Author: NBTC
Revenue for publicly traded Bitcoin (BTC) and other cryptocurrency miners on Wall Street has fallen by 12%. This continues the negative reaction to April’s halving, which reduced block rewards, coupled with low network fees and rising production costs. According to the latest JPMorgan report, this is making it difficult for miners to maintain profitability. A few months ago, the fourth Bitcoin halving event took place, reducing the rewards received by miners from 6.25 BTC to 3.125 BTC. As a result, miners receive half as much revenue for their work, and the competition for mining new BTC has significantly intensified. “The…
Sui Network recorded 2.14 billion transactions in 2024, surpassing major networks like Tron, Polygon, and Ethereum. Sui Network is six times faster than Solana, processing 297,000 transactions per second. Sui Network emerge as a dominant power in the blockchain space by 2024, outpacing other major networks in terms of transaction volume. According to Artemis data, Sui Network processed an incredible 2.14 billion transactions this year. Sui Network Outperforms Major Blockchains in Transaction Volume This amount not only exceeds Tron’s 1.35 billion transactions, but also outperforms Polygon with 901 million, BNB Chain with 882 million, Base with 472 million, and Ethereum…
Recent data suggests Ethereum could benefit from diminishing interest in Bitcoin (BTC). At press time, ETH’s price had fallen by nearly 2%, similar to BTC’s movement. However, during this period, market interest in ETH has grown, while Bitcoin has seen a drop in trader activity. This raises the question: is a capital rotation from BTC to altcoins starting? Ethereum Gains Ground Against the Number One Coin On August 26, Bitcoin’s open interest (OI) stood at over $12 billion. As of now, it has dropped to $11.55 billion, indicating that positions worth $500 million have been closed in the past 24…
Mercado Pago, the digital bank unit of Latin America’s largest company, Mercado Libre (MELI), said on Wednesday that it is introducing a stablecoin in Brazil tied to the U.S. dollar. The company said Mercado Pago’s users in Brazil will be able to buy and sell the Meli Dollar stablecoin using account balances in Brazilian reais without incurring any fees. The product, said the firm, “aims to provide a practical and stable option for financial management.” In August 2022, Mercado Libre launched its cryptocurrency, Mercado Coin, to allow users to make purchases on the marketplace and receive cash back. Prior to…
A new whale wallet accumulates over 583.7 billion Shiba Inu tokens from crypto exchange Binance amid SHIB’s recent collapse to the $0.000015 region. The procurement, which was part of a broader accumulation frenzy by this whale address, comes at a time when the crypto market is witnessing turbulence. Prices continue to drop to lower levels, with investors showing mixed reactions to the trend. Shiba Inu has collapsed 45.87% from its May 29 high of $0.00002945, having breached the $0.000016 support. It now changes hands at a 19-week low. Interestingly, some market participants regard this downturn as a buy-the-dip opportunity, as…
A recent Wall Street Journal report revealed that German billionaire Christian Angermayer has been connecting Tether to various investment opportunities, including his portfolio companies Northern Data and Blackrock Neurotech. Angermayer takes a fee from firms to introduce them to various investors. Additionally, he makes investments through a variety of entities underneath Apeiron Investment Group, his family office. These entities include Elevat3, which partners with Peter Thiel’s Founder’s Fund, Presight Capital, Apeiron Partners, re.Mind, Cryptology (which he co-founded with Mike Novogratz), and Limestone Capital. Overlaps with Tether Angermayer owned a stake in Northern Data through Apeiron Investment Group. Northern Data has…
BitMEX is set to launch two new memecoins, MAGA (TRUMP) and Kamala Horris (KAMA), inspired by the 2024 U.S. presidential election. Trading for these tokens will begin August 20th at 04:00 UTC on BitMEX’s Spot platform. The MAGA (TRUMP) token takes inspiration from the “Make America Great Again” slogan from Donald Trump’s 2016 campaign. It’s an Ethereum-based memecoin intended for investment purposes, although its creators have yet to build a broader ecosystem around it. As of the press time, TRUMP was trading at $2.72, with a trading volume of $1,519,120. Despite a small 0.16% drop in the past day, the…
The bitcoin mining sector is in the middle of a wave of M&A, the report said. Architect Partners said miners want to secure large data center capacity with access to low cost power and capital. The effect of miner concentration is yet to be seen, the note said. The bitcoin (BTC) mining sector is in the middle of a consolidation phase which was triggered by the recent halving in April, investment bank Architect Partners said in a report on Sunday. “The strategic driver is to secure large and scalable data center capacity with access to low cost power and capital,…
Despite having a massive head start on the Bitcoin exchange-traded fund (ETF) market when Bitcoin ETFs were approved in January, Grayscale has seen its first-mover advantage evaporate. The firm is a leading fund manager within the crypto space, and last year won its appeal against the U.S. Securities and Exchange Commission (SEC) to convert its Grayscale Bitcoin Trust (GBTC) into a spot Bitcoin ETF. The trust previously operated like a closed-end fund but was effectively the only such investment product on the market. When its converted fund was among several Bitcoin ETFs approved by the regulator on Jan. 10, Grayscale…
Ethereum is down more than 5% in the past 24 hours to trade below $2,600 as altcoins show weakness. The top altcoin’s dip to lows of $2,560 on Tuesday however comes amid massive whale activity, most of which has happened in the last few hours. Whales dump Ethereum On August 27, 2024, Ethereum co-founder Vitalik Buterin sent 199.9 ETH worth over $517,000 to a multi-signature wallet. Details suggest a donation to ethos, a project that says its building an Ethereum mobile operating system. While notable, this transfer pales in comparison to some of the largest whale movements seen in the…