Logium DEX rolls out v2 demo, invites community to stress-test the platform
submitted by /u/Mynameiswhathehe [link] [comments]
submitted by /u/Mynameiswhathehe [link] [comments]
submitted by /u/SeriousGains [link] [comments]
Animoca Brands CEO Robby Yung believes we will see many great blockchain games released during the first nine months of 2023 as developers begin to deliver after raising funds in 2022.
On-chain data shows the Bitcoin miner outflows have surged, suggesting that selling from this cohort may be behind the crypto’s decline to $20,700. Bitcoin Miner Outflows Have Registered Multiple Spikes Recently As pointed out by an analyst in a CryptoQuant post, on Wednesday, miners deposited 669 BTC to exchanges. A relevant indicator here is the “miner reserve,” which measures the total amount of Bitcoin that miners as a whole are currently holding in their wallets. The “miner outflow” is a metric that tells us the total number of coins that these blockchain validators are transferring out of the miner reserve right now. Naturally, the reserve’s value goes down whenever the outflow records a spike, given that an equal or higher amount of the crypto doesn’t flow inside at the same time. Generally, miners take BTC out of their reserve for selling purposes. Thus, whenever the outflow registers high values (or alternatively, the reserve observes a steep decline), it means this cohort might be participating in large amounts of selling at the moment. Now, here is a chart that shows the trend in the Bitcoin miner outflow and miner reserve over the past couple of months: The value of the reserve seems to have observed significant decline in recent days | Source: CryptoQuant As displayed in the above graph, the Bitcoin miner outflow saw two very large spikes in the last few days. The spike on January 14 measured around 4,089 BTC, while the one on January 17 amounted to 2,500 BTC. Related Reading: Asian Traders Behind Most Of Bitcoin’s Recent Gains, Report Reveals At the same time as these outflows, their reserves also plunged, which means that there wasn’t much incoming volume to compensate for these outflows. On Wednesday, there was also a third spike, but it was significantly smaller in scale than the other two. However, there was still something about this outflow that’s worth paying attention to. About 669 BTC from this outflow was headed toward centralized exchanges. This can be seen in the data for the “miner to exchange flow” metric, which is also shown in the chart. Usually, exchanges are what investors use for quickly swapping their Bitcoin in favor of altcoins or stablecoins, or for simply withdrawing to fiat. While miner outflows alone can be a sign that there is some selling going on (as these holders may just use over-the-counter (OTC) deals instead of exchanges), deposits straight to exchanges do provide more evidence that selling could be the intent behind the outflows. While a part of the third outflow was headed toward the exchanges, the first two, larger spikes didn’t seem to have coincided with any significant deposits toward these platforms. Related Reading: Altcoin Indexes Outperform Bitcoin, Small Caps Lead Market Nonetheless, the fact remains that following the first two outflows, the Bitcoin rally slowed down to a crawl, and after the third one (that went towards exchanges), BTC outright declined and hit $20,700. This could suggest that selling from miners may have played some part in these developments in the asset’s price. BTC Price At the time of writing, Bitcoin is trading around $20,700, up 14% in the last week. Looks like BTC has plunged in the past day | Source: BTCUSD on TradingView Featured image from Jievani Weerasinghe on Unsplash.com, charts from TradingView.com, CryptoQuant.com
Ukraine will become the world’s best jurisdiction for crypto assets, the minister overseeing the country’s digital transformation promised. Speaking with media at the World Economic Forum in Davos, Mykhailo Fedorov praised the support from the crypto community for his war-struck nation. Crypto Donations Have Been Critically Helpful to Ukraine Amid Invasion, Fedorov Says During the […]
A panel of experts at the 2023 World Economic Forum highlighted how the metaverse could deliver practical use cases of large-scale industrial industries like healthcare and retail.
After the DXY fell intra-day to a new 7-month low of 101.56 yesterday, the Bitcoin price briefly managed to tackle the key resistance zone above the $21,500 mark, reaching its highest level since September 13, 2022, at $21,650. However, the euphoria did not last long for two reasons. First, the DXY showed a strong bounce, and second, news became public that Genesis Trading could be preparing for bankruptcy. This has stoked new fears that the contagion in the crypto market could roll on after the FTX bankruptcy in November. But what is known so far and what could this mean for the Bitcoin price? Here’s What’s Known According to a Bloomberg report yesterday, Genesis Trading, a subsidiary of crypto mogul Barry Silbert’s DCG empire, is facing bankruptcy. If the report proves true, the bankruptcy filing could come as early as this week, according to Bloomberg. Faced with a lack of liquidity, Genesis is currently in confidential negotiations with various creditor groups. Genesis and DCG have reportedly exchanged several proposals with creditors, but have so far failed to reach an agreement. Related Reading: Bitcoin Price Could Top In Short Term, Why Dips Might Be Attractive Genesis is working on a restructuring plan, according to informed sources. Some creditors apparently would be willing to accept a mix of cash and share certificates from DCG. However, the deal may not be ready yet, as Bloomberg reported yesterday. According to crypto author Samuel Andrew, citing sources close to DCG, talks are continuing and plans could still change. Andrew wrote today: UPDATE: The Genesis Trading news regarding a ‘pre-packaged bankruptcy’ is being refuted by several Genesis creditors that matter. **several sources claim that DCG/Genesis is leaking the pre-packaged bankruptcy narrative to force an agreement. Quote, ‘…far from a done deal.’ What Impact Will It Have On The Bitcoin Price? The impact of a Genesis bankruptcy on the Bitcoin price will likely depend largely on whether DCG will find a deal with Genesis’ creditors or whether DCG will be dragged into bankruptcy with them. Although details are not yet available, it seems likely that a “pre-packaged” deal could prevent a major market impact on Bitcoin price by preventing DCG’s insolvency and liquidation of Grayscale. Related Reading: Overbought Or Ready To Rip? Bitcoin Daily RSI Reaches Explosive Levels If there’s no deal, this could arguably result in the “cash cow” Grayscale having to be sold or DCG being forced to liquidate large chunks of its Grayscale Bitcoin Trust (GBTC) holdings. This is due to the fact that DCG owns Genesis money. The loans are $575 million due in 2023 and another $1.1 billion promissory note due in 2032 to Genesis. However, there are several factors still unclear. Thus, it’s still not clear if a Genesis bankruptcy will automatically result in DCG going down, depending on the question of if they can raise enough funds. Also, the liquidation of GBTC isn’t an easy task as it comes with high legal hurdles and requires the SEC’s approval. Accordingly, crypto influencer Lark Davis also commented via Twitter, “No indication yet on how this will affect DCG or the Grayscale Bitcoin and Ethereum Trusts.” Hypothetically speaking, a liquidation of the entire GBTC could mean a massive dump if more than 630,000 BTC were flushed into the still illiquid market. Even if the liquidation were to take place over a period of several months, such selling pressure would likely drive the Bitcoin price significantly down. At press time, the Bitcoin price remained relatively stable despite the rumors and stood at $20,802. Featured image from Behnam Norouzi / Unsplash, Chart from TradingView.com
2022 was one of the roughest years in the crypto industry, which saw the collapse of Terra LUNA, Celsius, and FTX, consequently wiping out over $2 trillion from the crypto market. However, the dark horse in the face of these ugly events was the crypto exchange – Bitget. Despite the hardships in the market, Bitget […]
Traditional gaming is moving to the blockchain, and in more ways than one. The gaming industry is about to explode, and here is why: – The gaming industry is growing FAST. The number of gamers sits at 3.24 billion per a recent report from Statista. – Blockchains make it possible for gaming economies to form…
Read more
After 8 or 9 months, I'm finally seeing greens again. BTC is almost 10% green for me. It's nice to see we're still in the game with all this. Everyone around me sold everything they had, while I was ready to go all the way to the bottom. A huge amount of people I know…
Read more