In the last 24 hours, the cryptocurrency market has shown signs of stabilization, pausing the recent bearish trend and entering a phase of consolidation. Bitcoin is currently hovering around the $61,000 mark, while Ethereum has dipped below the crucial $3,000 level. The sudden correction in Bitcoin’s price, dropping below $61,000 and witnessing a 3.5% decrease
Crypto
Core Scientific, a key player in the Bitcoin mining industry, has recently unveiled their financial performance for the first quarter of 2024. This financial disclosure marks a significant turnaround for the company, which had previously faced bankruptcy. The most notable highlight of Core Scientific’s financial report is the substantial increase in net income, which soared
Despite a recent 20% weekly decline, analysts are predicting a significant rally for the Shiba Inu coin (SHIB) based on positive technical indicators. The coin has faced a sharp drop in price recently, losing 20% on a monthly scale and seeing its market capitalization fall below $13.5 billion. However, experts are not overly concerned about
Monero, a privacy-focused cryptocurrency, has been thrust into the spotlight recently following the closure of LocalMonero, a peer-to-peer exchange platform. This abrupt announcement has sparked a surge in discussions across social media platforms, with users expressing a mix of concern and curiosity about the future of Monero (XMR). LocalMonero attributed its closure to a combination
Digital asset investment products faced yet another week of outflows, amounting to a sizable $251 million. This marks the fourth consecutive week of outflows in the market. The most notable observation from the past week was the significant outflows from newly issued ETFs in the US, totaling $156 million. This was the first instance of
The launch of Bitcoin ETFs in Hong Kong faced its first hurdle on April 30, with the China Asset Management Bitcoin ETF experiencing its first cumulative daily outflows on Monday. Farside data revealed that the China AMC Bitcoin ETF saw an outflow of $4.9 million, while the other Hong Kong-based products remained steady with no
The Securities and Exchange Commission (SEC) has set its sights on Robinhood Markets Inc., issuing a Wells Notice to the popular crypto trading platform on May 4. The notice indicates that the SEC staff has made a preliminary determination to recommend legal action against Robinhood for alleged violations of Sections 15(a) and 17A of the
The rise of meme coins in the cryptocurrency industry has sparked discussions about regulatory concerns. Chris Dixon, a general partner at Andreessen Horowitz (a16z), has expressed his worry about the US regulatory system. He questions the allowance for meme coins to flourish while other blockchain tokens with practical applications face regulatory hurdles due to potential
Blockchain analytics company Elliptic recently announced a groundbreaking development in the realm of leveraging artificial intelligence (AI) to detect money laundering in Bitcoin. Collaborating with researchers from the MIT-IBM Watson AI Lab, Elliptic’s researchers have made significant progress in this area. Through the utilization of a deep learning model, they were able to successfully identify
Coinbase, the leading cryptocurrency exchange in the U.S., has released its Q1 2024 earnings report, showcasing a total revenue of $1.6 billion. This represents a significant 72% increase from the previous quarter. The boost in performance can be attributed to the surging prices of various crypto assets and the introduction of spot Bitcoin ETFs in
Financial technology conglomerate Block, owned by X co-founder Jack Dorsey, has recently announced a groundbreaking decision to invest 10% of all profits made from bitcoin-related products in monthly BTC purchases. In a Q1 2024 earnings report, Dorsey articulated the rationale behind this move, addressing shareholders’ concerns about the company’s heavy focus on the largest cryptocurrency.
Amidst a general market downturn in the world of cryptocurrency, XRP has demonstrated an impressive level of resilience. While other digital assets such as Bitcoin and Ethereum experienced multi-month low prices, XRP managed to hold its ground, even showing a 3% increase on a two-week scale according to CoinGecko’s data. This has led many analysts
Bitcoin has been on a rollercoaster ride over the past week, starting with a promising pump to nearly $65,000 on Monday morning. However, the bears quickly took control, sending the price south to $62,000 and then further downward to below $60,000. The correction hit a low of $56,500 on Wednesday ahead of the US Federal
MicroStrategy recently unveiled a new Bitcoin-based strategy called “MicroStrategy Orange” during their annual MicroStrategy World conference. This strategy aims to combat online spam through an open-source decentralized identity solution built on Bitcoin. While the company’s executive chairman, Michael Saylor, describes it as an “enterprise-grade platform for implementing Decentralized Digital Identifiers (DIDs),” there has been skepticism
