Author: NBTC

Bitcoin’s price took a steep tumble early this week, driving over $300 million in crypto market liquidations in a single day. Why the sudden volatility? Gayatri Choudhury, Quantitative Research Analyst at Bitwise, says there have been two key drivers of the selloff – and neither relates to the Bitcoin ETFs. Miners Are Dumping The analyst first noted on Tuesday that the activity of Bitcoin miners – a cohort “often overlooked” by market watchers. Since the fourth Bitcoin halving in April, the network’s miners have been consistently selling their BTC amid much lower revenues and historically high competition from global competitors.…

American payment giants such as GooglePay and AmazonPay are reportedly aiming to participate in the Indian central bank’s digital currency pilot. Top U.S. tech giants such as Amazon and Google are reportedly looking to join India’s central bank digital currency pilot, as the Reserve Bank of India opens its digital currency initiative to non-bank payment firms. According to sources cited by Reuters, AmazonPay, GooglePay, and Walmart-backed PhonePe have expressed interest in facilitating transactions with India’s CBDC, known as the e-rupee. Additionally, Indian fintech companies Cred and Mobikwik have also applied to join the pilot, although the timeline for their participation…

According to data published by the cryptocurrency onchain analysis company Lookonchain, a mysterious whale cryptocurrency wallet has recently started collecting large amounts of Chainlink (LINK). According to the analytics firm, 93 freshly interconnected cryptocurrency wallets accumulated 12.75 million LINK tokens worth $167 million. It was reported that the whale in question started this accumulation process as of June 24. However, the analysis company Lookonchain also shed light on the developments taking place in other parts of the cryptocurrency world in its other statement. According to the statement, the total amount of locked value on Scroll, a cryptocurrency project that has…

After a rough start to the week, Tuesday brought a modest rebound across the crypto market, with nearly every single token in the top 100 coins by market cap seeing gains over the prior day. But the upward bump has triggered over $92 million in liquidations in the past 24 hours—$62 million in short positions, according to CoinGlass data. The price of Bitcoin is trading up 2.7% at $61,746 and the price of Ethereum up is 1.8% at $3,394 over the past 24 hours, as of writing, with top performers over the past day including meme coins Pepe and Dogwifhat,…

While there was a decline in Bitcoin and altcoins due to the Japanese Yen-USD parity, Coinshares published its weekly cryptocurrency report. Stating that there was an outflow of 528 million dollars in cryptocurrency investment products last week, Coinshares said that Bitcoin experienced an outflow for the first time after 5 weeks of inflow. “Cryptocurrency investment products saw a total outflow of $528 million for the first time in 4 weeks in response to US recession fears, geopolitical concerns and the resulting general market liquidations across most asset classes. “Ethereum has seen a total outflow of $146 million, with net outflows…

This past week has seen a noteworthy shift in the dynamics of blockchain usage, as highlighted in the latest report by Ankr, a leading developer platform for Web3 applications. According to data gathered, the Polygon network has notably outpaced its competitors, leading the chart with a staggering 2.5 billion Remote Procedure Call (RPC) requests. This surge in RPC requests not only signifies Polygon’s robustness and scalability but also underscores its increasing adoption among developers and users seeking efficient and cost-effective blockchain solutions. Ankr’s announcement emphasizes the changing tides in blockchain preferences and the critical role RPC activity plays in understanding…

In its most recent analysis, cryptocurrency research and data analytics firm Glassnode looks at attempting to recover from recent lows as it tries to reclaim the previous all time highs (ATHs). The report emphasizes the influence of various Bitcoin holder cohorts on the market dynamics today. Glassnode claims that distinguishing the dynamics of long-term and short-term holders is necessary to speculate how a collective market might move. Glassnode has provided an in-depth analysis of the broader supply and demand determinants underlying the Bitcoin ecosystem. Using newly created metrics, the firm conducts an extensive analysis of the impact that long-term investors…

Crypto prices and stocks related to crypto plummeted on Monday as global markets reacted to disappointing US economic data and escalating tensions in the Middle East. The downturn affected major cryptocurrencies, mining companies, and crypto-focused businesses. Bitcoin, the largest crypto by market capitalization, experienced a sharp decline of up to 15%, briefly falling below $50,000 for the first time since February before recovering to around $51,000. Ether, the second-largest cryptocurrency, continued its downward trend for the seventh consecutive day, marking its most significant drop since at least May 2021. Global market downturn The broader crypto market saw a substantial decrease…

PEPE is among top gainers in the market as it’s on the verge of claiming key support zone. FLOKI, WIF and MOG post over 20% gain, offsetting previous losses. The meme coin sector is up more than 12% following the market recovery. Meme coins are leading the crypto market again as the ripple effect of Bitcoin’s recovery is flowing across major crypto categories. PEPE, WIF, FLOKI and MOG are at the forefront of the recovery, elevating their daily performance above the 20% mark on Monday. PEPE, WIF, FLOKI, MOG lead market are largest gainers After a heavy bloodbath across the…

Spot Bitcoin ETFs have entered another disturbing trend, recording outflows for one week straight. These outflows have coincided with the decline in the Bitcoin price, suggesting that the sell-offs may be directly linked to institutional sell-offs, as well as miner sell-offs. The funds have now completed seven consecutive days of outflows, so this report takes a look at what happened the last time that the outflows were this high. Spot Bitcoin ETFs Lose Money For 7 Straight Days According to data from Coinglass, Spot Bitcoin ETFs have now marked their 7th consecutive day of outflows. An interesting fact about the…