Author: NBTC
Wrapped Bitcoin (WBTC), a popular ERC-20 wrapped version of bitcoin that also has versions on other chains, has seen its supply contract slightly since Justin Sun’s involvement was announced. A Dune analytics dashboard created by 21.co that tracks the supply of WBTC on Ethereum suggests that the supply of WBTC on Ethereum has contracted by 3.7% over the last month. The largest burns in the last month seem to have come from Coinlist, FalconX, and Abra. Justin Sun’s role WBTC has attracted significantly greater attention since it announced that it would be transitioning the custody of bitcoin for the token…
A closely followed crypto strategist and trader thinks Ethereum (ETH) is gearing up to ignite big breakout rallies. Pseudonymous analyst Inmortal shares a chart with his 217,500 followers on the social media platform X suggesting that Ethereum will see one final dip before sparking a 75% surge to his target of $4,100. “Call me crazy, but I think ETH is a good SPOT trade here. Slower than SOL, but safer.” Source: Inmortal/X Zooming in on Ethereum, Inmortal notes that ETH has already broken out of its horizontal resistance on the low time frame. “ETH showing the way. Classic consolidation below…
Since October kicked off, the stablecoin market has experienced a modest boost, though overall growth has remained quite slow. Currently, the sector is valued at $172.7 billion, with 48.9% of stablecoins residing on Ethereum and 34.92% circulating on Tron. Although the stablecoin landscape has expanded considerably since the start of the year, transfer volumes have been in a steady decline since May. Crypto Market Gains, But Stablecoin Transfers Take a Hit—What’s Going On? This weekend, the fiat-pegged stablecoin market stands at $172.7 billion, according to defillama.com. For comparison, on Jan. 27, 2024, archived data from the same source showed a…
Gala Games token continued its recovery this week as demand for gaming cryptocurrencies rebounded. Gala (GALA) jumped to a high of $0.0217, its highest point since Aug. 27, and 61% above its lowest level this year. This rebound has brought its market valuation to over $859 million. Gala’s recovery occurred as other gaming tokens like Immutable X (IMX), Beam (BEAM), and Ronin (RON) rallied. All these coins have risen by over 20% in the last seven days. As a result, the total market capitalization of all gaming tokens tracked by CoinGecko has jumped to over $17.16 billion. You might also…
According to blockchain tracking service Whale Alert, a Bitcoin address holding 185 BTC, worth nearly $10,553,799, was suddenly activated after 11 years of dormancy. Whale Alert reported: “A dormant address containing 185 BTC ($10,553,799) has just been activated after 11.0 years.” 💤 💤 A dormant address containing 185 #BTC (10,553,799 USD) has just been activated after 11.0 years!https://t.co/OxUKClLbnG — Whale Alert (@whale_alert) September 10, 2024 The wallet, which had remained untouched for over a decade, resurfaced, attracting interest from the crypto community. The reasons behind its long dormancy and sudden activation remain unknown, fueling speculation ranging from forgotten investments to…
Paddle Finance, a prominent DeFi entity, has recently started a strategic collaboration with Quantlytica, a risk-analytics platform that uses artificial intelligence. This partnership intends to revolutionize over-the-counter lending, borrowing, and trading for users by leveraging AI technologies. The platform took to its official social media account to provide the details of this endeavor. Paddle and @Quantlytica are now buddies 🤝 Quantlytica’s AI risk data and AI strategies will power up Paddle, bringing smarter borrowing, lending, and OTC trades to our users. Here’s how:▶️AI-recommended lending/borrowing parameters: Get personalized suggestions for duration… pic.twitter.com/rfEQ5JWRW5 — Paddle Finance (@PaddleFi) October 22, 2024 Paddle Finance…
Ethereum price struggled to continue higher above the $2,750 resistance and corrected gains. ETH is now struggling to start a fresh increase above $2,650. Ethereum started a downside correction below the $2,650 support. The price is trading below $2,650 and the 100-hourly Simple Moving Average. There was a break above a connecting bearish trend line with resistance at $2,620 on the hourly chart of ETH/USD (data feed via Kraken). The pair could start a fresh increase if it clears the $2,650 and $2,680 resistance levels. Ethereum Price Starts Consolidation Ethereum price started a downside correction from the $2,750 resistance like…
10/20 update below. This post was originally published on October 18 Tesla billionaire Elon Musk, who could be about to put “dogecoin in the Treasury,” sparked bitcoin price panic this week when Tesla suddenly moved its bitcoin. The bitcoin price, which soared toward its all-time high of around $70,000 per bitcoin in recent weeks thanks to BlackRock and China, has stalled after Tesla’s $750 million worth of bitcoin moved to new addresses following two years of dormancy, sparking speculation Tesla may have sold off its remaining bitcoin. Now, as billionaire investor Stanley Druckenmiller issues a serious Federal Reserve warning, Elon…
US-based cryptocurrency investment firm Dragonfly Capital has divested its entire stake in AEVO tokens, transferring 62.62 million AEVO tokens to the FalconX exchange. This strategic decision amounted to a financial setback, as the sale generated around $25.04 million, resulting in an approximate loss of $36.84 million for the firm. Dragonfly Capital had held these AEVO tokens since May, indicating a significant reevaluation of their investment strategy. Contents hide 1 What Led to the Financial Loss? 2 Why Did Dragonfly Transfer to FalconX? What Led to the Financial Loss? Back in May, specifically between the 13th and 15th, Dragonfly Capital executed…
The cryptocurrency market sentiment can be as volatile as cryptocurrencies‘ price action, which includes the leader Bitcoin (BTC). Amid a growing bullish sentiment, Bitcoin short-sellers double down on their stance of a “huge bear market” taking form. In particular, the cryptocurrency trader and analyst Xanrox published an idea on TradingView warning of an incoming 50% BTC crash. While sharing the idea, Xanrox believes this is a good opportunity to short Bitcoin amid some positive price action. Essentially, the analysis presents a “fake bullish flag” within the short-term downtrend since March’s $73,800 all-time high. Interestingly, bullish flags are usually high-precision indicators…