Category: Cryptocurrency News

Diluted net loss per American depositary share in Q1 2023 stood at $0.51 from $0.55 in the previous quarter.

Politicians in the United States will likely strike a deal and raise the government’s $31.4 trillion debt ceiling for two more years. Amid this debate, the price of Bitcoin is firm but lower, tracking below the psychological $30,000 level as bulls recover after posting sharp losses mid-this week. The Debt Ceiling Debate There are reports that there will be more discretionary spending on the military and veterans with the reduction of other sectors. Moreover, there are unconfirmed reports that the Biden administration will likely not fund the Internal Revenue Service (IRS) to boost collection, as laid out earlier. Instead, the immediate focus will be to hire more auditors and target wealthy citizens. Related Reading: Bitcoin Up After Fed Rate Reveal, Correlation With Stocks Over? There are concerns that the Treasury Department and the United States government will default on their obligation as soon as the first half of June 2023. Even though highly unlikely, as the Treasury Department has said it will liquidate $119 billion of debt on that day, the market is watching how discussions pan out. Bitcoin is firming up after losses on May 24. As a deal is reportedly struck and consensus reached, politicians would once again lift the debt ceiling, sending mixed signals to the economy. Unlike in previous years when top cryptocurrencies were decoupled from the mainstream economy, things have changed as Bitcoin’s prominence rises. Will Bitcoin Benefit? BTC prices will likely rally if there is an instance of default brought about by politicians disagreeing on the way forward. On the reverse side, a deal that addresses concerns brought by the negotiating parties could signal confidence in the economy despite more debt on the table. This averts a crisis and keeps operations running, removing uncertainty and stabilizing the economy. In that case, the USD could strengthen, possibly reversing gains by Bitcoin bulls in the last two trading days. Still, the crypto community remains bullish on Bitcoin considering macroeconomic events and next year’s halving. After months of steady interest rate hikes, the United States Federal Reserve could slow down rate increments in the next meeting in mid-June. Their action could support the commodities and securities markets. Related Reading: Nigeria’s Federal Executive Council Approves Blockchain Policy At the same time, the expected supply shock following the halving of Bitcoin miner rewards could make BTC scarcer, driving prices even higher. Miners are special nodes tasked with confirming transactions and decentralizing the network. If past price action can be used to predict future formations, BTC’s prospects look positive. Before the rally of 2020 to 2021, BTC prices bottomed up in 2018 and rose in 2019 before the halving event 2020. The same pattern may be repeated through to 2024 when Bitcoin halving occurs. Feature Image From Canva, Chart From TradingView

The system uses “time-lock puzzles” to encrypt the contents of votes, making them unreadable until balloting has finished.

DeFi saw another multimillion-dollar rug pull this past week, and the Multichain saga continues to spiral out of control.

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Arbitrum (ARB) has been making waves in the crypto world as it recently became the 4th largest ecosystem in the market. Despite experiencing a sharp decline of 70% since its airdrop, Arbitrum’s native token has continued to gain attention from investors, currently trading around $1.158, down from $1.1808 on April 18th. Related Reading: Toncoin (TON) Continues Downward Trend As Bears Maintain Control Arbitrum Defies The Odds According to the Decentralized Finance (DeFi) researcher Deebs, Arbitrum has emerged as a major player in the crypto market, with its Total Value Locked (TVL) soaring to an impressive $2.3 billion. This puts it in 4th position by TVL, surpassing many of its competitors.  Additionally, since the launch of Arbitrum, the value of stablecoins has grown by over $500 million in just two months. At its peak, the network’s active user base reached over 600,000, surpassing Optimism (OP), a fast, stable, and scalable L2 blockchain built by Ethereum developers, and nearly overtaking the blockchain platform designed to host decentralized, scalable applications Solana (SOL).  Despite these impressive metrics, ARB’s price has experienced a significant drop of 70% since its airdrop and has had very little positive price action since. However, DeFi researcher Deebs believes that this dip in price may be a sign of a hidden gem in the crypto market. One of the main factors that make Arbitrum an attractive investment opportunity is its high TVL, user base, and liquidity. In fact, since its launch, Arbitrum has maintained the highest liquidity of all Layer 2 (L2) networks and is the third highest of all chains on DeFi Llama. Furthermore, while many other chains have a market capitalization to TVL ratio above 1, Arbitrum boasts one of the smallest ratios at 0.6. This means that the potential price upside for ARB is significantly higher than its competitors, making it an enticing investment opportunity for those looking for long-term gains. Additionally, ARB’s technology has been praised for its ability to address some of the key issues facing the crypto industry, such as scalability and high transaction fees. ARB’s use of cutting-edge technology such as Optimistic Rollups provides a solution to these problems, making it an attractive option for investors looking for a reliable network with great potential. Another positive sign for ARB is the amount of support it has received from major players in the crypto industry. This includes partnerships with well-known crypto projects such as Uniswap, Aave, and Chainlink. These collaborations demonstrate that the industry recognizes the value of ARB’s technology and the potential it holds for the future of decentralized finance. Related Reading: JPMorgan Predicts Bitcoin (BTC) To Revisit $45,000, Here’s Why Overall, despite the recent drop in price, ARB’s strong fundamentals and growing network usage suggest that it is a hidden gem in the crypto market. Its partnerships with major players in the industry, as well as its innovative technology, make it a promising investment opportunity for those looking to capitalize on the potential of decentralized finance. Featured image from Unsplash, chart from TradingView.com 

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The Neuralink device is designed to be surgically implanted and, according to CEO Elon Musk, will eventually be marketed to the general public.

Cointelegraph analyst and writer Marcel Pechman explains why the cryptocurrency market has lost 60% of its market cap, with the S&P 500 only about 15% from its all-time high.