Category: Crypto
The Surge of Meme Coins: Shiba Inu and Beyond
Shiba Inu (SHIB) experienced a remarkable surge of 20% on August 6, showcasing impressive gains in transaction volume and burn rate. Despite a 18% decline on a weekly scale, the popular meme coin has seen a resurgence in its ecosystem. The aggregated daily volume for SHIB has skyrocketed by nearly 500%, hitting close to $120…
The Changing Landscape of Spot Bitcoin ETFs in the United States
Recently, spot Bitcoin exchange-traded funds (ETFs) in the United States have seen a significant increase in daily trading volume, surpassing $5 billion on August 5th. This surge in trading volume is the highest since mid-April and has caught the attention of investors and analysts alike. The data from DefiLlama shows that BlackRock’s IBIT ETF was…
The Cryptocurrency Market: A Rollercoaster Ride
The total cryptocurrency market capitalization has once again surpassed $2 trillion after a drastic downturn that wiped out $500 billion in less than a week. This sharp decline saw the total cap plummet to $1.83 trillion on August 5, triggered by Bitcoin dropping below $50,000 and Ethereum experiencing a 23% decrease in value, falling below…
The Rise of Ethereum ETF Inflows After Market Crash
The recent market crash that led to a 23% tumble in Ethereum prices in less than 24 hours did not deter investors from jumping into U.S. spot Ethereum ETFs. On August 5, a total of $49 million flowed into nine newly launched spot ETH ETFs, marking the second-highest inflow day since these funds began trading.…
Marathon Digital Reports Decrease in Revenue
Marathon Digital (MARA) experienced a significant drop in its shares during after-hours trading on Thursday as the company’s second-quarter revenue failed to meet Wall Street’s expectations. The reported revenue of $145.1 million fell short of the forecasted $157.9 million by approximately 9%, leading to a negative impact on the company’s stock value. The revenue miss…
The Impact of Bitcoin Halving on Riot Platforms
Riot Platforms, an American Bitcoin mining firm, recorded a significant net loss of $84.4 million in the second quarter of this year. This loss represents a stark contrast to the $27.4 million loss reported in the same quarter of the previous year. The widened losses can be attributed to the ongoing impact of April’s Bitcoin…
The Strategic Bitcoin Reserve Bill: A Game Changer for the US Government
Senator Cynthia Lummis of Wyoming has introduced a groundbreaking bill that could potentially change the landscape of the United States’ financial assets. The proposed ‘Bitcoin Act’ aims to secure a strategic Bitcoin reserve for the US government, with plans to acquire 1 million BTC over a five-year period. Senator Lummis justified the choice of Bitcoin…
The Growing Landscape of Stablecoins in July 2024
In July, the total stablecoin market capitalization experienced a 2.11% increase, reaching a total of $164 billion. This growth trend has been ongoing for the past ten months, with major stablecoins steadily gaining market dominance, which now sits at 6.93%. Tether, the leading stablecoin in terms of market cap, saw a significant 1.61% increase, surpassing…
The Impact of US Economic News on the Cryptocurrency Market
The past week has been a rollercoaster ride for Bitcoin and the entire cryptocurrency market. It all started with a promising note as Bitcoin’s price surged by $3,000 on Monday, reaching $70,000 for the first time in months. This price jump came on the heels of former President Donald Trump’s pro-crypto statements at a BTC…
Bitcoin Price Plummets to Under $60,000: A Closer Look at the Market Situation
Bitcoin has experienced a significant price drop in the past few hours, falling below the $60,000 mark for the first time in several weeks. This downward trend has not only affected Bitcoin but also altcoins like ETH, SOL, DOGE, and BCH, which have seen drops of 6-7%. Last weekend, the cryptocurrency market was also volatile,…
The Rise and Fall of Nader Al-Naji: A Closer Look at the BitClout Scandal
Nader Al-Naji, the CEO of BitClout, a social media platform, has found himself in legal hot water. The US Securities and Exchange Commission (SEC) and the Department of Justice (DOJ) have jointly charged him with orchestrating a fraudulent crypto asset scheme. The allegations suggest that Al-Naji raised a staggering $257 million through unregistered offers and…
Transforming Vehicle Ownership: California’s DMV Goes Digital with Avalanche Network
California’s Department of Motor Vehicles (DMV) has recently taken a huge step towards modernization by digitizing 42 million car titles through the innovative Avalanche (AVAX) network. This move is part of a broader effort to streamline the state’s title transfer process in collaboration with Oxhead Alpha, a software development firm. The implementation of a new…
The Future of Bitcoin Price: Analyzing Key Support Levels
Bitcoin’s price took a hit recently as it broke down below the $64K support level, signaling a potential change in market sentiment. The double top pattern formed at the $68K resistance level led to a downward trend, with the price now testing the 200-day moving average. The critical juncture at $64K will determine whether the…
Bitcoin Miners Could See Relief from Selling Pressure as Profitability Increases
Bitcoin (BTC) miners could experience a reduction in selling pressure in the near future due to a combination of factors that have led to an increase in their profitability and the recovery of their hashrate. Despite the recent rally of Bitcoin to the $69,000 range, the network’s hashrate has shown signs of recovery, with only…
