Category: Cryptocurrency News

Cryptocurrency News and Public Mining Pools

ARK, Glassnode propose Bitcoin economic analytics framework using new metric

In Cointime Economics, the time Bitcoin has been held is considered when it is transacted, giving hodlers’ transactions greater weight.

Bitcoin Bottom: BTC Not Fulfilling This Historical Pattern Yet

On-chain data shows Bitcoin is currently not satisfying a condition that has historically occurred alongside major bottoms in the price. Bitcoin Supply In Profit Is Still Greater Than Supply In Loss In a new post on X, James V. Straten, a research and data analyst, has pointed out how BTC isn’t fulfilling the bottom condition for the supply in profit and loss metrics. The “supply in profit” here naturally refers to the total amount of Bitcoin supply currently carrying an unrealized profit. Similarly, the “supply in loss” keeps track of the number of underwater coins. These indicators work by going through the on-chain history of each coin in circulation to see what price it was last transferred at. If this previous price for any coin was less than the current BTC spot price, then that particular coin is being held at a profit, and the supply in profit adds to its value. On the other hand, the coins with a higher cost basis are counted by the supply in loss. Now, here is a chart that shows the trend in both these Bitcoin metrics over the entire history of the cryptocurrency: Looks like the two metrics are still far apart in value currently | Source: @jimmyvs24 on X In the graph, the analyst has highlighted a specific pattern that these two indicators have shown during historical bottoms in the cryptocurrency’s price. It would appear that the supply in profit dips below the supply in loss during these periods of lows, implying that most of the market enters into a state of loss. Generally, investors in profit are more likely to sell, so whenever the supply in profit is at very high values, tops become more probable for Bitcoin. Similarly, a large number of investors instead of being in loss should mean there wouldn’t be too many sellers left. Related Reading: Bitcoin Exchange Reserve Shoots Up, Pain Not Over Yet? This is potentially why bottoms have historically formed when the supply in loss exceeds the supply in profit. The chart shows that the Bitcoin Supply in Profit is currently quite a distance over the supply in loss, suggesting that a decent number of coins still carry gains. To be more precise, there is a difference of six million coins between the two supplies at the moment. The current market is nowhere near fulfilling the historical bottom criteria. However, the bottoms that the pattern has generally coincided with have been the cyclical lows, observed during the worst phase of the bear markets. In the current cycle, this bottom was marked after the FTX crash in November 2022. The only exception to this rule was in March 2020, when Bitcoin crashed due to the onset of the COVID-19 virus. This crash was an unexpected event, which may explain why it doesn’t fit in with the other bottoms. As the market at its current stage is likely already past the bear-market bottom, this supply in profit and loss pattern shouldn’t hold too much bearing on whether BTC has hit a local bottom after the recent crash. Related Reading: Bitcoin NVT Flashes Buy Signal, Bottom In? If the November 2022 low wasn’t the true bear-market bottom, BTC might have more pain in store, as a significant swing in market profitability will be required before the real bottom is found. BTC Price When writing, Bitcoin is trading around $26,300, down 7% in the last seven days. BTC hasn’t moved too much since the crash | Source: BTCUSD on TradingView Featured image from Kanchanara on Unsplash.com, charts from TradingView.com, Glassnode.com

Optimism bridge transaction failed

Hello, I want to test and bridge a tiny amount of SYX to optimism layer 2 to do some tests. I tried twice and I'm having an Error: Warning! Error encountered during contract execution [execution reverted] . ​ Here's the transaction on etherscan: https://etherscan.io/tx/0x32910c0df4126f0711d8db0363c1c72a3c8d4e86b2ee9b0218c9d6a34245d1f9 https://etherscan.io/tx/0x58b9a8627f738bd2f5248cefba1747f34d1a68dd88b852ac15af4a27069e1efd ​ Thanks submitted by /u/Size-Key [link] [comments]

Vessel Capital secures $55M to invest in Web3 infrastructure: Report

The venture firm has introduced its crypto fund for Web3 infrastructure and applications, promising a collaborative approach with startup founders.

Shiba Inu Burn Tracker Unveils SHIB Association, What Is It About?

A popular Shiba Inu burn tracker has made a significant step in the meme coin’s evolution with the launch of the aptly named SHIB Association, an innovative venture exclusively centered around the Shiba Inu ecosystem.   Newly Launched SHIB Association Unmasked In a rather lengthy X (formerly known as Twitter) post, Shibburn announced the launch of the SHIB Association, a novelty initiation that may play a pivotal role in the future progress of the Shiba Inu ecosystem and the improvement of the SHIB community.  Shibburn stated that the SHIB Association was created to facilitate the growth and advancement of SHIB by bringing forward development, utilities, and innovative solutions into the SHIB ecosystem.  It also added that the newly launched venture will be facilitating the creation of a dedicated blockchain for the Shiba Inu native token, SHIB. This strategic move may impact the advancement of the SHIB ecosystem following the launch of Shibarium. It will also ensure SHIB community members have an independent blockchain, offering better control and flexibility of the token’s capabilities.  “I announced ‘Shib Association’ earlier today, a new venture focused solely on SHIB. We will bring utility, and innovation to SHIB, including its own blockchain. This is another option for people that believe in SHIB, and want the focus to be in SHIB without having to be locked into an ecosystem,” the post read.   Token price sitting at $0.00000825 | Source: SHIBUSD on Tradingview.com What SHIB Association Means For Shiba Inu Price As news of the SHIB Association unfolds and spreads across the crypto space, SHIB community members and crypto enthusiasts have pondered on the impacts SHIB Association would have on the price of the Shiba Inu token.  One of SHIB’s community members has asked if the operations of the SHIB Association would influence the SHIB token’s price. In response, the creator of Shibburn refuted the possibility of SHIB Association or SHIB burning exercises or rates causing any positive or negative impact on Shiba Inu’s price, emphasizing that Shibburn and SHIB Association are independent entities.  “Please don’t confuse Shibburn with other projects. Shibburn is an independent company. Also, the Shib Association won’t be part of Shibburn, but we will contribute to it,” Shibburn stated.  While relaying all the developments SHIB Association has in store for the Shiba Inu ecosystem, Shibburn highlighted its dedication and commitment to Shiba Inu and its community.  The SHIB burn tracker stated that it had no prior affiliations with the anonymous group behind Shiba Inu, Ryoshi when it launched in 2019. However, it started as a burn tracker for Shiba Inu tokens to provide SHIB community members with important information about burns. The tracker has also stated that it has no obligation to reduce significant amounts of SHIB tokens from supply. Adding that every SHIB community member has a significant role to play in the growth and development of the Shiba Inu ecosystem.  “Many believe it’s my responsibility to remove massive amounts from the supply when I’m just a community member like you. Shibburn doesn’t belong to any other teams. Shibburn is an independent company I created to help out,” Shibburn said. Featured image from iStock, chart from Tradingview.com

Need Project ideas for a blockchain Hackathon which can be completed in a day using solidity

Need Project ideas for a blockchain Hackathon which can be completed in a day using solidity submitted by /u/Least_Race1 [link] [comments]

Ronaldinho could return to jail over cryptocurrency scam – Marca

submitted by /u/killah10killah [link] [comments]

Coinbase, in Uncharted Territory as Public Company Running Blockchain, Pledges Neutrality

submitted by /u/SolidDelivery4689 [link] [comments]