Author: NBTC

The influx of capital into stablecoins has surged, with a staggering $4.21 billion injected into dollar-pegged cryptocurrencies within the last ten days. According to data from DefiLlama, the stablecoin market was about $150.42 billion as of Apri 1. The figure has grown by $4.21 billion to hit $154.63 at press time. Of the $4.2 billion influx, Tether, the most prominent stablecoin issuer, accounted for $2.4 billion in USDT. Notably, most of the USDT tokens were issued via the Tron blockchain. At press time, Tether commands $107.28 billion of the stablecoin market. However, Circle’s USDC, while maintaining its standing as the…

With just over three days remaining until the halving, Core Scientific has announced its plans to enhance its Texas mining facility by an additional 72 megawatts. This project is scheduled for completion by the end of the second quarter of 2024. This expansion aims to augment the company’s existing hashpower capacity. Core Scientific Plans for 72 More MW to Enhance Mining Efficiency With the halving event fast approaching, set to occur in just about 3.5 days, bitcoin (BTC) miners are actively preparing. On Tuesday, Core Scientific, Inc. (Nasdaq: CORZ) revealed plans to expand its Denton, Texas, bitcoin mining campus by…

According to on-chain analytics firm IntoTheBlock, a staggering $750 million worth of Bitcoin (BTC) was withdrawn from various crypto exchanges on March 14, as Bitcoin rose to a fresh all-time peak of almost $73,798. IntoTheBlock reported that over $750 million in BTC were withdrawn from exchanges in the past 24 hours, which is the highest since May 2023. The Bitfinex and Kraken exchanges account for the majority of these withdrawals, totaling $524 million and $130 million, respectively. Over $750m $BTC was withdrawn from exchanges yesterday, the highest since May 2023. The majority of these withdrawals originate from Bitfinex ($524m) and…

MetaMask Institutional, the popular Web3 wallet that MetaMask operates for organizations, has recently introduced exclusive APIs. According to the project’s announcement, the launch of the vast series of respective APIs focuses on the provision of accurate and timely data in the decentralized finance (DeFi) sector. DeFi requires timely and accurate data for crypto funds, venture capitalists, developers, and builders.In order to address these needs, MMI has launched a suite of APIs to improve operational efficiency, data accuracy, and reporting capabilities.📊https://t.co/o3Hh2eIxBw — MetaMask Institutional (@MMInstitutional) April 16, 2024 MetaMask Institutional Releases DeFi APIs for Organizations In its announcement, the well-known self-custodial…

Publicly traded Bitcoin mining firm Hut 8 Corp announced on April 16 the initialization of self-mining operations at its new Salt Creek facility, only 78 days after breaking ground in the area. The Texas-based facility boasts a favourable energy profile, which is expected to reduce mining costs by 30% compared to the firm’s hosting facilities. Hut 8 Expands Its Mining Fleet The new site energization represents just one-third of the entire facility, charged with 63 megawatts (MW) of power in total. “With Salt Creek, we gain critical control over our miner fleet and operating costs as we head into the…

The notional total of leveraged long Bitcoin derivatives traders still surpasses $40 billion even after the recent swathe of liquidations, according to data from Coinglass. Shorts are primarily above $71,000 and amount to around $12 billion in notional value. Total open interest in futures contracts comes to $35 billion, while options contracts hold $31 billion as of press time. The Coinglass Liquidation Heatmap below shows a color band representing a range of prices at which a certain amount of notional value is at risk of liquidation. As the colors progress from purple to yellow, they indicate increasing notional value and,…

Bitcoin mining companies are facing a notable decrease in stock value in anticipation of the upcoming halving. Shares of Marathon Digital Holdings, Riot Platforms, and CleanSpark have declined for three consecutive days. Marathon Digital Holdings, the largest public Bitcoin miner, lost nearly 25% of its stock value in the past month, while Riot Platforms lost almost 30%. Additionally, the Valkyrie Bitcoin Miners exchange-traded fund has seen a reduction of about 28% in its value this month. The decline in stock prices continues against a backdrop of increasing short interest in cryptocurrency mining stocks and geopolitical tensions following recent conflicts between…

The CEO of Crypto.com, Kris Marszalek, has emphasized the long-term perspective of holding Bitcoin (BTC) amid the market’s bearish volatility. In the last 24 hours, Bitcoin has significantly corrected some of the gains amassed over the past weeks of steady uptrend. According to CoinMarketCap statistics, BTC recently registered a 24-hour peak of $72,504. However, the asset has tanked by more than 10.47% to reach a low of $65,630 today. Bitcoin’s price collapse has had far-reaching implications for the broader crypto market, with Ethereum, XRP, and Cardano similarly recording significant downturns. Meanwhile, Crypto.com CEO Kris Marszalek believes the bearish market trend…

Amid a chaotic period for cryptocurrencies, XRP has emerged as a focal point of attention, experiencing a staggering surge in liquidations within a short span. Recent hours have witnessed an unprecedented increase in the liquidation of positions in XRP, as the broader crypto market grapples with substantial losses. CoinGlass data reveals a stark picture, with liquidations of XRP positions soaring to $986,530 in just the past four hours alone. Alarmingly, a staggering 99.38% of these liquidations represent long positions, indicating a significant exodus of bullish sentiment. The intensity of liquidations intensified further within the last hour, witnessing a notable spike…

Bitcoin’s price has finally corrected after weeks of aggressive rallying. It dropped by around 10% recently, leaving market participants wondering whether a deeper crash should be expected. Technical Analysis By TradingRage The Daily Chart Looking at the daily chart, the price has been rallying over the last few months, consistently making higher highs and lows. Yet, the $75K resistance level rejected Bitcoin lower, and the market is currently dropping below the $68K support level. Yet, there is still a significant support level available around the $60K mark to prevent a crash. Meanwhile, the Relative Strength Index has been showing a…