Author: NBTC

Ethereum (ETH) had one of its worst days of the year on Monday, August 5, as the price experienced a steep 23% correction. The result of this infamous decline was a drop to $2,120 — a level it last reached in 2023. However, while ETH has quickly recovered, the initial plunge likely marked the bottom, and here’s why. Ethereum On-Chain Signals Points to Major Upswing From an on-chain perspective, Ethereum’s Market Value to Realized Value (MVRV) Z—Z-Score is down to 0.52. This entry-adjusted metric tells whether a cryptocurrency’s price is undervalued or overvalued relative to its fair value. In other…

General Updates Neo founder Da Hongfei regained control of his X account after it was hijacked by a hacker. The hacker posted about fraudulent airdrops in an attempt to steal funds from token holders. Neo hosted an X Space entitled Neo Eco-Talk: Exploring the Intersection of AI and Web3, hosted by Neo Global Development business development manager Carolyn. The guests included Assisterr co-founder and CEO Nick Havyrliak, DSC ecosystem builder Cedar, TrendX COO Mahmoud Farouk, and Gaianet community lead Oz. Neo launched a new Galxe Quest social media campaign in collaboration with ecosystem partner Tria. The campaign offers an equivalent…

India is not looking to regulate the cryptocurrency sector anytime soon according to Minister of State for Finance Pankaj Chaudhary. Chaudhary’s comments came in response to questions directed to him by GM Harish Balayogi, a member of parliament. Balayogi’s questions sought clarity over the government’s stance regarding cryptocurrencies. Specifically, the MP inquired about the extent of research or initiatives undertaken by the government to understand the crypto sector and wether or not there are any forthcoming legislations planned in this regard. In his written reply on Aug. 5, Chaudhary said there is “no proposal” to regulate the “sales and purchase”…

Binance released its 21st proof of reserves as of August 1, revealing significant changes in user holdings in various cryptocurrencies. The snapshot in question highlights an increase in Bitcoin (BTC) assets and slight decreases in Ethereum (ETH) and Tether (USDT) balances. In addition, Binance experienced net inflows of $3.27 billion over the past month. Other major cryptocurrencies that the company offers in its proof of reserve and the amount of assets it holds are as follows: BTC Customer Net Balances: 613,470.71 Binance Net Balances: 652,370,556 ETH Customer Net Balances: 4,701,876,445 Binance Net Balances: 4,853,965,331 USDT Customer Net Balances: 21,192,804,719,188 Binance…

In recent years, the world of cryptocurrencies has seen explosive growth, pushing major asset managers like BlackRock to reconsider their stance on Bitcoin and digital assets. BlackRock, the giant in the investment industry with over 10 trillion dollars in assets under management, has recently made significant strides towards the adoption of bitcoin and other cryptocurrencies. This movement has been amplified by the success of their exchange traded fund (ETF) dedicated to bitcoin, which has quickly gained ground in the market. Evolution of BlackRock’s approach towards Bitcoin and cryptocurrencies The role of ETFs in the institutional adoption of cryptocurrencies Evolution of…

Ethereum’s market cap drops 2.54%, showing a bearish trend amid global crypto decline. Technical data point to Ethereum’s bearish momentum and potential oversold reversal. Ethereum ETFs trigger a “sell-the-news” reaction, causing price decline and increased selling pressure. The cryptocurrency sphere has experienced a 2.31% decline in market capitalization, shrouding Ethereum’s market status in uncertainty. With the market cap presently anchored at $2.15 trillion and trading volume floating at $64.8 billion, this downturn has profoundly influenced Ethereum, which is displaying a noticeable bearish tendency. Ethereum’s Descent into Bearish Terrain The worldwide decline in cryptocurrencies has carved a significant dent in Ethereum’s…

Benchmark has raised its price target for MicroStrategy to $2,150 even as the company posted a revenue miss on Thursday. The broker’s analyst noted the company’s share price outperformance since adoption of bitcoin as its primary treasury reserve asset in August 2020. Since then, the stock’s performance was significantly better than other assets like bitcoin or the S&P 500 and Nasdaq, Palmer noted. Wall Street brokerage Benchmark defended MicroStrategy’s (MSTR) bitcoin plan and raised the stock’s price target to $2,150 – the highest among analysts – even after the company reported a revenue miss during the second quarter. Since adopting…

XRP has risen by over 23% in the last two weeks following the announcement from the CME and CTF that they will be providing reference rates for the cryptocurrency. It has also sparked speculations about an XRP ETF. XRP is currently enjoying decent gains after an announcement by the Chicago Mercantile Exchange (CME) Group, declaring its decision to offer real-time indices and USD reference rates for both Ripple (XRP) and Internet Computer (ICP). CF Benchmarks will publish these indices daily starting on the 29th of July 2024. CME already has an impressive collection of Cryptocurrency benchmarks, and soon enough, XRP…

Renowned crypto lawyer Bill Morgan has highlighted the SEC’s limitations in pursuing regulatory enforcement. In a recent post on X, Morgan noted that the agency’s budget is less than its chairperson’s request. Yet, it has to spend such resources on discovering documents requested by Coinbase and Ripple instead of opting for a settlement. It must suck as a regulator when your budget is less than the chairperson requests and companies like @Coinbase and @ripple make you expend such resources 👇 in discovery of documents instead of being cowed into a settlement. If only there was more clarity and such enforcement……

In the past seven days, more than $2.5 billion in cryptocurrency positions have been liquidated, with long positions making up the vast majority. According to CoinGlass, the top seven crypto exchanges by liquidations of longs and shorts during this period show significant activity. Top Exchanges by Liquidations in last 7 days – over $2.5B liquidated in totalThe vast majority of the casualties were long positions last days, with more than $2.5B liquidated in total. Let’s take a look at the top exchanges by liquidations of longs and shorts within last week,… pic.twitter.com/wydTLQOMGU — TOP 7 ICO | #StandWithUkraine🇺🇦 (@top7ico) August…