Author: NBTC

Bitcoin price peaked at $58,800 on Aug 8, scoring 6% gains amid bullish tailwinds from news of Ripple securing a lenient fine in the long-running lawsuit with the US SEC. Technical indicators highlight key BTC price resistance and support levels to watch. BTC Scores 6% Gains Amid XRP Rally On August 8, 2024, Bitcoin surged by 6%, fueled by a broader cryptocurrency market rally following Ripple’s settlement with the U.S. Securities and Exchange Commission (SEC). Ripple Labs, led by CEO Brad Garlinghouse, agreed to pay a $125 million fine to resolve charges related to its programmed sale of XRP coins…

The fresh analytical data indicates a significant dip in Ethereum’s revenue. As per Galaxy Research, the L1 protocol revenue of Ethereum from L2 solutions has plunged to almost zero following the Dencun upgrade, marking a prominent development in the scaling strategy of Ethereum. The platform took to the social media account thereof to discuss the current scenario in detail. Ethereum L1 protocol revenue from Layer 2s is almost zero since the Dencun upgrade. pic.twitter.com/mvoyaOn718 — Galaxy Research (@glxyresearch) September 7, 2024 L1 Revenue of Ethereum Plunges to Nearly Zero Following Dencun Upgrade Galaxy Research noted that the slump in the…

As Terraform Labs (TFL) moves towards winding down its operations, it has announced that Proposal 4818 will be the final chain upgrade implemented. This decision comes after TFL’s settlement with the SEC and its ongoing Chapter 11 bankruptcy proceedings. As part of the settlement, TFL will close its business within 30 days of judgment. Following the conclusion of this upgrade, TFL will no longer be able to support future upgrades, marking a significant shift in the Terra blockchain’s management. Here’s what you need to know about these changes and their potential impact. Upcoming Bankruptcy Hearing Terraform Labs is scheduled for…

The former president of the United States is launching a crypto yield product, even as he appeals to the crypto industry in his current bid for office. Donald Trump will be the “chief crypto advocate” for World Liberty Financial, a venture that has offered scant hints so far about what it will actually do. WLFI The narrative Crypto is trying to make an impact this election cycle. Now, one of the leading contenders for President of the U.S. is tied to a forthcoming crypto venture. Why it matters There’s one pretty interesting question: how should the former president and current…

US hedge funds and institutional investors reportedly remain bullish on Bitcoin (BTC) despite a massive selloff in the crypto market this week. According to a new report by Bloomberg, Yevgeniy Feldman, the co-founder of private brokerage firm SwapGlobal, says that blue-chip investors saw an opportunity to buy crypto at lower prices as Bitcoin fell by as much as 17% earlier this week. Says Feldman, “People got extremely liquidated on longs, it was horrific. But the US hedge-fund and institutional participants that trade options via OTC (over-the-counter) desks on Monday and Tuesday restarted making bullish options bets by buying call spreads…

The open interest of Ethereum has recovered to its local highs, indicating a possible spike in volatility and a rise in purchasing power. With a significant increase over previous levels, the total open interest on Binance Futures is currently at 1.896 million. Since the number of open futures contracts is a good indicator of future price movements, this metric is very important. Based on the chart, ETH has been steadily declining for some time and is currently trading at $2,292. An increase in OI indicates that traders may be preparing for large price movements, which could manifest as a breakout…

As the cryptocurrency industry continues to evolve, its assets can offer massive profit opportunities for crypto traders carefully timing their transactions, as illustrated in the example of one such crypto investor making nearly $60,000 in mere hours trading meme coins. Specifically, this particular trader first spent 3,271 Toncoin (TON) worth $18,400 to buy 55.9 million Dogs (DOGS), a community-driven meme token representing a popular dog mascot originally created by Telegram founder Pavel Durov, according to the data shared by Lookonchain in an X post on August 26. Then, as the platform monitoring notable trades on the blockchain observed, this individual…

Hours after losing a long-running court case filed by U.S. prediction market platform Kalshi, regulators are making a hail Mary pass. Late Friday, the Commodity Futures Trading Commission filed an emergency motion asking a federal judge to grant a temporary stay of her decision in Kalshi’s favor. The stay would prevent Kalshi from listing election markets for at least 14 days. Last year, the CFTC forbade Kalshi from listing contracts betting on which party would control each house of Congress after the November election. Such contracts, the agency said, would amount to unlawful gaming and would be “contrary to the…

Russian President Vladimir Putin has endorsed into law the legalization of cryptocurrency mining in Russia, sparking dramatic gain for Bitcoin toward $60,000. Russian news agency TASS captured this latest regulation in a fresh publication. The report highlighted that the new legislation introduces several crucial concepts, including virtual currency mining, mining pools, and mining infrastructure operators. According to the report, Russia now recognizes mining activities as legitimate business activities rather than simply the issuance of digital currency. Guidelines for Crypto Mining in Russia The law also outlines specific guidelines for who can engage in cryptocurrency mining. Only Russian legal entities and…

In an interesting turn of events, it seems that BlackRock has become the only major ETF to have purchased Ethereum (ETH) recently, according to Arkham Intelligence. The world’s largest hedge fund now holds a substantial 336,058 ETH, which equates to a remarkable $763.95 million, according to their data. This revelation comes at a challenging time for Ethereum ETFs. The initial excitement surrounding these funds has been dampened by significant outflows. Since their debut in late July, spot Ethereum ETFs have seen nearly $480 million in outflows within their first 30 days of trading. These numbers show that people do not…