BingX’s influence in the cryptocurrency industry, further solidifying its presence. Diverse Product Offerings and Technological Innovation Continuous Innovation and…
Bitcoin briefly dropped below $60,000 for the first time in more than a month. It was noteworthy that the decline occurred before the halving, which is expected to occur in a short time. Bitcoin price fell as much as 5% to $59,888 before recouping some of its losses. This event, known as the “halving,” occurs every four years and has traditionally been seen as a positive catalyst for Bitcoin prices. This event reduces the supply of new tokens from the blockchain, theoretically increasing the value of existing tokens. However, concerns that the effects of the halving may have already been…
How much worse could things get? In mid-January, perhaps convinced that the bottom was in, an anonymous NFT trader swept up over 100 Bored Ape Yacht Club NFTs once the collection plummeted to startlingly low prices not seen since 2021. But in crypto—and these days, especially in NFTs—things can always get worse. Since January, the entry-level price for Bored Ape NFTs has nosedived even further, leaving the unlucky trader with millions of dollars in losses, as spotted by pseudonymous crypto trader and influencer Cirrus over the weekend. Over the course of a few weeks in mid-January, the trader used popular…
Industry watchers seem to agree that if US regulators approve spot ether ETFs, it would be a bullish development for the asset. What’s more, they believe that even if these ETFs are not approved, the impact on the market will not be significantly negative. That is in part due to market participants’ low expectations that the Securities and Exchange Commission will approve such funds this time around. The SEC has until May 23 to rule on a proposed ETH fund by VanEck. Its deadline for a similar planned offering from Ark Invest and 21Shares is the next day. Segment observers…
In a recent statement, Coin Bureau CEO Nic Puckrin highlighted a potential catalyst in the cryptocurrency market that has been largely ignored. This catalyst involves cryptocurrency enthusiasts raising $14 billion in fiat money and potentially reinvesting that money into crypto. It’s been nearly two years since FTX’s collapse, and the landscape has changed significantly since then. The primary development is the bankrupt company’s plan to repay 118% of all creditor dollar demands, a staggering $14.5 billion. This money will go to people who have already invested in crypto, according to the analyst. While some FTX creditors may choose to hold…