Author: NBTC
Several major banks in the United States are exerting pressure on the Securities and Exchange Commission (SEC) to facilitate their participation in the recently approved spot Bitcoin ETFs market. Current Challenges and Banks’ Demand In a joint letter addressed to U.S. SEC Chair Gary Gensler, several leading banking associations, including the Bank Policy Institute (BPI), the American Bankers Association (ABA), the Financial Services Forum, and the Securities Industry and Financial Markets Association (SIFMA), have requested targeted modifications to Staff Accounting Bulletin No. 121 (SAB 121). According to an analysis from Coin Bureau, a prominent cryptocurrency analyst and commentator on X,…
The volume of daily transactions on the Bitcoin network has seen a significant decline since Jan. 28, 2024, with numbers falling from peaks above 600,000 to below 300,000 transactions per day. This downturn is in sync with a decrease in the daily creation of Ordinal inscriptions, overall easing congestion and reducing onchain fees. Network Activity Slows on Bitcoin as Ordinal Inscriptions Dip Data from Feb. 17, 2024, indicates that bitcoin miners processed 327,713 transactions over a 24-hour timeframe. The month of February has experienced a noticeable dip in daily transaction activity, a stark contrast to the 636,523 transfers recorded on…
Prominent XRP community figure Zach Rector recently elaborated on the growing discourse around XRP holders benefitting from a passive income stream with their XRP portfolio. Passive Income With XRP!https://t.co/gMunVlJGBj — Zach Rector (@ZachRector7) February 12, 2024 XRP Welcoming DeFi Capability Rector highlighted that crypto market participants lock up millions of dollars worth of XRP as collateral or for providing liquidity on other chains amid XRPL’s lack of AMMs. However, he emphasized that this scenario is poised to change in the upcoming months. Rector first highlighted the delayed implementation of the XLS-30 automated market maker (AMM) amendment. Notably, this amendment aims…
In recent years, decentralized finance (DeFi) has emerged as an exciting new frontier that is challenging traditional finance (TradFi) in innovative ways. While TradFi requires centralized intermediaries like banks, DeFi enables peer-to-peer transactions without such middlemen through programmable smart contracts on blockchain networks. One popular use case for DeFi is yield farming – earning returns by supplying crypto assets as liquidity to decentralized applications (dApps). However, manually managing exposures across multiple dApps can take time and effort. This is where DeFi yield aggregators come in handy. By automating the yield farming process, aggregators make it easy to take advantage of…
Before the Super Bowl, an NFT video of Tom Brady was sold for $40,712. This leads many Non-Fungible Token users to want to ride the wave with celebrities, but there is a need to be very careful about the vulnerabilities of the blockchain. And indeed, NFT marketplaces have lost over 38 million dollars due to crypto scams in the last year. Tom Brady NFT at $40,000, but marketplaces lose over $38 million due to scams Before Super Bowl LVIII, a Tom Brady NFT video was sold for $40,712. Also, the Joe Montana NFT, who has previously played for both the…
Ethereum’s price trajectory signals proximity to the $3,000 milestone, bolstered by sustained investor confidence. Technical indicators suggest a bullish sentiment with a predicted rise of 6.32% to $2,968.39 by February 22, 2024. Despite potential resistance at $3,000, Ethereum’s upward trend indicates resilience against significant retracement. Ethereum’s (ETH) ascent toward the $3,000 mark has garnered significant attention, reflecting a growing investor confidence in its long-term potential. The digital asset’s recent price action has been notably bullish, maintaining levels above key moving averages. This includes the 50-day Exponential Moving Average (EMA), currently around $2,500, which has acted as a strong support level…
Quick Take Despite the seeming prosperity indicated by stock market highs in major economies, including the S&P 500 in the US, DAX in Germany, CAC40 in France, and Nikkei 225 in Japan, a contrasting narrative of technical recessions and growing inequality is emerging. Notably, the United Kingdom and Japan have entered technical recessions – defined by two consecutive quarters of negative growth – with the latter losing its position as the third-largest economy, according to Bloomberg. The dichotomy between flourishing markets and struggling economies can be partly attributed to the concentration of wealth. As reported by Geiger Capital, the top…
Ethereum has broken beyond the $2,900 level during the past day, but data shows the futures market may be starting to become overheated. Ethereum Has Now Broken Through The $2,900 Level While Bitcoin has slumped to an overall sideways trajectory recently, Ethereum appears to have decided to pick a path of its own, as the second largest asset in the sector has surged almost 4% over the past 24 hours. During this latest jump, Ethereum has touched the $2,900 mark for the first time since the start of May 2022. The below chart shows how the coin has performed over…
As the Bitcoin network nears its fourth halving event, numerous market watchers and cryptocurrency enthusiasts are curious about whether the price will experience a temporary decline before the halving occurs. Historically, bitcoin’s value has surged six to seven months ahead of halvings, yet there has consistently been a significant decrease before the subsequent increase that follows the reward halving event. Historical Declines Preceding Bitcoin Halvings Raise Eyebrows for 2024 Throughout history, the increase in bitcoin’s value has typically unfolded within the same year as a halving event, with the uptick being a combination of pre-and post-event movements. On the social…
On-chain data from IntoTheBlock shows an uptick in the Shiba Inu adoption rate, suggesting a growth in the number of new investors joining the SHIB ecosystem. Shiba Inu’s low price has continued to present opportunities for new crypto investors to acquire the token at discounted rates. This is reflected in the surge of new users joining the Shiba Inu ecosystem in recent times. Shiba Inu Adoption Rate Spikes Interestingly, Shiba Inu’s adoption rate increased by 39.27% on February 17, according to data from IntoTheBlock. For context, IntoTheBlock determines a token’s adoption rate by calculating the percentage of newly created addresses…