Author: NBTC

Ethereum has achieved a significant milestone, with over 28% of its total supply now staked, as observed by crypto researcher Leon Waidmann. In an update on X, Waidmann highlighted that ETH staking is at an unprecedented level, with only 10% of Ethereum currently held on crypto exchanges. This record confirms the growing confidence in Ethereum’s future and the community’s dedication to securing the network through staking. Decline in Exchange Holdings The drastic reduction in Ethereum held on exchanges, as seen in the chart below, has drawn attention. The percentage has fallen to approximately 10%, marking a significant decrease from previous…

Shiba Inu (SHIB) experienced a 7.85% price drop, but burn rate surged 4,822%, as the community incinerated 44,302,985 SHIB in 24 hours. India’s largest crypto exchange, WazirX, recently fell victim to a massive hack, resulting in the theft of over 5 trillion Shiba Inu (SHIB) and other digital assets. Amid the incident, Shiba Inu has experienced a 7.85% price decline in the last 24 hours. However, despite this turmoil, a significant increase in the SHIB burn rate has emerged. Substantial Increase in Burn Rate Shiba Inu burn rate surged by 4,822% in the last 24 hours. A total of 44,302,985…

After former President Donald Trump alluded to creating some sort of bitcoin reserve in the United States, Republican Senator and long-time crypto advocate Cynthia Lummis came through with the receipts. Over the weekend, Trump addressed a crowd of roughly 10,000 for an hour at the Bitcoin 2024 conference in Nashville. Among his promises to the industry were vows to fire Securities and Exchange Commission Chair Gary Gensler “on day one,”— which legal experts say he may not be able to do — and commute the sentence of Silk Road founder Ross Ulbricht, who has been incarcerated since his conviction in…

Following the $230 million hack of Indian crypto exchange WazirX earlier this month, cryptocurrency custody service provider Liminal has pushed back against accusations that the attack involved its infrastructure. A Liminal spokesperson told Decrypt that the company’s systems were not compromised in order to recently funnel $230 million of WazirX’s crypto assets. A compromised multi-signature smart contract wallet used in the attack was allegedly “created independently and further imported on the Liminal platform,” they claimed. “As a wallet infrastructure support platform, we emphasize that this incident originated from an external source, underscoring the crucial need for comprehensive security measures across…

The cryptocurrency market has always been a volatile space, and recent data suggests that Bitcoin is currently experiencing another one of its infamous downturns. According to a new analysis by Julio Monero, Head of Research at CryptoQuant, the demand for Bitcoin has significantly decreased over the last month, with about 23,000 Bitcoins exiting the market. This shift is primarily attributed to the lack of new demand, a critical factor that has historically driven the price of Bitcoin upwards. Monero utilizes a unique approach by employing a method commonly used in commodity markets to estimate demand. He explains, “The apparent demand…

Investors cannot miss the similarities between Ethereum’s current price movement to Bitcoin after the approval of its ETFs. Crypto commentator Croissant noted that Bitcoin experienced an immediate drop following the ETF approval, only to witness a price surge after a couple of months down the line. The observation comes a week after the US Securities and Exchange Commission (SEC) approved the trading of nine Ethereum ETFs. After trading commenced on July 23, Grayscale’s ETHE fund is weighing on the overall market. Contrarily, the asset manager’s ETH fund is performing in line with the rest of the players. As Ethereum ETFs…

According to data shared by cryptocurrency tracker Whale Alert, which monitors large crypto transfers within the blockchain space and shares their details on social media, over the last 24 hours, an equivalent of $111.8 million in XRP coin was withdrawn from two major exchanges. Among those transfers were millions of XRP, which were sent to Bitso and Bitstamp. 184.2 million XRP getting shoveled Whale Alert detected eight transfers moving hefty amounts of XRP. The smallest of them was worth 19,000,000 XRP (the equivalent of $10,961,925). The two largest ones carried 26,000,000 and 26,287,782 XRP. The other carried between 21 million…

Here’s what you need to know about reporting crypto on your 2024 taxes: The IRS treats crypto as property, not currency You must report all crypto transactions, even small ones Taxable events include selling, trading, and using crypto to buy goods Use Form 8949 to report crypto gains/losses Report crypto income on Schedule 1 or Schedule C Key steps for crypto tax reporting: Gather all transaction records Calculate gains/losses for each transaction Fill out Form 8949 and Schedule D Report any crypto income Answer the digital asset question on Form 1040 Common pitfalls to avoid: Not reporting all transactions Incorrect…

The Financial Services Commission (FSC) of South Korea has announced an updated regulatory framework following the implementation of the groundbreaking Virtual Asset User Protection Act. The official announcement on August 1 revealed that major South Korean cryptocurrency exchanges like Upbit, Bithumb, and Coinone will now be required to pay a supervisory fee based on their operating revenue. This “supervision contribution,” essentially a quasi-tax, is typically levied on financial institutions overseen by the Financial Supervisory Service (FSS). Businesses with operating revenues exceeding KRW 3 billion generally fall under this tax. Under the Virtual Asset User Protection Act, crypto exchanges will now…

Bitcoin’s price is experiencing a downtrend at the moment, as it has failed to continue its rally above $70K. This begs the question if the bull market has come to a halt or if that’s just a temporary correction. Technical Analysis By TradingRage The Daily Chart As the daily chart demonstrates, Bitcoin’s price has failed to rise above the $75K resistance zone multiple times and is currently declining. The $65K support has also been lost, but the key $60K level currently holds the price. The 200-day moving average is also located around $57K and could support the market if $60K…