Category: Cryptocurrency News

Industry players accumulated over $4 billion of debt in the last crypto run-up.

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It seems like the debate for the hardest asset will finally be settled soon. Between Bitcoin and Gold we can not really say when BTC will have a higher market cap than Gold (which would need it to be at $625k) but we can now say which one is going to become the “hardest“ asset,…
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The bitcoin mining difficulty had adjusted upward for the majority of 2022, recording its highest correction in the same year. However, 2023 kicked off with a downtrend as the mining difficulty has begun to drop. A sharp drop in this metric recorded in the early hours of Tuesday could be the start of a trend reversal in this regard. Bitcoin Mining Difficulty Plunges The bitcoin mining difficulty declined suddenly on Tuesday morning during Asia hours. Data from CoinWarz shows that it had fallen almost 3.6% in a sharp downward correction. This took the mining difficulty from the 35.36T that it was trending at to 34.09T following the adjustment.  Related Reading: Valkyrie Investments Wants To Take Over Grayscale Bitcoin Trust, Reveals Plans The bitcoin mining difficulty is important in the fact that it actually measures how much power is needed to verify transaction blocks on the network. The higher this figure is, the more demand it shows for the bitcoin network. And the lower it becomes, it means there are fewer miners on the network. One factor that has had a profound effect on the mining difficulty in the last month was the blizzard that blew through the United States. As temperatures dropped dangerously low in some places, miners had to disconnect their machines to free up the energy grid. This was in a bid to leave enough energy for citizens to power their homes. BTC price at $16,700 | Source: BTCUSD on TradingView.com Impact Of This On BTC The bitcoin price is still stalling despite the sharp downward correction in the mining difficulty. The digital asset is still trending in the mid-$16,000s and has refused to budge. Even the return of some momentum with the new year has not been enough to trigger a movement beyond this point. So when looking at the broader picture with the difficulty adjustment and price, it does not look like there would be any profound effect on price. Also, miners are still seeing similar profitability in their mining operations, so there is no tipping of the scale toward sell-offs or holding. Related Reading: SOL Jumps 15% In 24 Hours As Solana Receives Support From Ethereum Founder As long as the price continues to hold up above the $16,600 level, there should be no downtrend in price. Although if it does break below this support, then $16,000 is more likely than $17,000 in the short term. Also, add in the fact that there are multiple events such as the DCG and Gemini debacle unfolding over the next month, and it becomes imperative for the cryptocurrency to hold support.  Bitcoin was changing hands at a price of $16,700 at the time of this writing. It remains the largest cryptocurrency in the sector with a market cap of $322 billion. Featured image from CoinDesk, chart from TradingView.com

This post just appeared 10 minutes ago in the sub and gave a promotion link talking about the benefits of free NFTs. Here's what they said in a recent tweet: WITH THE BEGINNING OF 2023, a large-scale distribution of NFT from Adidas will start in conjunction with CRYPTOPUNKS!! US residents 21+ older required to participate.…
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Solana was up by almost 8% on Tuesday, as the token rose for a fifth consecutive session. Recent moves have come despite the Christmas and New Year period, where market volumes were somewhat muted. Cosmos was also in the green, as prices rose to a multi-week high. Solana (SOL) Solana (SOL) was one of the […]

Two unidentified parties are planning to act as sureties for Sam Bankman-Fried’s bail, and his legal team wants to ensure they stay that way.

I know this term gets thrown around lightly, an off the cuff insult. But I genuinely think Safemoon's followers are in a cult. And to be honest, I think Safemoon themselves have played a part in fostering this mentality amongst their holders. But how the fuck did we end up here?! First of all, how…
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Today, information appeared on the official adidas Twitter account that there will be a distribution of more than 10,000 NFT. A very interesting advertising trick from Adidas. Let's see what happens. I have heard from other users that their starting price will be around 0.05 ETH. Over time, their cost will only grow. Here's what…
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Known to be one of the oldest cryptocurrencies in the world, Litecoin (LTC) has been making headlines as it reported record high transaction numbers. According to the altcoin’s official Twitter account, it has serviced 39 million transactions as of December 29.  Add on to this the accompanying news that it has also hit second place in the unique addresses metric which grew to 52 million. These very bullish developments led to the token pumping 7% in the weekly timescale, according to Coingecko data.  The Litecoin Network completed over 39 million transactions in 2022. A new record! ⚡$LTC⚡ pic.twitter.com/DXbnuur2tI — Litecoin (@litecoin) December 31, 2022 2022 Leaving Marks – Will 2023 Be A Healing Year? The current developments are certainly bullish, but this didn’t come without a cost. Like the broader crypto market, LTC’s value has definitely suffered. According to CoinGecko, the altcoin dropped in value by 50.4% on the yearly timescale.  However, the new year seems to bring a renewed sentiment for LTC. A Reddit post regarding the altcoin’s 139,000,000th transaction quickly summarizes the sentiment surrounding the old altcoin; bullish and very appreciative of what the coin brings to the table.  Litecoin added 52 million new addresses to the network in 2022. The second most of any crypto. #YearInReview pic.twitter.com/p5jAr9wZI0 — Litecoin (@litecoin) December 30, 2022 Litecoin, compared to smart contract providers on Ethereum, is commonly used as a payment method on Bitpay, the oldest cryptocurrency processor in the market.  In just one year, monthly Litecoin use, with the worlds largest crypto processor, increased 109% 🚀 pic.twitter.com/DBXe6OTdib — Litecoin (@litecoin) January 2, 2023 Between August 2021 and November 2022, payments using LTC increased by 109%, from 3,478 to 24,207. Transaction share of the altcoin on the payment platform is at 27%, almost trumping the other altcoins available on the platform.  Bitpay and the community cited multiple reasons as to why adoption of the coin as a payment method grew but one metric stands above all: runtime.  Nearly 100% Runtime For Litecoin Since Inception LTC has overwhelming advantage in the runtime department compared to other altcoins. This certainly attracted investors and traders on the trust issue, the most important social metric a cryptocurrency can have.  Related Reading: Solana Up 13% Since Yesterday, A Sign Of Brighter Things to Come? LTC total market cap at $5.3 billion on the daily chart | Chart: TradingView.com According to Jameson Lopp, CTO and Co-Founder of Casa HODL, LTC’s runtime in the past 10 years has been near 100%. Quite a feat for an altcoin released 11 years ago. With adoption increasing and a new bullish sentiment formed on LTC, the coin is expected to have a reinvigorated price in the coming months.  Related Reading: SushiSwap Head Chef Suggests Cooking Up New Token Model – Will The DEX Survive 2023? With LTC’s halving coming this year, we should see the altcoin’s price increase in the next coming months as well. Short-term, analysts think that LTC will break towards $100. But LTC faces significant resistance at $76.48 and $77.98 price resistance levels. If the bullish sentiment and the current steady momentum continues, we’ll see LTC in that price level in no time. -Featured image Fool.com