Crypto
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Bitcoin on-chain data hints at institutions ‘deploying capital’ at expense of ‘hodlers’
“Sophisticated passive buying” on Bitcoin (BTC) spot exchanges coincides with the trend of BTC leaving exchanges to cold storage. Adjusted Bitcoin supply shock. Source: Willy Woo The price recovery witnessed in the Bitcoin market across the last two weeks coincided with a rise in hodlers and speculative investors selling their coins, according to data provided by researcher Willy Woo. Nonetheless, BTC’s price ability to withstand the selling pressure meant there was buying pressure coming from elsewhere. As Cointelegraph reported earlier this week, so-called Bitcoin whales are accumulating BTC at current price levels. “This selling is contrasted by exchange data showing sophisticated passive buying on spot exchanges and movement of coins to whale-controlled wallets,...
Laundering via digital pictures? A new twist in the regulatory discussion around NFTs
On Feb. 6, the United States Department of the Treasury released a report under the headline “Study of the facilitation of money laundering and terror finance through the trade in works of art.” In fact, only a tiny fraction of the 40-page document is dedicated to the “Emerging Digital Art Market,” by which the department understands the market for nonfungible tokens, or NFTs. Still, even a brief mention of the emerging NFT space in this context can have major implications for the tone of the nascent regulatory debate with regard to the asset class. What the report said The overall tone of the report is hardly alarming for the NFT space: The document casually mentions the growing interest in the digital art market both from private investors and legacy institutional players such as a...
Here’s how traders got alerted to some of the biggest rallies of this week’s resurging market
This crypto winter wasn’t a very long one. Having briefly touched $34,000 in the second half of January, Bitcoin (BTC) is on its way up again, touching the $45,000 mark on Feb. 10. Many altcoins have been catching up as well and posting double-digit weekly returns. However, not all relief rallies were equally impressive. Is there a way for traders to pick the assets that are about to pull off the strongest rebounds? Luckily, bullish marketwide reversals tend to look similar in terms of both price movement and other variables that shape market activity: rising trading volumes, spikes of online attention to individual tokens, and the elevated sentiment of social media chatter around them. Furthermore, the conditions that underlie individual assets’ rallies in a resurging crypto market often ...
Weekly Report: Ether price could pull back to $1,700 as per Bloomberg’s February Crypto Report
Bloomberg analysts predict Ether to retreat to $1,700 before surging again Bybit exchange has announced a partnership with Cabital to bring more on-ramp integrations Canadian lawmaker tables bill to promote the growth of the cryptocurrency industry The cryptocurrency sector saw it all in the second week of February – from volatility in the market to major partnerships within the industry. Here is a rundown of the major stories that you might have missed Bloomberg analysts foresee Ethereum sliding back to $1,700 As markets struggle to recover from the January dump, Ethereum could not yet be out of the woods. A team of Bloomberg analysts has predicted that the second-largest crypto asset is likely to crash to $1,700, though the fundamentals are expected to remain unaffected. The Crypto Outlo...
4 factors to consider when choosing an industrial-scale Bitcoin mining location
Large-scale miners are the dominant players in Bitcoin (BTC) mining — we should know because we are one. Having scaled up from a set of mining rigs in my dorm room, our team at Genesis Digital Assets has grown to over twenty industrial-scale mining farms across the globe in just eight years. Every quarter, we continue to scale and build more. You may think that because mining happens digitally, you can plant a farm anywhere in the world. And while you can mine Bitcoin from anywhere, having on-the-ground operations takes more thought than just setting up shop wherever you like. Whether you’re looking to start your own farm or scouting out farms to invest in, location is going to be the make-or-break factor of your mining operations. Because it’s such a new industry and there’s no handbook f...
Top 5 cryptocurrencies to watch this week: BTC, XRP, CRO, FTT, THETA
Bitcoin (BTC) has given back some of its recent gains, but on-chain data resource Ecoinometrics said that whales are accumulating because they believe the price is attractive from a long-term perspective. On the downside, analyst Willy Woo believes that $33,000 is a strong bottom for Bitcoin. Popular Twitter trader Credible Crypto citing data from PlanC said that the odds of Bitcoin declining below $30,000 are poor. Crypto market data daily view. Source: Coin360 Fidelity Digital Assets Head of Research Chris Kuiper believes that Bitcoin’s downside risk could be minimal when compared to other digital assets, but it could rally substantially if it manages to replace gold as a store of value. Could Bitcoin and altcoins stage a recovery after the recent pullback? Let’s study th...
Injective Protocol (INJ) rallies 100%+ after launching cross-chain support for Cosmos
Trading perpetual futures contracts in decentralized apps is a crypto sub-sector ripe for growth, especially as discussions of regulation, taxation and mandatory KYC at centralized exchanges continue to take place. One DEX platform that has begun to gain traction is Injective (INJ), an interoperable layer-one protocol designed to facilitate the creation of cross-chain Web3 decentralized finance (DeFi) applications. Data from Cointelegraph Markets Pro and TradingView shows that after hitting a low of $3.91 on Feb. 3, the price of INJ has rallied 157.8% to a daily high of $10.08 on Feb. 11 amidst a 1,756% spike in its 24-hour trading volume to $306 million. INJ/USDT 1-day chart. Source: TradingView Three reasons for the spike in demand for INJ include the addition of support for new assets i...
Love in the time of crypto: Does owning cryptocurrency make daters more desirable?
Cryptocurrency has become one of the most widely discussed topics of 2022. As such, it shouldn’t come as a surprise that mentioning “crypto” in an online dating profile may generate additional attention. A newstudy from brokerage firm eToro found that 33% of Americans who were surveyed would be more likely to go on a date with someone who mentioned crypto assets in their online dating profile. Out of the 2,000 adult residents in the United States between the ages of 18 and 99 surveyed, more than 40% of men and 25% of women indicated that their interest in a potential date is stronger when crypto is written on a dating profile. Crypto: What’s love got to do with it? Callie Cox, U.S. investment analyst at eToro, told Cointelegraph that the findings from eToro’s inaugural “Crypto & ...
Ethereum’s average and median transaction fee slip, lowest in six months
The infamous transaction fees of the Ethereum (ETH) ecosystem underwent a decremental phase from Jan. 10 to record the lowest average and median fees of $14.17 and $5.67 — lowest since September 2021. Data from Blockchair shows that the average transaction fee of ETH in January was $53.03, which at its peak was $70.83 back in May 2021. Just within a month, the average fees saw an almost 73.3% decline as evidenced by the following chart. Additionally, the resultant median transaction fee also witnessed an 81.02% drop from January’s $29.88. In the last six months, ETH’s median transaction fee was seen lowest in September at $6.26. Interestingly enough, the transaction count of the Ethereum network has also come down to numbers that were last seen back in early 2019. Blockchair data sho...
Bitcoin inches towards higher weekly close with CME futures gap in focus
Bitcoin (BTC) was on the cusp of making a new higher weekly close on Feb. 13 as bulls kept the market above $42,000. BTC/USD 1-hour candle chart (Bitstamp). Source: TradingView Bitcoin: Potential CME gap to come Data from Cointelegraph Markets Pro and TradingView tracked fairly stress-free conditions for BTC/USD over the weekend, with the weekly candle set to conclude in under 12 hours. The pair had briefly dipped below the $42,000 mark before recovering, this setting it up to challenge last week’s close of $42,400 on Bitstamp. Should it succeed, the close would be a three-week high, Bitcoin nonetheless keeping traders guessing as a matter of a few hundred dollars separated the upcoming close from the last. If #BTC loses this 4HR Range Low as support in the short-term, tha...
Inside the blockchain developers’ mind: Can EOS deliver a killer social DApp?
Cointelegraph is following the development of an entirely new blockchain from inception to mainnet and beyond through its series, Inside the Blockchain Developer’s Mind, written by Andrew Levine of Koinos Group. In my first article in this series, I explained why Ethereum and Steem haven’t been able to deliver a mainstream social decentralized application (DApp), despite taking two very different approaches and how this makes the solution seem. Therefore, why not combine the fee-less system developed for Steem with the flexibility of a blockchain with smart contracts like Ethereum? Then, we could give developers the best of both worlds, enabling them to create free-to-use applications with the freedom to add new features whenever they want. One could argue that this is exactly what Dan Lar...
Can XRP price reach $1 after 25% gains in one week? Watch this key support level
XRP price has continued to bounce back after falling by more than 70% in a correction between April 2021 and January 2022. Why the XRP/USD 50-week EMA is key On Feb. 13, XRP/USD reached as high as $0.916, above its 50-week exponential moving average (50-week EMA; the red wave) around $0.833. The upside move, albeit not decisive, opened possibilities for further bullish momentum, mainly owing to a historical buying sentiment around the said wave. XRP/USD weekly price chart featuring 50-week EMA. Source: TradingView For instance, traders had successfully reclaimed the 50-week EMA as support in the week ending July 27, 2020, more than a year after flipping the wave as resistance. Later, XRP’s price rallied by more than 820% to $1.98 in April 2021, its best level in more than three years...
