Author: NBTC

NBTC

NBTC is the editorial account for NBTC News, covering Bitcoin, Ethereum, DeFi, blockchain infrastructure, exchanges, mining, regulation and digital asset markets. The editorial team focuses on clear sourcing, timely updates and practical context for crypto readers.

“We use what we understand”

Blockchain games dominated the first quarter, representing 30% of all on-chain activity in this period, according to the “State of the Dapp Industry Q1 2024” report by DappRadar. The report highlights that an average of 2.1 million wallets were active daily during Q1. This dominance in gaming activity on the blockchain could mean that analysts’ expectations about Web3 games focusing on entertainment this cycle are being fulfilled. MetalCore is a blockchain shooting game from this new batch of titles focused on entertaining gameplay, and it is finding success in its second closed beta testing. “[The number of players] It’s actually…

GameFiMay 11

Crypto Exchange Trading Volume Declines in April as Bitcoin Retreats from Record High

Trading volume on major cryptocurrency exchanges has experienced a significant decline in April, coinciding with Bitcoin’s retreat from its all-time high. Spot trading volume on centralized exchanges like Coinbase Global, Binance, and Kraken dropped by 32.6% to $2 trillion last month, as reported by research firm CCData. Additionally, derivatives trading volume saw its first decrease in seven months, falling by 26.1% to $4.57 trillion. Trading Volume Declines Due to Tightening Financial Conditions The surge in trading volume witnessed earlier in the year, following the introduction of US exchange-traded funds investing in Bitcoin, waned due to the tightening of financial conditions…

ExchangesMay 11

Bitcoin miners’ revenue drops amid declining transaction fees

The Bitcoin (BTC) miners’ revenue has been consistently declining after the halving event. The downtrend comes as the average transaction fee on the network plunges. According to data provided by YCharts, the average transaction fee on the Bitcoin network declined by 28% in the past 24 hours, hovering around $24.99 at the time of writing. Data shows that the average Bitcoin transaction fee surged from $19.76 to $128.45 between April 19 and 20. It’s important to note the transaction fee was sitting at $5 a month ago and dropped to as low as $2.8 on April 6. Moreover, the daily…

BitcoinMay 11

Stacks Nakamoto Upgrade Opens New Era For Bitcoin L2

Stacks has launched the long-awaited Nakamoto upgrade. Serving as a scaling solution for the Bitcoin network, Stacks gives developers the ability to build smart contracts and applications at the most valuable, decentralized and secure base level, bringing new use cases to the Bitcoin economy. Bitcoin is the safest, most reliable, ready-to-use crypto asset, and the market is now recognizing its potential as a foundational layer for DeFi. The emergence of second-layer solutions gives developers the opportunity to create a variety of new applications and solutions for borrowing and lending, asset exchange, trading Ordinals and NFTs, thereby effectively expanding the utility…

BitcoinMay 11

Luxor Q1 report predicts recovery in Bitcoin hashprice over next five months

Quick Take The Bitcoin mining sector has faced challenges with historically low hashprices in recent weeks following the halving event. However, hash prices surged to multi-year highs on the day of the halving, buoyed by increased fees attributed to Runes. According to Glassnode data, the hash price is $51,915 in USD terms and 0.84 BTC, nearing all-time lows. However, May 9 saw a recent uptick in hash price due to the biggest difficulty adjustment drop since November 2022. Glassnode defines the miner revenue per exahash metric as a tool for gauging daily miner earnings in relation to their proportional contribution…

MiningMay 11

Bitcoin's 200-Day Average Is Approaching a Record High; Here's Why It Matters

Bitcoin's 200-day average is on track to challenge its previous peak of $49,452 from February 2022. Past data show the most intense phase of the bull cycle unfolds after this average surpasses its previous peak. Bitcoin's (BTC) price moved into bullish territory above the 200-day simple moving average (SMA) in October, setting record highs above $73,000 last month. Now, the average, a crucial barometer of long-term trends, is also rising fast in a sign of strong bullish momentum and appears set to surpass its previous peak of $49,452 in February 2022. At press time, bitcoin traded at $66,200, with the…

BitcoinMay 11

Rival miners Marathon, Core Scientific each think they have an edge over peers

Following the recent reduction in bitcoin mining rewards, the largest public bitcoin miners have begun to hone in on fresh strategies in an attempt to maintain a competitive edge. Segment standouts continue to tout the importance of greater scale and revenue diversity, with one prepared to jump with both feet into high-performance computing. Marathon touts growth, revenue diversity plans Marathon Digital said it plans to have half its revenue come from outside of mining over the long term. Such targets are consistent with industry-wide efforts to diversify revenue streams after per-block mining rewards dropped from 6.25 BTC to 3.125 BTC…

MiningMay 11

BTC Rallies Amid Increasing ETF Net Inflow Days After Bitcoin Halving

Data from Soso Value, the platform for ETF data aggregation, shows that the total net inflow of Bitcoin spot ETF on Monday, April 22, was $62.0899 million. Significantly impacting this net inflow was the outflow from the GrayScale GBTC, which Soso Value recorded as $34.993 million. According to SoSoValue, the total net inflow of Bitcoin spot ETF yesterday, April 22, was $62.0899 million. Grayscale GBTC had a single-day net outflow of $34.993 million. The single-day net inflow of Fidelity ETF FBTC was US$34.8334 million, and the historical cumulative net… pic.twitter.com/yt2vTMA5bm — Wu Blockchain (@WuBlockchain) April 23, 2024 Fidelity’s FBTC topped…

BitcoinMay 11

Ordinals sales elevate Magic Eden to top NFT marketplace surpassing Blur by $108 million

Magic Eden has surpassed Blur to become the top NFT marketplace in terms of trading volume, marking a significant shift in the competitive landscape of digital asset exchanges. This development comes as Blur, previously a dominant player in the Ethereum-based NFT market, sees a decline in its market share. According to DappRadar’s Dapp Industry Report for April 2024, Magic Eden’s trading volume exceeded Blur’s by $108 million. This surge is attributed to Magic Eden’s strategic expansion into Bitcoin Ordinals and its robust rewards programs, attracting traders and collectors alike. The platform’s integration of Bitcoin Ordinals trading, which now constitutes 70%…

NFTMay 11

Mt. Gox’s $9 Billion Bitcoin Payout to Creditors Might Be Nearing Reality: Report

According to Bloomberg, the collapsed cryptocurrency exchange Mt. Gox, which once handled 70% of all Bitcoin transactions globally, might be inching closer to distributing $9 billion worth of Bitcoin to its creditors. This development marks a critical turning point in one of the longest and most intricate sagas in the history of cryptocurrency. Mt. Gox, formerly the world's largest Bitcoin exchange, was hacked in 2011 and declared bankrupt in 2014. The collapse sent shockwaves through the cryptocurrency industry, leaving many investors out of pocket, with significant amounts of Bitcoin lost or stolen. According to Arkham Intelligence, the bankrupt cryptocurrency exchange…

BitcoinMay 10