Browsing:Ethereum

Bitcoin and Crypto Markets Face Potential Tough Road Ahead, Warns Bloomberg Analyst
11 months ago 1 min read

Bloomberg Analyst Predicts Challenging Times Ahead for Bitcoin and Crypto Markets

According to Bloomberg Intelligence’s senior macro strategist Mike McGlone, the second half of 2023 could be bearish for Bitcoin (BTC) and the rest of the crypto markets. McGlone believes that risk assets, such as stocks and crypto, could get cheap in the coming months as he believes that an economic recession is on the horizon. “Risk assets can get cheap in recessions,” McGlone said in a recent note. “The cat-and-mouse game between the rallying stock market and watchful central banks could be an obstacle for risk assets. Cryptos are among the riskiest, and the inability of the Bloomberg Galaxy Crypto

Santiment believes that Bitcoin, XRP, and Litecoin are all undervalued at their current price
11 months ago 1 min read

Bitcoin Price To Catch Up With Rallying Stock Market, Says Santiment

Santiment, a market intelligence platform for crypto, has updated its outlook on Bitcoin, XRP, and Litecoin. Santiment believes that Bitcoin, XRP, and Litecoin are all undervalued at their current price, and that they could see further gains in the coming months. Bitcoin Santiment says that Bitcoin has mostly stayed flat amid the recent bounce in the stock market. However, the analytics firm believes that Bitcoin could soon follow suit and start to rally. Santiment points to the fact that the stock market has climbed to its highest level in about 10 months as the US government resolves the debt ceiling

Cryptocurrencies gained following successful negotiations on raising the U.S. debt ceiling that injected some optimism into markets.
11 months ago 1 min read

Bitcoin is back above US$27,000 Following U.S. Debt Ceiling Deal

Cryptocurrencies gained following successful negotiations on raising the U.S. debt ceiling that injected some optimism into markets. Bitcoin, the world’s largest cryptocurrency, rose 1.08% to US$27,076 in 24 hours to 4 p.m. in Hong Kong, bringing its weekly gains to 2.08%, according to CoinMarketCap data. Ether, the second biggest cryptocurrency in the world, gained 1.78% to US$1,886 in 24 hours, after rising 3.85% in the last seven days. Litecoin was the biggest gainer among the top 10 cryptos, climbing 2.25% to US$94.48 in 24 hours, and strengthening 8.35% on the week. It rose on stronger buying support from its third

The price of Ethereum (ETH) has somewhat stalled in recent weeks, but declining network fees indicate there is room for optimism.
11 months ago 2 mins read

Ethereum Gas Prices Drop 69%

The price of Ethereum (ETH) has somewhat stalled in recent weeks, but declining network fees indicate there is room for optimism. The lower entry threshold could facilitate more convenience and utility. As it happens, average Ethereum fees have returned to their normal levels after skyrocketing to a yearly high of $14 per ETH transaction in early May. They have recently dropped to $4.28 per transaction, according to the data shared by crypto analytics platform Santiment on June 1. These results demonstrate a decline of 69% from only 25 days ago, when the meme coin hype, triggered by the launch and

In September 2021, KuCoin, a popular cryptocurrency exchange, burned millions of Ethereum (ETH) in a mysterious move.
11 months ago 2 mins read

Why Did KuCoin Burn Millions of Ethereum?

In September 2021, KuCoin, a popular cryptocurrency exchange, burned millions of Ethereum (ETH) in a mysterious move. The burn, which took place over three days, involved over 3,500 transactions. The total amount of ETH burned was estimated to be worth over $275 million at the time. The reason for the burn is unknown. Some have speculated that it was a way for KuCoin to reduce the supply of ETH and increase its value. Others have suggested that it was a way for KuCoin to comply with new regulations. Still, others have simply speculated that it was a way for KuCoin

BitMEX founder Arthur Hayes said that the macro environment is starting to look favorable for Bitcoin (BTC).
11 months ago 1 min read

Former BitMEX CEO Says Bitcoin and Crypto Could Soar as US Debt Deadline Looms

In a new interview on the “What Bitcoin Did” podcast, BitMEX founder Arthur Hayes said that the macro environment is starting to look favorable for Bitcoin (BTC). Hayes said that the US government is likely to wait until the last moment to raise the debt ceiling, which could lead to financial disruptions in the coming months. He also said that the issuance of fresh liquidity to fund the US government’s debt could provide the catalysts for a burst to the upside for Bitcoin. “It’s gonna be interesting, the timing of that, because is that going to coincide with sort of

A dormant Ethereum wallet containing $14.8 million in ETH has been activated after eight years
11 months ago 1 min read

Dormant Ethereum Wallet Containing $14.8 Million Activates After Eight Years

A dormant Ethereum wallet containing $14.8 million in ether has been activated after eight years. The wallet first made a test transaction with 1 ether ($1,845) before sending the remaining 7,999 ether to another address. The wallet was created in 2015 and was used to participate in the Ethereum ICO or initial coin offering. At the time, ether was trading for around $0.31 per token, or just shy of $2,500 in total. That means the owner is sitting on a 591,900% return on investment at current prices. The funds have been moved to another wallet with limited transaction history. The

Bitcoin and other crypto rallied after President Joe Biden reached an agreement to raise the country's debt ceiling.
11 months ago 1 min read

Bitcoin Price Up 3.98% in 24 Hours

Bitcoin and other cryptocurrencies rallied on Monday after President Joe Biden and House Speaker Kevin McCarthy reached an in-principle agreement to raise the country’s debt ceiling. The move has boosted investors’ appetite for risk assets, with cryptocurrencies seen as a potential hedge against inflation and other economic risks. Bitcoin rose 3.98% over the last 24 hours to US$28,195 at 9:30 a.m. in Hong Kong. It recorded a weekly gain of 5.73%, according to data from CoinMarketCap. The world’s largest cryptocurrency is trading above the US$28,000 resistance level for the first time since May 10. Ether also jumped 3.48% in the

The number of Ethereum whales has been on the rise in recent months
11 months ago 1 min read

Ethereum Whales Accumulate Over $9 Billion ETH in 2023

The number of Ethereum whales has been on the rise in recent months, with these investors accumulating over $9 billion worth of ETH. This trend is likely being driven by a number of factors, including the increasing popularity of Ethereum’s Proof of Stake (PoS) consensus mechanism and the launch of the Shanghai upgrade. Proof of Stake Ethereum is in the process of transitioning from a Proof of Work (PoW) consensus mechanism to a Proof of Stake (PoS) mechanism. PoW is a more energy-intensive consensus mechanism, while PoS is more energy-efficient. This transition is likely motivating many ETH holders to acquire

Arbitrum-based DeFi protocol Jimbos was hacked on May 28
11 months ago 1 min read

Hackers Steal $7.5M in Ether from Arbitrum-based Jimbos Protocol

Arbitrum-based DeFi protocol Jimbos was hacked on May 28, resulting in the loss of 4,000 Ether (ETH) worth approximately $7.5 million. The attack was carried out by exploiting a vulnerability in the protocol’s liquidity conversion mechanism. The attacker was able to reverse swap orders for their own gain, resulting in the loss of funds. Jimbos Protocol is a relatively new protocol, having only been launched in April 2023. The protocol aims to address liquidity and volatile token prices through a new testing approach. However, the protocol’s mechanism was not adequately developed, leading to the logical vulnerability that was exploited in

In a move that could help mainstream BTC and Ethereum
11 months ago 1 min read

Microsoft and Goldman Sachs Invest in Technologies to Mainstream Bitcoin and Ethereum

In a move that could help mainstream Bitcoin and Ethereum, Microsoft and Goldman Sachs have announced a partnership to promote the use of cryptocurrencies. The partnership will see Microsoft provide Goldman Sachs with access to its Azure cloud computing platform, which will be used to develop and deploy blockchain-based applications. Goldman Sachs will also be able to use Microsoft’s artificial intelligence and machine learning capabilities to improve the security and efficiency of its cryptocurrency trading operations. The partnership is a major coup for the cryptocurrency industry, as it shows that two of the world’s largest financial institutions are taking cryptocurrencies

Ethereum users have deposited over 4.4 million ETH since April 12
11 months ago 2 mins read

Ethereum Staking Hits Record High of $40 Billion Following Shanghai Upgrade

The Ethereum (ETH) network has recently surpassed a major milestone in deposit contract balance thanks to the soaring interest in staking. Indeed, users have deposited more than 4.4 million ETH since April 12, surpassing $40 billion in deposit contract balance following the Shanghai upgrade, according to the data shared by cryptocurrency analytics platform CryptoRank on May 23. The Shanghai upgrade was a major milestone for Ethereum, as it introduced a number of new features, including the ability for validators to withdraw their staked tokens. This has led to a surge in interest in staking, as investors are now able to

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