Author: NBTC
The price of Ethereum (ETH) is in an upward correction after breaking above the 21-day SMA. Long-term analysis of ETH price: bearish The bullish momentum should have risen to the 50-day SMA or the high at $3,000 on the daily chart. However, the bullish momentum has peaked above $2,800. The previous price and support level from April 13 was $2,800. On August 4, the bears broke through the $2,800 support and continued their decline to a low of $2,116. Today, the largest altcoin has recovered but remains between the moving average lines. If the bulls overcome resistance at $2,800 and…
Bitfarms to acquire Stronghold Digital for $175M in stock and assumed debt. Bitfarms’ stock fell 8%, while Stronghold’s rose 60% following the news. Riot Platforms, holding 19% of Bitfarms, previously attempted a takeover in June. In a significant development within the cryptocurrency mining sector, Bitfarms (BITF), a leading Bitcoin mining company, has announced its acquisition of rival Stronghold Digital (SDIG) for $175 million. The deal, which includes $125 million in stock and the assumption of $50 million in debt, marks a strategic move by Bitfarms as it continues to navigate a competitive industry landscape. The acquisition terms specify that Stronghold…
The Bitcoin Cash (BCH) network experienced a dramatic surge in hash rate and block production, signaling significant changes in mining activity. Data from fork.lol shows the network’s total computing power spiked 188%, surging from 3.55 EH/s to a peak of 9.21 EH/s. This sudden boost indicates a notable increase in miner participation or the use of more efficient mining equipment. The substantial hash rate increase reflects heightened mining activity on the BCH network. This rise in computational power likely stems from more miners joining the network and existing miners upgrading their hardware. The spike suggests miners are finding the BCH…
Five U.S. secretaries of state have welcomed a move by X, formerly Twitter, to address election disinformation allegedly being spread by its AI platform, Grok. The move, which includes redirecting all election-related inquiries in Grok to the non-partisan site vote.gov, has been cautiously welcomed by five U.S. Secretaries of State. X made changes to Grok following a letter sent on August 5, ten days after the platform was first alerted to the issue. Decrypt has reached out to X for comment. In a joint statement on Monday responding to X’s recent measures, the secretaries expressed cautious optimism. “We appreciate X’s…
Layer-1 blockchain ecosystem Aptos is gearing up for a new collaboration with NFT marketplace Rarible as the network sees a spike in daily transactions. Aptos (APT), a layer-1 blockchain network based on the proof-of-stake consensus mechanism, is set to collaborate with Rarible, a marketplace for non-fungible tokens, to achieve what the blockchain describes as a “game-changer” for both platforms. In a forum post on Aug. 22, a global community manager for the Aptos Foundation under the alias “Angel” hinted that Rarible might soon add support for the network, bringing the potential for “novel NFT use cases leveraging Aptos’ tech.” “Whether…
According to onchain data, a long-dormant Bitcoin wallet has returned to life, boasting an impressive 8844% gain. The wallet had been inactive for a staggering 10.7 years, thus its sudden activation drew attention from the cryptocurrency community. Blockchain data tracker Whale Alert states, “A dormant address containing 19 BTC worth $1,185,944 has just been activated after 10.7 years worth $13,259 in 2013.” 💤 A dormant address containing 19 #BTC (1,185,944 USD) has just been activated after 10.7 years (worth 13,259 USD in 2013)!https://t.co/k5AlVQs4T7 — Whale Alert (@whale_alert) August 19, 2024 The Bitcoin wallet was previously worth $13,259 when it last…
Ethereum’s fee revenue has dropped sharply after L2 networks gained more users. Fragmentation in ETH’s ecosystem disrupts its decentralised finance platforms. L2 networks might leave the token and become independent Layer-1 operating systems. Ethereum is facing important challenges as Layer-2 (L2) technologies gain more traction. Justin Bons, founder of Cyber Capital, has raised concerns about ETH’s future. He states that Ethereum’s struggles with high transaction volumes and fees have pushed users towards L2 solutions. This shift, Bons argues, has created a “parasitic relationship” where L2 networks grow at Ethereum’s expense. Fee Revenue Drops After EIP-4844 Since Ethereum Improvement Proposal (EIP)…
There was an interesting discussion involving Ripple CTO David Schwartz in the crypto space on the topic of companies going public. Initially, the view was expressed that all tech companies that have gone public in recent years have performed dismally in their IPO offerings. The same view was echoed by another debater, who stated that in the startup world, such decisions are seen as a cash exit for its participants. In particular, an example is given when a developer joins a project for a low salary, but on the condition of a share in a future company, which acquires value…
OpenTensor Foundation (OTF) has proposed burning 10% of the Bitttensor (TAO) supply to stabilize the token’s price in response to a recent exploit that led to the loss of $8 million worth of the tokens. The decentralized AI network has put forward a vote for users to decide on the burn. Active voters participating in the proposal will be rewarded with compensatory DAO rewards at a later date. The exploit, which occurred on July 2, saw a Bittensor user lose 32,000 TAO tokens due to a leaked private key. The incident caused an immediate 15% drop in TAO’s price, hitting…
Amid the ongoing debate over China’s stance on cryptocurrencies, the East Asian nation has once again made its position clear. A recent ruling by the Wuhan Donghu New Technology Development Zone People’s Court in Hubei Province dismissed a crypto investment lawsuit, leaving the investor to shoulder the loss. This decision serves as a stark reminder of China’s strict regulations against digital assets. The plaintiff, Liu, began investing in crypto in 2020, allegedly at the urging of his colleague Wang. Liu claims he sent 1.84 million yuan to Wang and his third-party account using various payment methods from December 2020 to…