Category: Cryptocurrency News

Cryptocurrency News and Public Mining Pools

Drop in on X to share your thoughts on Ravencoin!

Drop in to join the conversation – https://x.com/Humble_Miner/status/1769902562176651462?s=20 Time for a @ravencoinpulse check. Drop your comment & start the conversation What's next for Ravencoin? What are you building? What is RVN not doing? What does it need? What projects have proven solid even in the bear? submitted by /u/TheHumbleMiner [link] [comments]

Ether.fi $210M Airdrop Sparks Market Turbulence, ETHFI Value Drops By 35%

ETHFI, the governance token of the decentralized liquid staking protocol Ether.fi, debuted for $4.13 following its distribution through its airdrop on March 18.  However, since the $210 million airdrop, the value of ETHFI has experienced a significant decline, plummeting over 35% to its current trading price of $3.05, according to CoinGecko data. ETHFI Airdrop Attracts 20,000 Participants Market expert Tom Wan has provided a summary of the ETHFI airdrop. Out of the total supply of 16.8 million ETHFI tokens, approximately 28% have been claimed by participants.  Related Reading: Standard Chartered Predicts Bitcoin At $150,000, ETH At $8,000 By Year-End The airdrop attracted around 20,000 claimers, showcasing considerable interest in the token distribution. Notably, the top wallets, accounting for 1.67% of the total distribution, have the potential to receive between 10,000 and 25,000 ETHFI tokens, reflecting substantial holdings. Most claimers, comprising approximately 67% of participants, are expected to receive a lower allocation of ETHFI tokens, ranging from 175 to 500.  This distribution strategy aims to ensure a broader and more equitable dispersion of the tokens among participants. However, an interesting observation is that 76% of claimers have transferred their ETHFI tokens to other wallets, indicating a potential desire for liquidity or trading activities. Furthermore, it is noteworthy that 38% of the token receivers are new wallets, suggesting an expansion of the ETHFI user base as of May 1, 2023. This influx of new participants showcases a growing interest in the governance and utility offered by Ether.Fi’s protocol. Ether.fi Witnesses Surge In Total Value Locked Ether.fi has experienced notable growth in net deposits and Total Value Locked (TVL), as evidenced by data provided by Token Terminal. However, the platform has faced fluctuations in its active user base.  According to Token Terminal, net deposits on Ether.fi have significantly increased, reaching $2.99 billion over the past 30 days alone. This marks a significant growth rate of 136.9%. Simultaneously, the TVL on Ether.fi has mirrored the surge in net deposits, which also amount to $2.99 billion over the same 30-day period. This metric represents the total value of assets, predominantly cryptocurrency, locked within the protocol.  However, while Ether.fi has witnessed robust growth in net deposits and TVL, the platform has experienced fluctuations in its active user base. Daily active users have shown a considerable decline of 54.3% over the past 30 days, currently standing at 506.  Similarly, weekly active users have experienced a more moderate decline of 3.5%, currently standing at 5,780. This suggests that while there has been a slight reduction in user engagement every week, a significant portion of the user base remains actively involved with the protocol. The most substantial decline in user activity is observed in monthly active users, with a notable drop of 68.9% over the past 30 days. The figure currently stands at 14,740 users.  Related Reading: Solana Memecoin Presale Gone Wrong: Creator Accidentally Burns $10M, Whale Makes Huge Profit Overall, the distribution of the ETHFI token through the airdrop has garnered significant attention and participation. At the same time, the token’s value has experienced a decline since its initial listing, the long-term potential and impact of ETHFI within the Ether.Fi ecosystems are yet to be fully realized. Featured image from Shutterstock, chart from TradingView.com

Is Ripple Behind The XRP Price Crash? Massive Selling Spree Sparks Concern

Ripple’s occasional sale of XRP tokens has always been pinpointed as one reason for XRP’s tepid price action. Once again, the crypto firm’s recent offloading of a significant amount of XRP has raised concerns about its negative effect on the crypto token.  Ripple Offloads 240 Million XRP On-chain data shows that Ripple transferred a total of 240 million XRP tokens to an unknown address in two separate transactions. The first transaction occurred on March 5, when it sent 100 million XRP to the address in question. Then, on March 13, the Ripple wallet again transferred 140 million XRP to this address.  Related Reading: Bernstein Analysts Convinced Bitcoin Is Headed For $150,000, Here’s Why These transactions have raised eyebrows, and members of the XRP community are contemplating whether these sales might have been the reason XRP’s price crashed recently. Notably, the crypto token rose to as high as $0.74 on March 11 before seeing a sharp correction.  It is worth mentioning that XRP’s price crashed on March 5, the day the first transaction was carried out. Data from CoinMarketCap shows that the crypto token, which was trading as high as $0.65 on the day, dropped to as low as $0.55 on the same day. However, it remains uncertain whether or not Ripple’s action was directly responsible for this price dip. Meanwhile, XRP’s price was pretty stable on the day the second transaction occurred, although it was still declining from its weekly high of $0.7, recorded on March 11. The impact of Ripple’s XRP sales on the market continues to be heavily debated among those in the XRP community.  Pro-XRP crypto YouTuber Jerry Hall previously claimed that Ripple was suppressing XRP’s price with its monthly sales. However, there has also been a report that Ripple’s sale doesn’t impact prices on crypto exchanges.  If Not Ripple, Then Who? Ripple’s price action defies logic, especially considering that the token’s fundamentals and technical analysis suggest it is well primed for a parabolic move. That is why talks about possible market manipulation continue to persist. It is also understandable that all fingers instantly point to Ripple since they are the largest XRP holders.  Related Reading: Crypto Analyst Predicts Further Upside For Shiba Inu, Here’s The Target However, if Ripple is indeed not responsible for XRP’s stagnant price action, then there needs to be another explanation for why XRP has continued to underperform. Although the crypto token has continued to rank in the top 10 largest crypto tokens by market cap, it is worth mentioning that it is one of few tokens that has a negative year-to-date (YTD) gain.  At the time of writing, XRP is trading at around $0.61, up in the last 24 hours according to data from CoinMarketCap.  Token price at $0.6 | Source: XRPUSDT on Tradingview.com Featured image from BitIRA, chart from Tradingview.com

Spanish Court Upholds Privacy Watchdog’s Decision to Halt Worldcoin Activities

The Audiencia Nacional (National Hearing), a Spanish special tribunal, has maintained the measures that the AEPD, the private data watchdog in the country, has taken against Worldcoin. The court determined that the defense of the general interest of protecting the people’s data must prevail over the company’s economic interest. Spanish Audiencia Maintains Suspension of Worldcoin […]

SEC hit with sanctions for its ‘gross abuse of power’ in Debt Box case

Love heating this, SEC needs to be put in its place submitted by /u/stockyewok [link] [comments]

Daily Crypto Discussion – March 19, 2024 (GMT+0)

Welcome to the Daily Crypto Discussion thread. Please read the disclaimer and rules before participating.   Disclaimer: Consider all information posted here with several liberal heaps of salt, and always cross check any information you may read on this thread with known sources. Any trade information posted in this open thread may be highly misleading,…
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Bitcoin Has Undergone This Bearish Structure Change, Analyst Explains

An analyst has explained that the recent trend in the Bitcoin Coinbase Premium Gap suggests a significant change in the asset’s structure. Bitcoin Coinbase Premium Gap Has Continued To Be Negative In a new post on X, analyst Maartunn discussed how the Bitcoin Coinbase Premium Gap is still negative. The “Coinbase Premium Gap” here refers to a metric that tracks the difference between the Bitcoin prices listed on cryptocurrency exchanges Coinbase (USD pair) and Binance (USDT pair). Related Reading: Bitcoin Sentiment Cools Off, Price Rebound Soon? This indicator’s value provides hints about how the behavior of the former’s userbase currently differs from that of the latter platform. Below is the chart shared by the analyst that reveals the trend in the Bitcoin Coinbase Premium Gap since the start of the year. The value of the metric seems to have been quite red in recent days | Source: @JA_Maartun on X As the graph shows, the Bitcoin Coinbase Premium Gap had been mostly positive as Bitcoin had gone through its journey from $44,000 to beyond the $73,000 level. This would imply that the price listed on the exchange was higher than on Binance during this period. Such a trend naturally suggests that the buying pressure on the former was greater than on the latter. Coinbase is widely known to be the preferred platform of US-based institutional investors, while Binance has global traffic. Thus, the green positive premium values would imply these large American entities had been buying and supporting the rally. Recently, however, the indicator’s value turned negative as these investors took to selling instead. Since then, the metric has continued to assume such values. Alongside this selloff, the BTC price has experienced a notable decline. The Bitcoin Coinbase Premium Gap followed a similar pattern during the first month or so of the year. In the first 10 days of January, the metric had been positive as buying had occurred in anticipation of the spot exchange-traded funds (ETFs). Still, after the ETFs had been approved, the indicator had turned negative. Related Reading: Bitcoin FOMO: Over 533,330 Addresses Bought Above $70,180 The red premium values had maintained for a few weeks, during which the cryptocurrency price had struggled. Based on this pattern and the recent trend, it would seem that American institutional traders have driven the price action this year. As such, so long as the current bearish structure in the Bitcoin Coinbase Premium Gap exists, it’s possible that the price may not be able to amass too much upward momentum. BTC Price At the end of the positive Coinbase Premium Gap streak, Bitcoin had been able to achieve a new all-time high above $73,800, but as traders have switched to selling on the platform, the coin has dropped almost 9%, with its price now trading around $67,300. Looks like the price of the coin has been going down over the last few days | Source: BTCUSD on TradingView Featured image from Shutterstock.com, CryptoQuant.com, chart from TradingView.com

Argentine Senate Passes Reform Creating Cryptocurrency Entities Registry

The Argentine Senate passed a law that creates a registry for any institution that offers cryptocurrency services in the country. The CNV, the Argentine securities enforcer, will manage this registry, which also establishes obligations for crypto companies to deliver personal information on their customers and other data to government entities. Argentine Senate Passes Crypto Anti-Money […]

New ICO Green Bitcoin Introduces the Gamified Green Staking and Raises $6M in 2 Weeks

PRESS RELEASE. A new project called Green Bitcoin (GBTC) saw a sudden burst of popularity around the time when the original Bitcoin (BTC) saw its massive price surge. While Bitcoin skyrocketed to an all-time high, Green Bitcoin — currently still in presale — managed to raise $6 million in only two weeks. Green Bitcoin’s presale […]

Profit-Taking Panic, Short-Term Bitcoin Holders Sell Off – What’s Next For BTC?

Recent on-chain data highlighted a significant trend: a wave of profit-taking by investors who have held Bitcoin (BTC) for less than five months. As detailed by CryptoQuant’s latest data, this phenomenon is not just a random market movement but an echo of patterns observed at the zeniths of previous bull markets. Related Reading: Bitcoin Sentiment Cools Off, Price Rebound Soon? Profit-Taking Among Short-Term Bitcoin Holders Signals Market Shift According to CryptoQuant, the Spent Output Profit Ratio (SOPR), a key metric in evaluating the profit and loss of Bitcoin transactions over a specific period, showcases a pronounced uptick indicative of widespread profit realization. This tendency among short-term holders to liquidate their holdings for gains parallels historical market peaks and suggests a critical juncture for Bitcoin. Crypto Dan, a seasoned market analyst, emphasized the significance of this trend, stating, “This movement is something that only happens once every few years,” highlighting the uniqueness and possible consequences of the present market trends. $BTC short-term investors took large profits “In relation to this adjustment, if we look at the SOPR, there was a big movement related to profit realization by short-term holders who held #BTC for less than 5 months.” by @DanCoinInvestor Link 👇https://t.co/RqBtDm81hO — CryptoQuant.com (@cryptoquant_com) March 18, 2024 New Market Forces At Play: ETFs Inflow Set To Rebalance The Equation While the SOPR metric might signal alarm bells reminiscent of past bull market peaks, the crypto landscape is underpinned by factors that could mitigate the traditional outcomes of such profit-taking. Among these is the recent introduction of a BTC spot Exchange-Traded Fund (ETF). This new avenue for Bitcoin investment introduces a complex layer to the market’s dynamics, potentially cushioning any adverse effects of short-term holders’ profit-taking activities. Dan concluded by noting: But considering the BTC spot ETF and potential additional inflows from institutions and individuals, it is difficult to judge it as simply a signal of the peak of a bull market. After a short-term correction period, it’s very likely that we will see a strong further bull in 2024. CoinShares Head of Research, James Butterfill, provides a further layer of analysis, suggesting an imminent “positive demand shock” for Bitcoin. According to Butterfill, the delay in making spot Bitcoin ETFs accessible to the Registered Investment Advisors (RIA) market — a sector managing around $50 trillion in assets — is set to end. With RIAs requiring three months of trading data before including new ETFs in their portfolios, the market is on the cusp of witnessing a substantial influx of new investments into Bitcoin. “If 10% of RIAs chose to invest 1% of their portfolios, this could result in approximately $50 billion in additional inflows,” Butterfill elaborated, highlighting the scale of potential market impact. Moreover, the current supply-demand dynamics within the Bitcoin market are skewed towards increasing demand against decreasing supply. Related Reading: Bitcoin Approaches Risky Territory As Halving Event Draws Near The daily demand for BTC, fueled by the trade of spot BTC ETFs and the average production of new coins, underscores a growing discrepancy that ETF issuers are filling by tapping into the secondary market. This scenario is evidenced by a dramatic decrease in OTC desk coin holdings, a direct consequence of ETF-driven demand, according to Butterfill. Featured image from Unsplash, Chart from TradingView