Category: Cryptocurrency News

The broader crypto market remains in a bad state regardless of the few positive movements of some tokens. Even popular tokens like Bitcoin and Ethereum do not give investors any hope. This is evident from their current prices of $19,005 and $1,282, respectively, according to data from CoinMarketCap. Multiple factors are backing up the present state of the crypto market. One is the Fed’s quantitative tightening in the Q2 of 2022. While investors have that to contend with, the negative Consumer Price Index (CPI) value released in September has also affected the market. Related Reading: Bitcoin Supply In Profit Continues Decline, But Still Not At Historical Bottom Zone However, the market’s bearish trend may not last long, depending on the upcoming data release. This is particularly true considering the anticipated Consumer Price Index to be released on Thursday. But while the crypto maintains a bearish movement, some tokens appear to stand out in the crowd. A perfect example of picking out is XRP. This digital token seems to have resistance to the ongoing trend of the market. XRP Stands Out Amid Bearish Market The current price of XRP, as per data from TradingView, is $0.4875. Although its 24-hour price change on CoinMarketCap stands at -6.37%, its weekly and hourly rates are -0.10% and 0.01%, respectively. XRP seems to have maintained this positive movement in the last seven days, and chances are that it’ll sustain the trend for a while. In the meantime, the trading volume of XRP in 24 hours is approximately $2.55 billion. Its price position is now in sixth place based on CoinMarketCap’s ranking, and it holds a market cap of over $24.40 billion.  Although the XRP token has witnessed some tough times, it still maintains its popularity. Many investors, both retail and institutional, carry out their various transactions using the token. Moreover, experts have already predicted that XRP will maintain a price level above the $1 price mark in the future. The Factor Behind XRP’s Growth Multiple factors contribute to the success of the XRP token, including the power behind RippleNet transactions. Aside from this fact, the market sentiment, rising whales’ activity, and listing updates are major factors contributing to its growth. Related Reading: Here’s Why SUSHI Is Down More Than 10% In The Last 24 Hours XRP whales seem to have increased over the years. With this increase comes a high purchase of the token. In the past 24 hours, more than 270 million XRP tokens have been transmitted between several digital currency exchanges. As per data from Whale Alert, this is worth more than $130.2 million. Moreover, as Bitcoin becomes less affordable for some investors, XRP becomes their best alternative. The constant activity with the digital token remains a major driving force in the crypto market. Featured image from Pixabay and chart from TradingView.com

Mango markets is a Decentralised, cross-margin trading app that allows up to 20x leverage with lightning speed and near-zero fees. It appears the attacker was able to manipulate their Mango collateral. They temporarily spiked up their collateral value, and then took out massive loans from the Mango treasury. Statement made by Mango Markets Twitter page:…
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Last week, the bitcoin hashrate touched a new all-time high after tremendous growth. While this was a welcome development, it had significant implications for the next mining difficulty adjustment which took place on Monday. As expected, the difficulty adjustment had jumped by double-digits, beating even the highest of forecasts. Difficulty Adjusts By 13.5% Over the last week, the forecasts for the bitcoin mining difficulty adjustment put it at a high of Related Reading: LUNC Community Clamors For Coinbase Listing, Can It Reach $1? 9-12%. These ranged from the conservative side to the worst-case scenario, but either way would see the network mark the highest difficulty adjustment so far for the year 2022. However, even these predictions did not do justice to the actual adjustment.   On Monday, the mining difficulty (how many hashes it takes to mine a BTC block) jumped from 31.36T to 35.61T, a 13.5% increase. This higher difficulty adjustment is in line with the increasing mining power as more bitcoin miners bring their machines online. Mining difficulty adjusts by 13.5% | Source: Coinwarz Interestingly, the bitcoin mining difficulty is not expected to ease up anytime soon. The next difficulty adjustment will take place on Sunday, October 23, 2022, with another expected increase of 11.3%. In the next three months, the mining difficulty is expected to increase by 22.5%. As for the bitcoin hashrate, it has seen some decline since it hit its all-time high of 321 EH/s. It is currently sitting at 291.4 EH/s at the time of this writing, a high number for the year 2022. Will Bitcoin Miners Dump BTC? The high difficulty adjustment will no doubt impact bitcoin miner profits during this time. This means that they would have to dispatch more computing power and more energy to mine a block, which affects their bottom line. Add in the fact that the bitcoin price is struggling to maintain above $19,000, and miners are sitting in a tight spot. BTC settles above $19,000 | Source: BTCUSD on TradingView.com Since the start of the year, there have been times when some bitcoin miners have been forced to dump their BTC holdings to fund their operations and this adjustment could trigger another sell-off trend among them. Since it costs them a little over $18,000 to mine a single BTC, bitcoin’s tapdance below $19,000 put them dangerously close to recording losses on their mining machines, which could lead to sell-offs. Related Reading: Ethereum Marks Highest Growth Day In 2022, Will ETH Price Follow? Bitcoin miner revenues are currently sitting at $17.16 million per day. With 6.25 BTC mined at an average of 10 minutes, miners are producing a total of 900 BTC each day. Featured image from Bloomberg, chart from TradingView.com Follow Best Owie on Twitter for market insights, updates, and the occasional funny tweet…  

On October 11, the publicly-listed bitcoin miner Cleanspark announced that it has completed the acquisition of Mawson Infrastructure Group’s Georgia-based bitcoin mining facility. Following the acquisition, Cleanspark says it now manages 220 megawatts (MW) of bitcoin miners with a hashrate of over 4.7 exahash per second (EH/s). Cleanspark Hashrate Moves Closer to 5 Exahash, Firm […]

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Stocks markets slide toward yearly lows, while Bitcoin price remains range-bound. Here’s why crypto analysts expect a sharp move from BTC soon.

The nonfungible token venture, originally scheduled with a half-year road map, lasted little under four months.