Category: Cryptocurrency News

The firms work with prominent crypto exchanges such as Binance, KuCoin, Crypto.com, Gate.io, OKX and FTX.

On the day following the implementation by the US Federal Reserve of the 50-basis point hike, Solana (SOL) saw accumulation rather than a sell-off, despite the altcoin’s 4% decline. Prices for Bitcoin and Ethereum and other cryptocurrencies fell on December 14 as reports surfaced that the central bank raised its interest rates. The situation is different now, though. CoinGecko reports that the token dropped another 5% today, with significant declines over the past week, biweekly, and monthly periods. SOL price is currently 135% lower than its intrinsic value. Related Reading: Bitcoin Price Crystal Ball – What Happens To BTC After Christmas 2022? SOL Futures And Positive On-Chain Metrics The futures market for SOL coin indicates a positive investment rate from yesterday, confirming the optimistic tone of on-chain analytics. However, it soon turned negative, reflecting a change in public opinion regarding SOL. Speculation may be to blame for the recent price increase of the altcoin and subsequent price drop, as is normal with most cryptos. The current support at $13.38 is important because the market is already factoring in the central bank’s interest rate hike. Even if there is news of greater institutional interest in crypto and blockchain technology, the broader crypto market will be dragged down if big cryptocurrencies like BTC and ETH continue to suffer. SOL total market cap at $4.9 billion | Chart: TradingView.com Solana Ongoing Technical Advancements The crypto research firm Messari has recently published a comprehensive assessment of the Solana Ecosystem. Positively, even though FTX and Solana are tightly intertwined because of Alameda, the ecosystem has continued to implement technical advancements centered on the key pillars of Solana, namely speed and scalability. According to the overview, Solana’s DeFi space has been severely damaged. However, the environment is not dead. The study indicates that there are numerous applications on Solana, despite the fact that the TVL has decreased by a staggering 70% since the FTX disaster. Related Reading: LINK Still On ETH Whales’ Shopping Cart Despite Dismal Performance In Last 7 Days In the first quarter of 2023, Helium will migrate all of its activities on Solana’s blockchain. This is an extremely positive venture for both Helium and Solana, which might boost the price of HNT and SOL. However, investors in SOL should be wary of short- and medium-term losses, as the rising correlation between the token and BTC and ETH could render Messari’s research bearish. SOL investors anticipate greater long-term gains as the Solana Ecosystem evolves and as the market strives to recover from the catastrophe brought about by the implosion of FTX.

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Not trying to add more fud or defending CZ, but this guy surprises me everytime he speaks. When he was interviewed by CNBC yesterday he slipped a phrase that simply blowed my mind "We actually kinda forgot about $500 mil in FTT holdings". I really don't know how to take that….is it ignorance ? Is…
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Two questions, 1. Would binance staked eth2.0 (beth) be safe in case the current bank run puts binance under and 2. Can I move my beth off binance? Thanks in advance submitted by /u/TheSaneGal [link] [comments]

San Luis, a province of Argentina, has approved a bill allowing it to issue a blockchain-based, dollar-pegged stablecoin. The bill, which also approves the issuance of local artistic assets as NFTs (non-fungible tokens) seeks to enable the promotion of social development, and economic, cultural, and financial inclusion using blockchain. San Luis Approves Blockchain Development Bill […]

Jaran Mellerud of Hashrate Index recently released a ‘comprehensive analysis’ on the thesis that a Bitcoin miner capitulation could put massive selling pressure on the market, causing a crash.  The topic has been a recurring part of the discussion in recent weeks as to whether the BTC bear market could be prolonged by the tight mining industry. Charles Edwards of Capriole Investments stated two weeks ago that miner capitulation has begun, as indicated by hash ribbons. Investment giant VanEck also recently published an analysis that the bear market could extend into the second quarter of 2023 due to miner capitulation. The company predicted that BTC could bottom at $10,000 to $12,000 in Q1 2023. Mellerud counters this assumption by saying that the miners’ total BTC holdings are not significant enough to move the spot market. Are Bitcoin Miners Not As Powerful As Believed? The Hashrate Index analyst writes that all miners must collectively own a significant portion of the circulating supply to have a meaningful impact. However, the question of the number of their holdings is a great mystery, although estimates do exist. On-chain data providers such as CoinMetrics and Glassnode provide the best-known guesses, by grouping wallet addresses according to their proximity to the Coinbase transaction. Mellerud claims that these numbers likely significantly overestimate miners’ Bitcoin holdings. CoinMetrics estimates 820,000 BTC for all miners worldwide. Related Reading: Bitcoin Price Prediction: Why BTC Could Still Tumble Below $16K Another possibility is to derive the number from the Bitcoin holdings of public miners. Using these figures, Mellerud estimates 470,000 Bitcoin. With 19.2 million BTC currently in circulation, miners thus hold only between 2% and 4%. “The public’s image of miners as enormous bitcoin holders and influential market participants might have been accurate ten years ago […]. Times have changed, and miners no longer hold a meaningful share of the Bitcoin supply,” Mellerud claims. BTC Holdings By Miners Vs. Spot Volume However, in terms of potential selling pressure, it is also important to know the size of the spot market to find out how well the market can absorb the selling pressure. According to Mellerud, the best way to estimate the absolute selling pressure of miners is to look at how much BTC they receive each day. Generally speaking, about 900 freshly minted Bitcoins flow into miners’ wallets every day. When miners sell less than 100% of their production, they accumulate Bitcoin; when they sell more than 100%, they reduce their holdings. The chart below shows that Bitcoin sales by miners peaked in June when they sold 350% of their production. For the rest of the year, the rate was 150% at maximum. Using Binance spot volume, Mellerud shows in the chart below that a selling pressure of 100% of the production accounts for only 0.2% of the spot volume. At 200%, it represents only 0.4%, and at 300%, it is still only 0.6% of the total volume. Mellerud concludes: Due to the small share of Bitcoin miners’ hypothetical volume compared to Bitcoin’s total spot volume, we see that Bitcoin should have more than enough liquidity in its spot market to accommodate the selling pressure from miners. In a worst-case scenario by Mellerud, in which all miners dump their entire holdings within 30 days (equally distributed over all days), the selling pressure of 470,000 BTC (4,900 BTC per day) would only amount to 1% of the total spot volume. Related Reading: Bitcoin Price Poised To Continue Its Rally As Whales Turn Bullish After 14 Months Only if the holdings actually amount to 820,000 BTC and they were all liquidated within 30 days, it might lead to a crash in the Bitcoin price, Mellerud says. Miners would then account for nearly 7% of the spot volume. The Bitcoin price is currently experiencing a plunge of around 3.5% within the last few hours. At press time, BTC was trading at $17,035.

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I am a sixth form student studying Further Mathematics, Economics and Physics, I am hoping to study a course derived from mathematics at university, such as computer science or pure mathematics. I have been interested and utilised blockchain tech for last the two years. After university, I’d like to work at a disruptive tech firm…
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