Author: NBTC
While Spot Bitcoin ETF approval does not increase the BTC price, altcoins, especially Ethereum, are experiencing good increases. While Ethereum surpassed $2,600 with its rise, this rise is also supported by whales. According to Lookonchain’s post, giant whales continue to accumulate ETH aggressively. Accordingly, a whale who has been accumulating ETH since September purchased 5,762 ETH (worth $15.06 million) from Binance again. Another whale, who has been accumulating ETH since January 2023, bought 2,800 ETH (worth $ 7.29 million) from Binance. “Giant whales continue to accumulate ETH! 0xAA15 withdrew 5,762 ETH (worth $15.06 million) from Binance again 2 hours ago.…
Hedge fund billionaire Bill Ackman, the head of Pershing Square Capital Management, has recently revealed he expects the Federal Reserve to start cutting interest rates at a greater-than-expected rate this year, with the first cut coming sooner than the market is anticipating. Ackman highlighted this during a CNBC “Squawk Box” interview, noting the significant cooling of inflation and the currently high real cost of Money, which make him believe central banks are “going to have to move early” and could “do more than three [interest rate] cuts.” These three interest rate cuts would represent 75 basis points, off of 5.25%…
In an extraordinary turn of events, Solana-based Pyth Network (PYTH) token has recorded a significant uptick of 10.09% over the last 24 hours, elevating its price to $0.5344. This surge is not just a fleeting gain; over the past 30 days, PYTH has seen an impressive 109.29% increase, underscoring growing investor confidence and market interest in this digital asset. The 24-hour trading volume for PYTH has also experienced a substantial boost of 127.60%, reaching a whopping $177,602,231. Consequently, the market capitalization of the PYTH token has ascended by 8.99%, situating it at $800,129,299 and ranking it as the 82nd largest…
There is ongoing mega accumulation of Ethereum (ETH) by whales within the crypto ecosystem. According to data from the crypto analytics platform Lookonchain, a whale with the wallet address “0xAA15” withdrew a total of 5,762 ETH worth approximately $15.06 million from Binance earlier today. Overall, this whale has bought a total of 50,733 ETH $99.2 million at an average price of $1,955 since Sept. 19, 2023. Per the Lookonchain outlook, another whale, “0x9314” also spent 7.29 million USDT to buy 2,800 ETH today, joining the host of accumulations of the second-largest cryptocurrency about two hours ago. This particular whale has…
A new consortium made up of Digital Finance CFC (DFCRC) and Imperium Markets has announced a pilot to explore the potential benefits of asset tokenization to Australia’s money and debt capital markets. The new pilot follows a previous research study on Australia’s 2023 central bank digital currency (CBDC) experiments. At the time, the test involved using CBDCs to settle money market transactions and saw Imperium Markets team up with the Commonwealth Bank and Westpac. DFCRC and Imperium Markets’ pilot is expected to run until 2026, seeking to reduce industry risks through the use of blockchain technology. Processing well over $1…
ALGO, a cryptocurrency backed by Algorand Technologies, appears to have garnered noteworthy interest among crypto market enthusiasts today following a sudden jump in the token’s price, rising 1.92% over the past 24 hours, reaching $0.1716. As per market charts unveiled by the crypto platform CoinMarketCap, the token’s trading volume and market cap also jumped 23.24% and 1.88%, respectively. Here’s a list of potential reasons why the ALGO token price is up today. ALGO Derivatives Data Mirrors Price Jump According to the data offered by Coinglass, a futures trading and information platform, the ALGO token’s open interest recently noted a slight…
The U.S. Securities and Exchange Commission (SEC) officially approved applications for 11 issuers seeking to launch Spot Bitcoin Exchange-Traded Funds (ETFs) on January 10, 2024. Following the announcement, Bitcoin’s price experienced a rollercoaster ride, demonstrating the market’s sensitivity to regulatory decisions. The immediate response saw Bitcoin surge to $48,000, reflecting bullish sentiment in anticipation of increased institutional participation and mainstream adoption of the cryptocurrency. However, this bullish momentum was short-lived, as the market quickly reacted to a fake announcement, causing a rapid drop to $45,000. The incident highlighted the cryptocurrency market’s susceptibility to misinformation and the importance of verifying news…
A Russian senator has claimed the nation’s Central Bank is “turning a blind eye” to firms that use crypto as a payment tool in international trade. Russia’s CoinSpot quoted Ivan Abramov, the First Deputy Chairman of the Federation Council Committee on Economic Policy, as calling for regulation. Abramov told reporters: “Cryptocurrency is […] being used in [cross-border] settlements, but the Central Bank pretends that it has no knowledge of such transactions. It would be better to regulate [the crypto sector] and set out certain rules for [the industry].” Mainstream Russian media outlets such as Izvestia have reported a rise in…
A nonprofit organization that supports the dYdX protocol has secured 30 million in DYDX ($86 million) from the dYdX community treasury following the latest DAO vote. The dYdX Foundation is a Swiss entity designed to support the growth of the dYdX protocol ecosystem through community and developer engagement, and also maintaining decentralized governance. This latest fundraise will be used by the foundation to hire and retain talent, while simultaneously scaling the dYdX chain. In an interview with Blockworks, David Gogel, the vice president of strategy and operations at the dYdX Foundation, said this latest community fundraise comes after two and…
The leading cryptocurrency, Bitcoin, erased the traces of the correction it experienced after the spot ETF approval and reached over $ 49,000 today. Although this rise pleases investors, expectations for further rallies continue. At this point, investment company Bernstein analysts stated that further rises will come in Bitcoin. Stating that ETFs will increase the Bitcoin price, analysts said that the ETF-focused market will create FOMO in investors and therefore they believe that Bitcoin’s strongest period has not yet come. Emphasizing that Bitcoin ETFs and inflows are increasingly affecting the Bitcoin price, analysts underlined that BTC is in a good position…