Category: Cryptocurrency News

2021 is coming to a close and the Ethereum network still has a fee problem. Here’s how competitor networks attempted to capitalize on Ethereum’s unresolved issues.

Seoul looks to join the metaverse starting in 2023, Meta challenges a women’s right to control the Instagram handle “metaverse,” and Francis Haugen issues a warning about the potential risks of the virtual world.

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I just checked a staked account of mine and wanted to undelegate some tokens so that I could restake with another group, but the gas fees just to unstake the tokens was ~$135USD. Is this really still a problem? Please tell me 2.0 is coming soon. Edit: Let me clarify my post. When I staked…
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Bitcoin price quoted in United States dollars has been suffering from a sharp and sudden downtrend after setting a new all-time high in November. But when quoted in Turkish lira, the top cryptocurrency kept on climbing in November and has never looked back. The result? A shocking cryptocurrency price chart you simply have to see to believe. We’ll also explain the background behind the devastating downtrend in TRYUSD. BTCTRY: Bitcoin Makes A Bullish Bet Against Struggling Currencies All throughout the history of Bitcoin price action, after setting a higher high, the notoriously volatile cryptocurrency would blast off to a cycle climax. But the recent macro concerns around the Federal Reserve’s plans to raise rates put any bullish momentum on pause. Related Reading | This Bitcoin Morning Star Could Brighten The Bullish Narrative In A Flash Instead of new highs in BTCUSD, the top crypto asset by market cap has fallen by 38% or around $20,000 per coin. However, crypto assets don’t only trade against the dollar, much like BTC can trade against altcoins like ETH. Bitcoin trading against the lira looks a lot different than the dollar | Source: BTCTRY on TradingView.com Bitcoin can be quoted in the euro, yen, or in the case of the chart above, the Turkish lira. On the BTCTRY trading pair, after the all-time high was breached in early November, the bullish trend has yet to take a breather – let alone the steep correction seen in USD terms. Behind The Turkish Lira Plunge, An Omen For The Dollar? The flight to the dollar caused by the mere mention of rate hikes has decimated assets. In Turkey, the opposite is happening. Under president Recep Tayyip Erdoğan, Turkey’s central bank has cut interest rates by a full percentage point five times since September, sending the nation’s currency into a free fall. Related Reading | Bitcoin Falls Flat: Examining A Rare Bull Market Corrective Pattern During this time frame, the lira has fallen 50% against the dollar. Inflation in the country has also increased by 21%. Central banks in Turkey have attempted to intervene several times without success, selling off the country’s reserve of USD. The lira has been in free fall against USD | Source: TRYUSD on TradingView.com In response to inflation concerns, Erdoğan has raised the minimum wage by 50%, which Marek Drimal at Société Générale claims “will fuel inflation pressures further, together with the cumulative impact of the lira’s weakness”. Additional, unspecified measures are also promised. But will they work? The lira is an example of what happens when there are no more levers left to pull. The United States Federal Reserve has a lot more shock and awe left in its war chest, but even it is struggling to balance markets, inflation, and a currency meltdown. Follow @TonySpilotroBTC on Twitter or join the TonyTradesBTC Telegram for exclusive daily market insights and technical analysis education. Please note: Content is educational and should not be considered investment advice. Featured image from iStockPhoto, Charts from TradingView.com

Anyone have any thoughts? I wanna invest into the NFT space as a whole rather than random chunks of the space. I don’t wanna buy art. I’ve been dollar cost averaging ETH for a year or so now, but is that good enough? Reasoning is the vast majority of NFTs are created from the Ethereum…
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Yearn.finance, Hxro and Arweave managed to post positive gains even as BTC and ETH price saw sharp pullbacks.

On-chain data shows that $44.2 million in Bitcoin was dumped in just one minute, following which the price of BTC declined to $46k. Exchanges Observe Huge Bitcoin Inflow Of 1923 BTC As pointed out by an analyst in a CryptoQuant post, on-chain data shows that around1923 BTC entered exchange wallets today. The relevant indicator here is the “inflow” metric, which measures the total amount of Bitcoin being transferred to exchanges. Since investors usually transfer their coins to exchanges for withdrawing to fiat or for purchasing altcoins with them, big inflow values can be bearish for the price of the crypto. On the other hand, low inflow values can be bullish for Bitcoin as they may mean there isn’t much selling pressure in the market at the moment. Now, here is a chart that shows the trend in BTC inflows over the past day: Looks like the indicator showed a huge spike today | Source: CryptoQuant As you can see in the above graph, the inflow indicator showed a massive spike today that measured to be around 1923 BTC. This means that some holders deposited to exchange wallets what was around $91.7 million at the time of the transaction. Not long after, the price of BTC dropped down to $46.7k. Related Reading | Data Shows Bitcoin Short-Term Holders Realizing Significant Losses A look at the “taker sell volume” chart reveals some additional info about this decline. This metric is another on-chain indicator that shows the total amount of sell orders on perpetual swaps. The indicator’s value seems to have surged today | Source: CryptoQuant On examining this graph, it becomes apparent that around $44.2 million in sell orders were placed on perpetual swap exchanges about 50 minutes after the aforementioned inflows. All this Bitcoin volume was dumped within the matter of a minute. Related Reading | Bitcoin Heads For Short Squeeze? Why ETH Could Outperform In This Scenario Because of the short timeframe, it’s looking likely it was just a single investor selling these coins. It’s also possible that rather than a single holder, it could be a group pulling off a coordinated dump. The analyst in the post believes this might cause further fear and inflows in the Bitcoin market, and so investors should remain vigilant. BTC Price At the time of writing, Bitcoin’s price floats around $47k, down 4% in the last seven days. Over the past month, the crypto has lost 21% in value. Here is a chart that shows the trend in the price of BTC over the last five days: BTC’s price dropped down to $46.7k earlier in the day, but has since recovered back above $47k | Source: BTCUSD on TradingView Bitcoin has been in consolidation within the $45k to $50k range for a while now, and the trend doesn’t look to be breaking anytime soon. Featured image from Unsplash.com, charts from TradingView.com, CryptoQuant.com

The application-specific integrated circuit (ASIC) bitcoin mining rig manufacturer Canaan has announced the company has secured a follow-on contract from Genesis Digital Assets for 30,000 mining machines. The sale is part of an agreement between Canaan and Genesis that gives the mining operation the option to purchase up to 180,000 ASIC bitcoin mining rigs. Canaan […]