Author: NBTC

Following Bitcoin’s April halving, which cut miners’ rewards, many mining models saw “significant drawdowns” in pricing, according to Hashrate Index. The ASIC market is undergoing significant changes as mining rigs are trying to adapt to a post-halving environment, with Bitcoin’s (BTC) hashprice hitting record lows. The latest generation of Bitcoin miners, such as the S21 and T21, performed significantly better than older models in Q2, analysts at Hashrate Index say, adding that crypto miners prioritized efficiency to navigate the current challenging market environment. ASIC prices | Source: Hashrate Index Despite its industry-leading efficiency at launch, the S21 saw a price…

In response to the recent launch of Ethereum exchange-traded funds (ETFs), Brian Armstrong, CEO of Coinbase, lauded the development as a major step toward regulatory clarity. He emphasized that by approving the ETF, the U.S. SEC has officially confirmed that Ethereum (ETH) is not classified as a security. The Coinbase head noted the exchange’s role as the primary custodian for eight of the nine newly approved Ethereum ETFs. However, this announcement sparked a contentious debate among some crypto community members. Some argued that ETH, following its network Merge upgrade, should be considered a security due to its staking model and…

BlockFi, the defunct crypto lender, has achieved a major milestone in its bankruptcy proceedings by selling its FTX claims at a substantial premium. This sale paves the way for a full recovery of eligible customer and general unsecured creditor claims. Mohsin Y. Meghji, BlockFi’s Plan Administrator and Managing Partner of M3 Partners, detailed the development in a report to the United States Bankruptcy Court for the District of New Jersey. The transaction, which closed on July 10, was executed at a premium to the face value of the FTX claims. This sale is expected to facilitate a near-term final distribution…

Two more promoters of the Forcount crypto ponzi scheme – a Brazil-based scam that bilked Spanish-speaking investors out of $8.4 million between 2017 and 2021 – have pleaded guilty to their roles in the scheme. On July 22, Nestor Nunez, 66, and Antonia Perez Hernandez, 49, separately pleaded guilty to one count of conspiracy to commit wire fraud, which has a maximum sentence of 20 years in federal prison. Prosecutors say Nunez, a Spanish citizen, was paid to present himself as the CEO of the Forcount scheme, using the alias “Salvador Molina.” The real ringleader of the scheme was allegedly…

Riot’s acquisition of rival bitcoin miner Block Mining makes sense, the report said. JPMorgan noted that Riot will have the second-largest capacity of the U.S.-listed bitcoin miners. The bank has an overweight rating on Riot stock with a $12 price target. Riot Platform’s (RIOT) acquisition of rival bitcoin {{BTC}} miner Block Mining makes sense because it diversifies the company’s power supply and increases its capacity to over 2 gigawatts (GW), JPMorgan (JPM) said in a research report on Wednesday. Riot will have the second-largest capacity among U.S. listed bitcoin miners following the acquisition, and the deal also “serves as the…

The price of Ethereum (ETH) remained largely unchanged on Wednesday morning European trading hours, hovering around $3,445 despite a solid first day for spot Ethereum exchange-traded funds (ETFs). The lukewarm price action comes even as the new investment vehicles in the U.S. attracted over $1 billion in trading volume on Tuesday. According to data from CoinGecko, Ethereum is trading at $3,445, down 0.5% over the last 24 hours and has seen $23.7 billion worth of trading volume. The 24-hour price range has seen ETH fluctuate between $3,403.72 and $3,534.98. Cryptocurrency market data provider Kaiko reported that despite spot Ethereum ETFs…

Donald Trump’s pledge for a weaker US dollar if re-elected could provide tailwinds for Bitcoin and other cryptocurrencies, though analysts caution that the relationship is complex and subject to various economic factors. According to a report from Bloomberg, the former president’s dollar policy marks a departure from the traditional strong dollar stance of past administrations, potentially creating a more favorable environment for alternative assets. As Trump’s campaign has emphasized concerns about dollar strength relative to currencies like the Chinese yuan and Japanese yen, the sign market has, in turn, shown signs of responsiveness. Bitcoin has rallied significantly alongside improvements in…

After her first full day on the campaign trail, Vice President Kamala Harris has apparently secured enough delegates to become the Democratic nominee, according to a survey from the Associated Press. While the pledged support is not official until delegates cast their votes next month, Harris said in a statement that she “look[s] forward to formally accepting the nomination soon.” The focus is now on who Harris will select as a running mate. The short list is reportedly made up of North Carolina Gov. Roy Cooper, Pennsylvania Gov. Josh Shapiro, Kentucky Gov. Andy Beshear and Arizona Sen. Mark Kelly. Transportation…

Bitcoin has observed a crash below the $58,000 level today. Here’s what could be a potential cause for it, according to on-chain data. Bitcoin Long-Term Holders Have Just Taken Large Profits As pointed out by an analyst in a CryptoQuant Quicktake post, the Bitcoin long-term holders harvested a large amount of profits during the latest price drawdown. The on-chain metric of interest here is the “Spent Output Profit Ratio” (SOPR), which basically tells about whether the BTC investors are selling/transferring their coins at a profit or loss. When the value of this indicator is greater than 1, it means the…

Solend, a Solana lending protocol has announced that it has rebranded as Save and relaunched on save.finance. In order to increase the financial possibilities accessible to Solana users, Save is growing with the launch of three additional products: an LST, an app for memecoins shorting, and a stablecoin. The lessons the Solend team has learnt over the last three years are summed up in Save. Having risen to become Solana’s top DeFi protocol, with a TVL of more over $1 billion. More than simply a name change, Save helps the project become more multifunctional and more accurately represents its place…