Author: NBTC

China is facing renewed currency depreciation as the lingering threat of deflationary economic nosedive, and property market malaise has foreign investors pulling capital out of the country. The latest measures taken by Beijing to address the issue present a downside risk to bitcoin (BTC) through the foreign exchange channel, according to one observer. The tightly controlled Chinese yuan (CNY) has declined 1.39% against the U.S. dollar, with its offshore Hong Kong version, CNH, registering a 1.25% drop. China’s benchmark equity index, the Shanghai Composite, has dropped over 7% to its lowest since March 2020, according to data from the charting…

As Bitcoin (BTC) finally surpassed the critical psychological price mark at $50,000 for the first time since 2021 and continued up, close to $40 billion has flown into its market capitalization in the last day alone, bringing excitement all across the cryptocurrency sector. Indeed, Bitcoin’s market cap raced from $945.31 billion to $982.41 billion in a matter of 24 hours, which means it has added as much as $37.1 billion and grown by 3.93% during this period, according to the latest information retrieved from crypto market monitoring platform CoinMarketCapon February 13. Bitcoin price analysis Meanwhile, the maiden crypto asset was…

While the Bitcoin price has been consolidating largely post the ETF approval, Ethereum has been making strong moves upside, thereby closing the gap with BTC. At press time, the Ethereum price is trading 1.44% up at a price of $2,564 with a market cap of $308 billion. The Ethereum Price Dominance According to insights provided by on-chain data provider Santiment, Ethereum’s price dominance has experienced a notable surge against Bitcoin, marking a +22.4% increase over the past week. This period has witnessed the creation of 89.4K new Ethereum addresses per day, further underscoring the platform’s growing traction. Notably, a staggering…

Crossborder Capital’s Michael Howell, a veteran in global finance, offered a liquidity-based view on the current state of the economy. He challenged the prevailing narrative of monetary tightening with evidence of a rise in liquidity, which in turn should uplift stocks, gold, and cryptocurrencies. Michael Howell of Crossborder Capital Focused on Rising Global Liquidity and Its Market Impact Michael Howell is the founder and CEO of Crossborder Capital, a London-based FCA registered, independent research and investment company with over $1 billion assets under management. Previously he was Head of Research for Baring Securities and Research Director of Solomon Brothers. With…

Artificial intelligence (AI) intelligence platform Token Metrics has highlighted OpenAI CEO Sam Altman’s pursuit of trillions of dollars for a new AI chip project as a potentially significant opportunity for AI crypto tokens. The intelligence platform declared that if Altman is successful, there is a potential to see AI crypto coins go “parabolic.” OpenAI’s Actions Could Drive Significant Growth for AI Crypto Tokens A recent report from The Wall Street Journal states that Altman is engaging in discussions with the United Arab Emirates (UAE) to secure between $5 trillion and $7 trillion in fundraising. This is in an effort to…

Tom Lee, a prominent figure in the cryptocurrency world, has pinpointed the introduction of Bitcoin exchange-traded funds (ETFs) as a pivotal factor propelling the price of Bitcoin upwards. This development, making Bitcoin accessible through traditional brokerage accounts, marks a significant milestone in the digital currency’s journey towards mainstream acceptance. Lee highlighted the importance of this advancement, stating, “I think it is a wonderful development because it is allowing people to really have exposure without having to necessarily store their private keys. And I think it was great to see that subtle reference at the Super Bowl,” referring to an incident…

Over 650,000 units of staked Ethereum, valued at approximately $1.6 billion, were redeemed last week—the largest amount of redemption since the Shanghai Upgrade was completed last year. A Dune Analytics dashboard shared by Tom Wan, an analyst at 21 Shares, showed that the bankrupt crypto lender Celsius and staking service provider Figment were the primary contributors to this substantial redemption surge. Together, they orchestrated withdrawals totaling 563,300 staked ETH, constituting an impressive 85% of the total redemptions during the reporting period. CryptoSlate highlighted these firms’ role in pushing Ethereum’s validator exits to a record high of over 16,000 validators on…

In a recent podcast conversation between Ark Invest CEO Catherine Wood and Ophelia Snyder, co-founder of 21Shares, the duo discussed their partnership and shared insights into the crypto realm. Why ARK & 21Shares? ARK’s been on the forefront of crypto research since 2014 & was the first fund manager to gain exposure to bitcoin in 2015. 21Shares is the world’s largest crypto ETP provider. We know bitcoin & we’re just getting started.Prospectus: https://t.co/EBHc309WuF — ARK Invest (@ARKInvest) January 21, 2024 Snyder expressed her excitement about bringing the ARK 21Shares Bitcoin ETF (ARKB) to the market. She emphasized how this venture…

Dogecoin (DOGE), once celebrated for its unexpected rise from a meme to a major digital asset, has fallen out of the top 10 cryptocurrencies by market capitalization. This development comes as Chainlink (LINK) ascends into the top 10, reflecting a dynamic and ever-changing landscape within the digital currency space. The latest rankings show Bitcoin (BTC) and Ethereum (ETH) continuing to lead the pack, with Chainlink (LINK) securing its position at the tenth spot, leaving Dogecoin to adjust to its new standing just outside this elite group. Chainlink breaks into the top 10 The reordering of positions within the top 10…

Bitcoin’s move above $50,000 on Monday brought windfall gains to holders of the Yes side of Polymarket’s now-expired “Will BTC hit $50,000 in February?” contract. Pseudonymous trader u/MeLLoN98 made 550% and is now betting on the bitcoin price reaching a record high by the end of the first quarter. Gone are the days when making big money in the crypto market required taking directional bets in the spot or futures markets or setting up complex decentralized finance strategies. Some traders are now generating market-beating returns through the decentralized prediction platform Polymarket. A recent example: The pseudonymous u/MeLLoN98, a core contributor…