Category: Cryptocurrency News

According to BNB Chain, MetaMask was averaging recommended fees from multiple networks, causing opBNB recommended fees to be too high.

With contrasting events in the industry, crypto investment products have witnessed a continuous outflow for the sixth week. Some altcoins demonstrate resilience in this trend, defying the broader market sentiment. Dissecting The Crypto Outflow Trend Crypto funds have witnessed a net outflow of $9 million in the past week, taking the total to roughly $464 million over the last ten weeks, according to Coinshares’ latest digital asset fund flow weekly report. Related Reading: Crypto Fund Flows: Millions Exit Bitcoin, But These Three Coins Hold Their Ground Relevant digital asset management players like CoinShares, Grayscale, 21Shares, Bitwise, and ProShares have felt the heat of this ongoing trend. To put things into perspective, the outflows have cooled from the previous week’s $54 million, but they still extend the continuous ten-week streak of net capital movement away from these products. A closer look into the report reveals this trend isn’t uniform across regions. Europe has somewhat resisted this wave, recording inflows of $16 million. James Butterfill, Research Head at CoinShares, pinpoints the regional sentiment divergence to varying reactions to the regulatory environment. According to Butterfill, European investors see the “recent regulatory disappointment as an opportunity,” while their US counterparts have pulled out $14 million, possibly due to dismay over recent events. Moreover, trading volumes in crypto funds have reflected the same caution. From exceeding $1 billion in the previous week, the volume plunged to $820 million, substantially less than the yearly average of $1.3 billion. Not All Assets Feel The Pinch Bitcoin, the flag bearer of crypto, hasn’t been immune to this trend, registering outflows for three consecutive weeks, with a dip of $6 million in the past week alone. Interestingly, Short-Bitcoin products, which gain when Bitcoin prices fall, have seen outflows of $2.8 million. This suggests a larger narrative where investors may unwind their bearish bets on Bitcoin. According to Butterfill, this outflow signifies a reduction of 78% in those assets under management over the past 22 weeks. Ethereum, another heavyweight in the crypto arena, has also felt the pinch, with outflows recorded for six weeks consecutively, resulting in a recent reduction of $2.2 million. In contrast to the major players, XRP and Solana are bright spots in the market. This week, they registered inflows of $660,000 and $310,000, respectively. Interestingly, this isn’t the first time these two altcoins have shone amidst the gloom. Last week, both assets witnessed significant inflows. Solana led the way with $700,000, followed by Cardano and XRP, which attracted inflows of $400,000 and $100,000, respectively. While Cardano didn’t cut notable inflows this week, XRP and Solana’s positive inflows amid broader negativity suggest a selective and value-driven approach by some investors in the altcoin market, according to the report.  Meanwhile, despite their recorded upward capital movements, XRP and Solana still feel the brunt of the global crypto market downturn. Related Reading: FTX’s Billion-Dollar Solana Liquidation: Market Crash Or Just Hype? Particularly, both assets have been in red, with XRP down by 1.5% in the past day with a current price of $0.50 and Solana seeing a slight 0.5% upward move over the same period with a trading price of $19.60 at the time of writing. Featured image from iStock, Chart from TradingView

The Isle of Man and Florida-based computing startup Lonestar are partnering with NASA to pioneer a blockchain-verified, data storage solution on the Moon.

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

From what I understand, spending less gwei means a longer transaction time, and spending more gwei will shorten it. Personally I don't really care how long the transaction takes, I just want to pay as little in fees as possible. For some reason, coinbase wallet only lets me change the gwei sometimes. I have no…
Read more

The project now includes central and commercial banks from China, Hong Kong, Thailand and the UAE. Future new members were not identified.

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

submitted by /u/_Beta-Male_ [link] [comments]

In a strategic move, MicroStrategy, the business intelligence (BI) company, and its subsidiaries have made a bold financial maneuver by increasing their Bitcoin (BTC) holdings.  MicroStrategy Bolsters BTC Holdings According to a recent filing with the US Securities and Exchange Commission (SEC), MicroStrategy has expanded its Bitcoin holdings by acquiring an additional 5,445 BTC, totaling approximately $147.3 million. The average purchase price for these Bitcoins was $27,053 per unit. Related Reading: Ethereum Funding Rates Turn Deep Red, What Does It Mean? With this latest acquisition, MicroStrategy’s total Bitcoin holdings now stand at 158,245 BTC. The company has accumulated this substantial amount of digital assets at an average price of around $29,582 per Bitcoin, equivalent to approximately $4.68 billion. According to the company, these acquisitions underscore MicroStrategy’s commitment to Bitcoin and long-term belief in its potential. The company has been actively accumulating Bitcoin over time, establishing itself as a major participant in the cryptocurrency market. In contrast, MicroStrategy’s stock, listed as MSTR on the Nasdaq, has followed a prolonged downward trend since July 13th. As of the latest trading session, the stock is currently priced at $321.25, reflecting a decrease of 0.14% since the stock market’s opening.  Notably, the stock’s performance has exhibited a significant correlation with the value of Bitcoin over the same period, as both have experienced declines. Furthermore, MicroStrategy’s decision to expand its Bitcoin portfolio coincides with a consolidation phase in the cryptocurrency market. Bitcoin has been trading between $25,000 to $27,000 since August 16. The largest cryptocurrency in the market is valued at $26,200, representing a 1.5% decline over the past 24 hours and a decrease of over 4% over the past seven days. Bitcoin Bearish Fractal Holds Strong Renowned crypto analyst Rekt Capital suggests that the bearish Bitcoin fractal, previously highlighted by NewsBTC, remains intact, raising whether the cryptocurrency is still in Phase A-B or has transitioned to Phase B-C, as seen in the chart below. According to Rekt Capita, Bitcoin typically forms a new lower high in Phase A-B, and recent price movements, whether reaching around $29,000 or as low as $27,400, satisfy this criterion.  However, a more pronounced lower high is possible if the support level of $25,000 to $26,000 is broken and the Bull Market Support Band becomes resistant. For Phase B-C to commence, two conditions need to be met. Firstly, a relief rally must occur, confirming a new lower high. Secondly, the $25,000 to $26,000 support area must be lost.  Although a relief rally forming a new lower high has been witnessed recently, the second condition remains unfulfilled. Phase B-C will be initiated if the $25,000 to $26,000 support area fails. Related Reading: Number Of Ethereum Addresses Losing Money Just Reached A New All-Time High Several key technical events are anticipated. During the downward movement, Bitcoin may briefly touch the $25,000 to $26,000 area. If the price struggles to surpass $26,000 and acts as resistance, it could indicate weakening support in the $25,000 to $26,000 range.  In such a case, a collapse to the $22,000 to $24,000 region might occur to establish a local bottom denoted as “C.” To invalidate the bearish Bitcoin fractal, three criteria need to be met. Firstly, the Bull Market Support Band must be held as support. Secondly, a weekly close above the lower high resistance is required. Finally, breaching the yearly high of $31,000 would further challenge the bearish scenario. Featured image from Shutterstock, chart from TradingView.com 

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