Category: Cryptocurrency News

1inch Networks’ upcoming hardware wallet has no direct connection to the internet and doesn’t require any wired connection.

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Solana native token SOL has been on a tear since the start of the year. But the token might be on its way to test its support as it faces rejection.  Recent on-chain developments contributed to Solana’s climb. But with the rejection, can SOL regain its bullishness?  Related Reading: LUNC Network Upgrade Backed By Major Exchanges – Will The Crypto Balloon In Price? Solana Keeps Things Aglow The Solana ecosystem is touted as an “Ethereum killer” as it rose in prominence due to its low transaction fees and its capability to go through thousands of transactions per second. Sam Bankman-Fried, former CEO of the now-defunct crypto exchange FTX, called the ecosystem “underrated” last year.  This connection with SBF and FTX led to both the ecosystem and the token to take a plunge, losing nearly half of its value. SOL total market cap at $7.6 billion on the daily chart | Chart: TradingView.com Because of this, the team behind the network made efforts to distance itself from FTX and Bankman-Fried. The Messari overview which was commissioned by the Solana Foundation, detailed how things went down with regards the crypto exchange and its former big boss.  Image: BONK/Twitter But during the turn of the year, SOL and other altcoins started rallying as major cryptocurrencies like Bitcoin and Ether broke through crucial resistances. And with the release of BONK during the rally, the network usage of SOL shot upwards, adding on to the already solid trajectory that SOL has.  Source: Alchemy Despite the fear, uncertainty, and doubt that plagued the ecosystem, Solana is still considered as a fast growing ecosystem, according to a recent report, which shows that the development on the network is increasing compared to its competitors.  1/ A new report by @ElectricCapital shows that Solana is the fastest growing developer ecosystem, surpassing 2,000 total developers in 2022. It’s second in raw numbers only to Ethereum. Let’s dig into the numbers.https://t.co/HQvPbQzQD2 pic.twitter.com/xV6pnoT7db — Solana (@solana) January 17, 2023 This certainly had an effect on SOL’s price. At the time of writing, SOL is trading at $20.63, up 30% in the last seven days.  Rejection Line And What It Means Meanwhile, the token was rejected at $25, which could mean that bears will be able to test the two support levels that helped SOL reach its peak price. In the next few days, SOL is seen retesting the $18 and $16 supports.  Chart: TradingView.com Related Reading: XRP Bulls Aim For $1 As Crypto Advances With 12% Weekly Pump SOL’s bullish pace in the weekly timeframe would certainly have an effect on the token’s ability to recover from the rejection. Although it is highly likely that the $18 support will break, investors and traders can rely on $16 as a launching pad to retest $25 in the coming days or weeks.  If $25 is broken, $30 should be the next target as a breakthrough in this area would give SOL bulls legroom for more upward movement. SOL can rely on a solid ecosystem and a bullish community to recover lost ground. Featured image by Sunshine Adult Day Care

​ Vini unbanking himself Sharing this story – not mine – because I think it's a pretty awesome look at someone planning to actually live on crypto, rather than only speculating in it. Can also be found here. First things first… My name is Vinícius Barbosa, a.k.a. Vini Barbosa. I am a journalist and full…
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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.