DeFi economic activity drops 15% in August —VanEck
According to an analysis from investment manager firm VanEck, exchange volume across DeFi protocols declined to $52.8 billion in August, 15.5% lower than in July.
According to an analysis from investment manager firm VanEck, exchange volume across DeFi protocols declined to $52.8 billion in August, 15.5% lower than in July.
I do not intend to sprinkle more fear into Solana right now, especially as I am also a holder of it, but the rise and fall of Solana is truly one for the history books. Back in 2021 SOL was seen as the next big thing and was even realistically seen as an “ETH killer“.…
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I have a small amount in various crypto on Coinbase and I’ll likely continue to use it for staking and alt coins. However, I like Fidelity and I’ve been debating buying some BTC there. I know you can’t pull your crypto out and NYKNYC, but it seems like the primary argument for that is the…
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To those who buy/sell/hold crypto, what do you tell family/friends? As someone who is becoming more enthusiastic about this space more people around me are asking and sometimes I have good answers sometimes I don't. Especially when they bring up points such as: It doesn't create value on its own, it's value is made up…
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Bitcoin has had an eventful week, gaining by over 5% to trade above the $26,000 price. Even following the release of the US Consumer Price Index, which showed an inflation rise of 0.6%, the premier cryptocurrency remained resilient with little to no price drops. As BTC now hovers around the $26,500 price mark, market analysts and crypto enthusiasts continue to speculate on the token’s next movement. Notably, co-founders of market intelligence platform Glassnode Jan Happel and Yan Allemann have plotted a possible path through which Bitcoin may return to $30,000 in the coming weeks. Related Reading: Bitcoin Dominates Ethereum In Daily Active Addresses Despite Lagging In TX Count Bitcoin’s Road To $30,000 Marked By Double Price Barriers, Analysts Say Through a post on their shared account on X, known as Negentropic, the Glassnode co-founders stated that Bitcoin is currently targeting a move above $27,000, having reclaimed its support at $26,000 in the past week. According to the analysts, the Bitcoin Risk Index has now dipped into the 60s, indicating there is an ongoing shift to a positive sentiment around the asset. This means that more investors are beginning to view Bitcoin as a favorable investment. If these sentiments translate into buying pressure, Bitcoin could embark on an upward trend. However, the Glassnode co-founders predict the token will face significant resistance at $27,400 and $28,200, as traders could opt to take profit at these price levels. However, the analysts predict BTC will eventually overcome these barriers, pushing through to the $30,000 price mark, which they described as a “psychology barrier.” The last time Bitcoin traded above $30,000 was back in July. Since then, the world’s largest cryptocurrency has seen its price decline by over 17% due to multiple events, most notably, the massive Bitcoin sell-off by aerospace company Space X. Related Reading: Bye Bye Birdie: Binance Begins Process Of Axing BUSD Stablecoin Is A Bitcoin Rally Coming? In other news, data from Into The Block shows that Bitcoin’s transaction fees for this week were valued at $6.3 million, representing a 40% increase on the last week. While a rise in transaction fees could represent network congestion, which is known to drive network users away, it could also mean there is a high level of adoption. Furthermore, Into The Block also reported that Bitcoin recorded exchange inflows of $10 million and outflows of $70 million. The high level of Bitcoin being moved off exchanges indicates rising investors’ interest in the cryptocurrency, which could also translate into a notable price gain. However, it is worth stating that these are only predictions and should not be counted as investment advice. At the time of writing, Bitcoin trades at $$26,537 with a 0.33% loss in the last day based on data from CoinMarketCap. The token’s daily trading volume is also down 12.86% and valued at $11.25 billion. BTC trading at $26,516 on the hourly chart | Source: BTCUSD chart on Tradingview.com Featured image from Pixabay, chart from Tradingview