Author: Sollcrypto
Reportedly, analysts from Cantor Fitzgerald have identified that eleven of the major publicly traded Bitcoin (BTC) miners, including prominent names like Marathon Digital, Riot Platforms, and Core Scientific, could face challenges in mining Bitcoin profitably if the BTC price does not experience a significant increase post-halving. The findings, referenced in a January 25 post on X by CleanSpark executive chairman Matthew Shultz, suggest that the rewards these Bitcoin miners receive from their operations may not be sufficient to offset the associated costs. As a result, these miners may encounter increased financial pressure following the Bitcoin halving. The price of BTC…
Explore SCENE: The imminent arrival of Dencun is expected to significantly reduce the cost of Ethereum, as indicated by its developers. A recent blog post from the Ethereum Foundation confirmed that the upcoming Sepolia and Holesky testnets, the next crucial steps in the long-awaited upgrade, are set to be completed by early next month. This progress suggests that the upgrade is on track to go live on the mainnet by March. The blog post outlined the schedule for the upcoming upgrades, with Sepolia scheduled for January 30 and Holesky set to be completed on a testnet by February 7. Developers…
Bitcoin’s price initiated an upward correction from the support area around $38,500, aiming to gather bullish momentum upon breaching the $40,500 resistance zone. In the process of a recovery wave from the $38,500 support, the price is currently situated below both $40,000 and the 100-hourly Simple Moving Average. The hourly chart of the BTC/USD pair from Kraken reveals the formation of a significant bearish trend line, presenting resistance in the vicinity of $40,400. Challenges may arise in the attempt to surpass the $40,400 and $40,500 resistance levels, potentially impacting the recovery prospects for the pair. Bitcoin’s price is making an…
Ethereum’s price is currently striving for an upward correction after finding support around $2,150. For the potential acceleration of this correction, surpassing the $2,240 resistance area is crucial. Commencing an upward correction from the $2,165 level, Ethereum is currently trading beneath both $2,240 and the 100-hourly Simple Moving Average. Notably, on the hourly chart of ETH/USD sourced from Kraken, a bearish trend line resistance near $2,235 was breached. Should the cryptocurrency successfully surpass the $2,240 resistance zone, it may initiate a stable ascent. Support for Ethereum’s price remains intact. Ethereum’s value experienced a further dip below the critical $2,240 support…
XRP has encountered significant setbacks, breaking crucial price thresholds at $0.60, $0.59, $0.57, and $0.55 since the beginning of the year, influenced by various bearish factors. Despite starting the year with a bullish close on New Year’s Day, XRP’s performance has been lackluster, with a 16% drop within just 24 days into the year. This marks its weakest month since August 2023, when it experienced a 26.75% decline. The challenges faced by XRP have led to the breach of several essential support levels that were previously effective defenses against bearish pressures. The altcoin first slipped below $0.61 and $0.60 on…
The Shiba Inu team has officially announced the initiation of the much-anticipated automated SHIB token-burning mechanism this month, marking the commencement of testnet deployment. This significant update was revealed in the 11th edition of the Shiba Inu Magazine by the development team. According to the statement, the auto-burn initiative is a transformative feature designed to play a crucial role in strengthening the network’s economic model. The initiative strategically aims to decrease the SHIB token supply, potentially leading to an increase in Shiba Inu’s value. The Shiba Inu Auto is initially deployed on the testnet. Significantly, the journey towards automation commences…
Bitcoin is presently undergoing a 20% correction phase, with expectations of a potential recovery post the Grayscale sell-off. Investors are keeping a keen eye on the prospect of a substantial surge that could propel Bitcoin to a new all-time high. In the dynamic realm of cryptocurrency, this significant correction prompts careful scrutiny of retail investor behavior and emerging news, serving as crucial indicators for the market’s next movements. The present market conditions underscore the need for vigilance and preparedness to act swiftly. The strategy of “buying amidst the fear” is often embraced by seasoned investors, who seek opportunities during market…
Bitcoin’s price has undergone a significant change amid increasing selling pressure, with bears in control of BTC. Grayscale, the asset manager overseeing the Grayscale Bitcoin Trust (GBTC), plays a notable role in this development. Since the inception of spot Bitcoin exchange-traded funds (ETFs) trading on January 12, Grayscale has been actively selling, evident in substantial transfers of BTC to the US-based cryptocurrency exchange Coinbase. Bitcoin’s Value Faces Strain Amid Ongoing Grayscale Selling Spree As per Akrham Intelligence data, beyond the previously mentioned 69,994 BTC ($2.9 billion) transfers, Grayscale executed an additional transfer of 8,593,075 BTC (roughly $335.19 million) to the…
The Ethereum price underwent further declines, reaching and testing the $2,300 support. Currently, ETH is making an effort to initiate a recovery rally above the $2,340 threshold, with a potential test of $2,390. Ethereum initiated a new downward movement, dipping below both the $2,420 and $2,400 levels. The current trading scenario positions the price below $2,400 and the 100-hourly Simple Moving Average. In a positive development, there was a breach above a connecting bearish trend line with resistance around $2,340, as observed on the hourly chart of ETH/USD (data feed via Kraken). The pair could potentially experience a renewed upward…
The leading cryptocurrency, Bitcoin (BTC), has experienced a notable decrease in value amid diminishing enthusiasm for exchange-traded funds (ETFs), leading to a 9% drop in the last two weeks. Despite this downturn, the co-founders of Glassnode maintain a positive outlook, stating that the recent corrections in price are in line with historical trends. They believe these corrections could potentially drive Bitcoin to achieve new heights, approaching double its current all-time high (ATH) of $69,000. Is This a Positive Adjustment in the Market? In their most recent analysis, the co-founders of the blockchain analytics firm shared on X (formerly Twitter), emphasized…