Author: NBTC
Andre Cronje, the CTO of Sonic Labs (formerly Fantom), revealed plans for Sonic blockchain to introduce credit scores for digital wallets, according to a Sept. 9 blog post. The goal is to tap into the global unsecured lending market, which exceeds $11 trillion. Credit scores Cronje explained that credit score integration is a key advancement in blockchain technology. He stated that it would enable various traditional loan products, such as personal and payday loans, to enter DeFi. Cronje emphasized that Sonic has overcome several technological hurdles, making credit scores feasible within blockchain systems. He stated: “Credit scores are fairly simple…
Seasoned trader Peter Brandt is suggesting that Bitcoin (BTC) may be gearing up for a massive breakout after Monday’s sharp decline. Brandt tells his 732,800 followers on the social media platform X that Bitcoin may be repeating a similar pattern from two cycles ago after falling into the $49,000 range. “Please note that BTC decline since halving is now similar to that of the 2015-2017 halving bull market cycle.” Source: Peter Brandt/X According to Brandt’s chart, Bitcoin’s collapse Monday to $49,000 was a 26% decline from this year’s weekly close after the halving event, when miners’ rewards were cut in…
Multiple Ethereum (ETH) transfers were seen earlier today amid another price dip for the coin. Whale Alert, a prominent crypto and blockchain tracking service, revealed that a massive amount of ETH was shifted in these transactions. The exact nature of these movements still remains a mystery, but it has shaken the community. Reporting the first transaction, Whale Alert revealed that 14,588 ETH were sent from an unknown wallet to Coinbase, a leading U.S. based crypto exchange. It was worth around $34.7 million. The second transfer also had 14,588 ETH being shifted to Coinbase from another unknown wallet. It was estimated…
South Korea’s largest cryptocurrency exchange Upbit has seen an unusual wave of trading activity for several altcoins in the past few days, with volumes rising well above their typical levels. Cryptocurrencies such as Siacoin (SC), EOS, Jupiter (JUP), Icon (ICX) and Bitcoin Gold (BTG) attracted attention in the market by recording significant increases in trading volume. On the 1-hour chart, Siacoin saw a dramatic increase in trading volume on Upbit. While the average 50-period 1-hour volume usually hovers around $46 million, the latest figure rose by 211.43% to $143 million. On Binance, SC also saw a more modest, 41.13% increase…
A federal judge ruled that Coinbase shareholders brought plausible allegations about how the exchange portrayed the chances the U.S. Securities and Exchange Commission might sue it. The judge dismissed most of the other allegations brought in the shareholder lawsuit. A U.S. judge denied in part last week Coinbase’s request to dismiss a class action lawsuit from shareholders accusing the exchange of misleading them about its chances of being sued by the U.S. Securities and Exchange Commission. A group of Coinbase shareholders sued the exchange in 2022, alleging the exchange “made materially false and misleading statements” about its operations and risk…
The Bitcoin mining difficulty reached a new all-time high of 92.67 trillion on September 11. This represents a 3.04% increase over the last 24 hours and continues an upward trajectory in mining competition. JUST IN: #Bitcoin mining difficulty hit a NEW ALL-TIME HIGH 🚀 pic.twitter.com/vhq0ClEXRW — Bitcoin Magazine (@BitcoinMagazine) September 11, 2024 The Bitcoin difficulty chart plots the historical increases and decreases in mining difficulty over time. It measures how hard it is for miners to find a valid hash for the next block. Higher difficulty requires more computing power to mine new Bitcoin. When combined with the Bitcoin price,…
Rollups have become the narrative focus of scaling Bitcoin lately, becoming the first thing to truly “steal the limelight” from the Lightning Network in terms of wider mindshare. Rollups aim to be an off-chain layer two that is not bound or constrained by the liquidity limitations that are central to the Lightning Network, i.e. end users required someone allocate (or “lend”) them funds ahead of time in order to be able to receive money, or intermediary routing nodes requiring channel balances that can facilitate the movement of the payment amount all the way from sender to receiver. These systems were…
Grayscale, the world’s largest digital asset company, shared its views on Bitcoin’s performance in the context of a potential US recession. The analysis follows a weak jobs report on Friday that reignited concerns about the economic outlook. Zach Pandl, Research Manager at Grayscale, provided a detailed breakdown of the situation. The unemployment rate rose to 4.3% from last year’s cyclical low of 3.4%. According to the analyst, such an increase under the Sahm Rules usually only occurs during recessionary periods. According to Pandl, financial markets reacted quickly to the expected slowdown in economic growth. Stock prices fell and bond yields…
With Ethereum facing a surge in supply and growing regulatory troubles, will Ethereum sustain dominance at $2,150 support? With a 0.95% drop in the past 24 hours, Ethereum is trading at $2,329, a 2.72% dip in the last seven days. The biggest altcoin in the crypto industry, with a market cap of $280 billion, is struggling to regain bullish momentum. With growing troubles and its co-founder, Vitalik Buterin, on a selling spree, will Ethereum hold crucial support this week? Ethereum in a Falling Channel In the daily chart, the Ethereum price action reveals a bull cycle struggling to sustain after…
Forbes’ web3 team (Forbes Web3) is planning to roll out a blockchain-based loyalty platform in partnership with the qiibee foundation, according to a Monday press release shared by the team. The platform, set to launch later this year, seeks to transform how web3 communities interact with brands through innovative rewards. “We are developing a loyalty program that not only rewards our users but also offers meaningful and tangible benefits,” said Taha Ahmed, Forbes’ Chief Growth Officer. The loyalty program will feature a diverse range of products, including gift cards for major brands like Amazon and Apple, charity donations, and airline…