Author: NBTC
In the last few hours, an enormous sum in Ethers (ETH) was moved to derivatives exchanges. Typically, this is a signal of a downturn, or, at least, increased volatility, CryptoQuant’s verified author says. 82,000 Ethers (ETH) on their way to exchanges, expect volatility Ethereum (ETH), the second-largest cryptocurrency, witnesses a record-breaking inflow of liquidity into derivatives exchanges. Today, Nov. 5, 2024, over 82,000 Ethers (ETH) were moved to crypto contracts’ trading services. Such estimations were shared by CryptoQuant’s verified author, who goes by @3AMRTAHA_ on X. In equivalent, this massive transfer is equal to over $200 million. This is the…
Financial pundit Vandell Aljarrah recently offered a straightforward analysis of how the growing utility of XRP could drive its price higher. Aljarrah’s insights highlight the crucial role of liquidity and institutional adoption on XRP’s market dynamics. Moreover, it argued the impact of Ripple Payments (formerly On-Demand Liquidity (ODL). Liquidity: The Driving Force Aljarrah emphasized that liquidity remains a central factor in driving asset prices during bull markets and will continue to do so in the long run. However, he points out that the increasing utility of XRP will bring more liquidity into the system, creating sustainable growth over time. Institutional…
This is a segment from the Forward Guidance newsletter. It’s Election Day Eve! I certainly don’t envy the campaign workers (or the candidates) for that matter, during these crucial final hours. The Blockworks news team will be working late tomorrow providing you with all the updates on the most influential races and market moves. But for now, here’s a quick preview of a key Senate race I’ve been following closely. Senator Sherrod Brown will face off against Republican challenger Bernie Moreno, who is vying for his US Senate seat. Brown, the current chair of the Senate Banking Committee, has largely…
Bitcoin (BTC) closed October with a strong 11% gain, marking its second consecutive green monthly close, although it fell short of ‘Uptober’ expectations. The month opened with a sharp dip to $58,855, which bulls quickly leveraged as a springboard for a rally, driving BTC near record levels. Despite a modest pullback on October 31, BTC rebounded above $70,270, ending the month on a strong note and leaving investors on alert for potential buying opportunities as November kicks off. As of press time, Bitcoin was trading at $71,405, with a modest 0.5% gain over the past 24 hours and a monthly…
Ethereum (ETH) price is showing signs of weakening strength as polls open across most of the US. Despite a 24% surge in trading volume over the past 24 hours and a modest 1% price uptick, technical indicators suggest a potential downturn. Here’s a closer look at the factors behind this analysis. Ethereum to Remain “Under” Readings from the altcoin’s Super Trend indicator reflect Ethereum’s weak price action. At press time, its red line rests above Ethereum’s price, confirming the potential downward trend. This indicator helps traders identify the prevailing market trend and potential entry or exit points. It detects changes…
American exchange Uphold sparks excitement by speculating on XRP reaching $1,000, prompting lively community reactions amid the token’s recent price surge. The crypto market is experiencing renewed bullish momentum as Bitcoin returns to the $60K range for the first time in nearly a month. Among the beneficiaries of Bitcoin’s resurgence is XRP, the seventeen biggest crypto. Specifically, XRP has advanced impressively from a low of $0.5564 yesterday to $0.5802 early today, which marks a growth of over 4.2%. Meanwhile, when looking at XRP’s price action over the weekly timeframe, the asset is up more substantially by over 10%. As XRP…
The upcoming 2024 US elections for presidency bring critical policy decisions for many industries, including crypto. In recent years, cryptocurrency regulations have sparked debates about innovation, financial inclusion, and economic growth. Both Kamala Harris and Donald Trump have shared their visions, but their approaches reflect differing priorities and political philosophies. Kamala Harris and Donald Trump on Crypto: What’s Their Take? Kamala Harris and Donald Trump have distinct takes on cryptocurrency regulation. Trump’s views are largely driven by his long-standing emphasis on American economic dominance and a preference for reducing regulatory hurdles. Meanwhile, Harris’s approach to cryptocurrency, which includes financial inclusion…
Bitmain’s cloud mining company BitFuFu revealed the state of Bitcoin mining in late 2024. After a record hashrate and difficulty, most miners now have to spend more than double the expenses to mine one BTC. According to the latest quarterly report by BitFuFu, the breakeven price for mining one BTC is $59,452, leaving a relatively wide margin even at current prices. BitFuFu is one of the rising cloud mining companies, built with an early investment from Bitmain. BTC invited highly competitive mining even at levels just above $75,000, showing some confidence in a bigger future rally. In late 2023, BitFuFu…
Some in the Bitcoin space claim to only be in it for the tech, maintaining that bitcoin’s price doesn’t matter much to them. Whether they’re just posturing or whether they really mean it, they’re overlooking a major factor that keeps the Bitcoin network secure and healthy — the price of bitcoin. Lyn Alden did an exemplary job describing why bitcoin’s price matters in the follow post: Because money is a network good. Liquidity feeds more liquidity. And eventually broad enough liquidity feeds stability, which makes it more usable. Which then feeds more liquidity.It is similar to why we are here…
Solana has garnered notoriety for its meme coin connection. But financial institutions are also interested in using the network to build their products. While Solana is newer than Ethereum, it doesn’t face the same challenges when it comes to transaction throughput and cheap fees. It would be easy for a casual observer to think that the Solana network is for memecoins and Ethereum for financial institutions. While BlackRock CEO Larry Fink has preached the gospel of tokenization on Ethereum — his firm even launching a tokenized fund, BUIDL, on that blockchain — Solana has often made headlines this year thanks…