Category: Cryptocurrency News

Cryptocurrency News and Public Mining Pools

India’s Central Bank RBI Starts Digital Currency Pilot With 4 Banks: Report

India’s central bank, the Reserve Bank of India (RBI), has reportedly asked four banks to pilot the country’s central bank digital currency (CBDC) ahead of its public launch. RBI to Pilot India’s CBDC With Public-Sector Banks The Reserve Bank of India (RBI), the country’s central bank, has reportedly asked four public-sector banks to trial India’s […]

Macro vs Merge

Undoubtedly if the economy was better, world wide, the Crypto market would be better. My question, what is gonna win out in this bear market regarding the Merge? Marco or the Merge. Without the current macro environment, the token price of Eth would, Undoubtedly be rocketing. Buy the rumor, sell the news. It's the macro…
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TA: Bitcoin Price Breakdown Looks Real, Why BTC Could Dive To $18K

Bitcoin broke the key $19,500 support against the US Dollar. BTC is showing bearish signs and remains at a risk of a move towards the $18,000 level. Bitcoin failed to start a fresh increase and declined below the $19,500 support. The price is now trading below the $19,000 level and the 100 hourly simple moving average. There is a connecting bearish trend line forming with resistance near $19,420 on the hourly chart of the BTC/USD pair (data feed from Kraken). The pair could correct higher, but upsides might be limited above $19,500. Bitcoin Price Takes A Hit Bitcoin price failed to gain pace for a move above the $20,500 and $20,550 resistance levels. There were many failed attempts, sparking a downside reaction below the key $19,500 support zone. There was a sharp decline below the $19,500 support and the 100 hourly simple moving average. The price declined below the $19,200 and $19,000 levels. A low is formed near $18,670 and the price is now consolidating losses. It is now trading below the $19,000 level and the 100 hourly simple moving average. On the upside, an immediate resistance is near the $19,000 level. It is near the 23.6% Fib retracement level of the recent decline from the $20,171 swing high to $18,670 low. The next major resistance sits near the $19,400 level. There is also a connecting bearish trend line forming with resistance near $19,420 on the hourly chart of the BTC/USD pair. Source: BTCUSD on TradingView.com The trend line is near the 50% Fib retracement level of the recent decline from the $20,171 swing high to $18,670 low. Any more gains might send the price towards the $19,800 resistance zone and the 100 hourly simple moving average. More Losses in BTC? If bitcoin fails to start a recovery wave above the $19,000 zone, it could continue to move down. An immediate support on the downside is near the $18,650 zone. The next major support sits near the $18,500 level. A downside break below the $18,500 support might spark more downsides. In the stated case, the price may perhaps test the $18,000 support. Technical indicators: Hourly MACD – The MACD is now gaining pace in the bearish zone. Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now below the 50 level. Major Support Levels – $18,650, followed by $18,500. Major Resistance Levels – $19,000, $19,400 and $19,500.

VCs pour $14.2B into crypto in H1 2022, but investments now slowing

KPMG noted that despite the expected downfall, investment figures remained well-positioned in comparison to pre-2021 figures, which highlights the growing maturity of the market.

Binance BUSD Trading Volume Surges By 70%, What Is The Reason?

The introduction of stablecoins, like BUSD into cryptocurrency brought hope to many long-term investors. For those skeptical of the crypto space due to volatility, stablecoins become handy as their sailing means. As the name goes, stablecoins are meant to remain stable to the real-time value of the fiat currencies they are pegged to. Also, some come pegged to tangible assets and cash that facilitate their stability. But the collapse of the algorithmic stablecoin, TerraUSD UST, and its native token, LUNA, created a big hollow for stablecoins. It shifted the paradigm for lots of investors on what stablecoin stands for. The event brought massive losses to many investors and other crypto assets. Related Reading: Bitcoin Diamond Hands: Long-Term Holder Supply Surges Up To Near ATH Thankfully, people have started warming up to stablecoins again lately. The Binance USD (BUSD), the world’s third largest stablecoin, is significantly impacting the crypto space. BUSD recorded a massive increase of about 70% on Tuesday in its trading volume. It remains the most considerable 24-hour trading volume recorded in recent times. Binance Announcement Triggered BUSD Trading Volume The sudden spike in trading volume for BUSD has raised lots of interest as people are looking for the potential trigger. The reason is not far-fetched, as Binance recently made a big public announcement. Binance is laying out BUSD Auto conversion. At the moment, the firm mentioned that it would be for the existing balances of customers on the platform. The conversion process will be on USDC, TUSD, and USDP stablecoins. Binance reported that it would be using a fixed ratio of 1:1 for the conversion. This process is to kick off by September 29, 2022. It noted that the new move is to increase liquidity and capital efficiency for its users. This will enable customers to trade conveniently with their consolidated BUSD balances on the platform. Effect Of Binance Announcement About USDC Further, in its statement, Binance mentioned that the conversion process would not affect withdrawals on its platform. However, the exchange will stop other USDC-related functions like leverage, spot, and payment. Hence, BUSD witnessed a whopping rise of 70% in trading volume over the last 24 hours following the announcement. At the time of press, BUSD trading volume hit $8.4 billion with a market cap of over $19.4 billion. Similarly, the USDC trading volume increased by 20% over the last 24 hours to $7.06 billion. To increase both the coverage and utility of BUSD, the Binance announcement came as a massive attack on USDC. As the second largest stablecoin, USDC boasts a market cap of about $51.8 billion. It is striving even to overtake USDT as the leading stablecoin. Related Reading: Bearish Indicator: Bitcoin Short Exposure Surge To New All-Time High After the fall of the Terra ecosystem, USDC has received lots of applause for having the best backing. Featured image from Pexels, chart from TradingView.com

Russia Can’t Do Without Cross-Border Crypto Payments, Consensus Reached

Key government institutions have agreed that Russia needs to legalize crypto payments for international settlements. The proposal has been gaining support in the past few months since Moscow’s decision to invade Ukraine was met with wave after wave of Western sanctions. Financial Authorities in Russia Consider Legalizing International Cryptocurrency Payments In the current conditions, “it […]

Bitcoin Investment ETFs And Trusts Have Slowed Since May

Many investors are uneasy since Bitcoin value has fallen by around 70% since its peak in November 2021. In the meantime, market sentiment is at an all-time low due to analysts’ expectations of a major recession. This is especially clear from the decline in the equity markets as measured by the S&P 500 and Nasdaq 100 indices, which has a big impact on how people invest in BTC on regulated markets. Bitcoin Investment Vehicles Have Taken A Beating When taking a look at the Grayscale Bitcoin Trust, the share price has significantly decreased from its peak of roughly $56 to $11.94. At the same time, the share values of 3iQ CoinShares Bitcoin ETF and Purpose Bitcoin Canadian ETF both fell sharply.   The Grayscale Bitcoin Trust (GBTC) has fallen deeply to $11.94 since its peak. Source: TradingView Despite the shares’ significant discount, GBTC’s daily trading volume has drastically decreased to 3.075M. It suggests that institutional investors might be skeptical about Bitcoin-related financial products on the regulated market or they might just believe that the bear market is not yet over. The daily trading volume of GBTC has sharply dropped to 3.075M despite the generous discount of the shares. Source: YCharts Additionally, given the current market conditions, certain trusts and ETFs are gradually selling off their holdings. For instance, since reaching its high in February 2022, the total amount of BTC held by the Grayscale Bitcoin Trust has decreased.Moreover, since the market peaked in May 2021, the total number of Bitcoins held by various trusts and ETFs has sharply decreased. The Sharpe ratio indicates that GBTC is a bad asset with a very low risk-adjusted performance in terms of return on investment. In fact, the Sharpe ratio has recently dropped to 0.453 after declining over time. It implies that while GBTC’s volatility is fairly high, the projected return on investment is rather modest. Related Reading: Bitcoin Diamond Hands: Long-Term Holder Supply Surges Up To Near ATH Loss After Loss The current pioneer crypto investment vehicles in regulated markets, including trusts and ETFs, have to some extent displayed the pessimistic signal. Despite the significant discount at which GBTC has been sold, the daily trading volume is steadily declining, and several trusts and ETFs, such as Grayscale Bitcoin Trust, have been urged to sell their BTC holdings. The total number of BTC held by trusts & ETFs has plummeted since May 2021. Source: CryptoQuant The current Bitcoin investment tools in regulated markets such as trusts and ETFs have shown the bearish signal to a certain extent. Although GBTC has been traded at a substantial loss, the daily trading volume keeps decreasing and some trusts and ETFs including Grayscale Bitcoin Trust have been encouraged to divest their Bitcoin holdings. Sharpe ratio tells us that GBTC is a poor asset with a very low risk-adjusted performance. Source: YCharts Because the shares of GBTC sold or bought by institutional investors are reported quarterly, many recent trades may have not been listed yet. However, these above figures could give us some clues of what may be actually happening with Bitcoin behind the scenes. Retailers can only be aware that a local bottom has been reached after it has already occurred, like in the case of institutional investors who purchased GBTC in late June just prior to the July rise. Most notably, the Sharpe ratio shows that GBTC’s return on investment is rather low and that this asset appears to be quite risky. Therefore, at this time, investors would be ready to begin hedging against the rising negative downside risk of bitcoin. Related Reading: Bearish Indicator: Bitcoin Short Exposure Surge To New All-Time High Featured image from Unsplash, charts from TradingView.com, Ycharts, and Cryptoquant

Will El Salvador’s Bitcoin Bet Pay Off?

submitted by /u/Shiratori-3 [link] [comments]

max time a validator can be offline before being slashed?

noob question but can a validator be slashed if it's offline for a day, a week, a month, etc? what's the max time time validator can be offline before being slashed? submitted by /u/mooogs [link] [comments]

OpenSea Weekly Chart Records Ethereum Domains Getting More Hype

With the increased adoption and attention to non-fungible tokens, several platforms like OpenSea emerged as trading hubs. As a result, people needed suitable grounds to interact and transact with the numerous NFTs available in the space. Hence, some platforms have been trying to bridge the gap and serve potential investors of collectibles. OpenSea is an NFT marketplace where many investors buy, sell and trade majorly NFT collections. The platform is a decentralized marketplace built on the Ethereum blockchain. Since its launch in 2017, OpenSea has meteorically risen as one of the largest platforms to trade and transact NFT collections. Related Reading: Ethereum Nears Another Milestone Ahead Of Merge, Rally Incoming? However, having been around for some years, it has become an old stager regarding NFT selling, buying, trading, and other related transactions. OpenSea focused on the Ethereum network for most of its NFT collections in the past. As a result, Ethereum is the first and most prominent home for most popular NFTs. But later on, OpenSea became a cross-chain marketplace that included NFT trading from other networks like Solana, Polygon, and others. In a recent report, OpenSea’s weekly chart recorded more Ethereum Name Service (ENS) domain names. In addition, the data for ENS exceeded Bored Ape Yacht Club (BAYC) as the most traded token on OpenSea over the past week. This sudden feat for Ethereum is happening just some days before the long-awaited Merge. ENS Domain Names Take The Lead In OpenSea Marketplace The data from OpenSea indicated that the weekly trading volume of the Ethereum domain NFTs hit 2,249 ETHS at the press time. This volume surpasses BAYC and RTFKT Clone X, which are 1,777 ETH and 1992 ETH, respectively. Also, the OpenSea data indicated that more than 2 million ENS items are on its marketplace. The breakdown shows that total sales of 2,682 ENS domains with over 508,000 owners were recorded. From the new increase in ENS trading volume, the average price of the ENS items surged to 0.3895 ETH, worth $641. This depicts an increase of about 167%. Also, the daily volume spiked to 1,044.6 ETH from 120.7 ETH. OpenSea related that an ENS domain average price is 0.3207 ETH worth $533.71. Additionally, the platform indicated some of the most expensive ENS domain names as 000.eth, crypto,eth, opensea.eth, nike.eth, and google.eth. The top is 000.eth, purchased for 300ETH, and is up for sale for 5,000 ETH. Significance Of ENS Domains Names The ENS domains are the Ethereum blockchain’s distributed and open naming system. Users can get a single domain like the ‘vitalik.eth’ with the system. They must turn their keys to a crypto address to achieve that. It is possible to sell, buy and trade the ENS domain names among users. The process for such transactions is completed in the form of NFTs in an NFT marketplace. Related Reading: The September Curse: Why Bitcoin Price May Touch $10,000 With the naming system that creates single domain names, it’s easy for users to copy and paste their initially lengthy wallet addresses. Hence, they could conveniently send or receive crypto tokens since they must share their domain name like other traditional addresses. Featured image from Pexels, chart from TradingView.com