Author: Sollcrypto
“Late on Wednesday and early Thursday, a surge in Bitcoin (BTC) prices nearly brought it close to breaching the $36,000 mark, a level it hasn’t reached since the spring of 2022. However, this upward movement seemed to trigger a series of sell orders, resulting in a drop of nearly $1,300 in just a few hours, bringing the current price to $34,700. The decline in Bitcoin’s price is particularly noteworthy given that risk assets in various markets are experiencing significant gains on Thursday. In the U.S., both the Nasdaq and S&P 500 have surged by 1.5%, while Europe’s Stoxx 600 is…
“Ethereum (ETH) Surges Beyond $1,870 Resistance, On-Chain Analysis Suggests Potential Path to $2,000” “In the early hours of Thursday, the price of Ethereum (ETH) broke through the $1,870 resistance level. On-chain data analysis identifies key factors that may propel ETH towards the $2,000 range in the upcoming days.” “Ethereum bulls achieved a new 60-day high of $1,875 on Thursday, with a slight retracement thereafter. The question now is whether the increasing burn rate can further fuel the rally.” Ethereum is Drawing Above-Average Trading Volume. “On Thursday morning, Ethereum’s price made another upward move in its quest to reclaim the $2,000…
Bitcoin’s (BTC) price has remained steady in the $34,000 range, with positive on-chain signals surfacing in anticipation of the Federal Open Market Committee (FOMC) meeting. The US Federal Reserve is anticipated to declare another temporary interest rate pause during the upcoming FOMC meeting on November 1. While the market appears to have already factored in this news, historical data suggests it could have significant long-term implications for Bitcoin prices. The US economy is poised to enter its lengthiest phase of interest rate restrictions since 2022, stemming from a series of challenges, including a global pandemic, geopolitical tensions, and supply-chain disruptions.…
Eligible US traders can now access cryptocurrency futures through Coinbase Financial Markets. This recent launch, as disclosed in a blog post on Wednesday, follows Coinbase’s approval in August to function as a futures commission merchant (FCM) by the National Futures Association. Futures contracts entail agreements to buy or sell assets at specific prices and predetermined future dates. In a blog post on Wednesday, Coinbase Financial Markets CEO Andrew Sears explained, “Futures provide traders with the ability to hedge their risk, diversify their portfolios, trade with leverage, and speculate on the market’s direction, whether it be upward or downward.” US traders…
Marrione Manalo, a comic book illustrator and creative director in the metaverse, sees the NFT industry undergoing a challenging transformation. In a conversation with Coin Edition, Manalo expressed the belief that this process would be worthwhile only if the industry could achieve its original objectives. The metaverse expert pointed out that the initial rise of NFTs was primarily built on superficiality and hype, lacking depth. Manalo observed that it focused on digital art pieces without a unique style or compelling narrative, often released as “limited collections” accessible only to exclusive circles at exorbitant prices. The comic book illustrator emphasized that…
Google Cloud has seamlessly integrated Solana into its BigQuery data analytics service, effectively facilitating convenient access to Solana-based data and extending its support to the 20th blockchain network. Originally unveiled at Breakpoint 2022 in Lisbon, the incorporation of Solana into BigQuery aims to offer advanced insights into blockchain analytics. According to a statement, the launch of Solana support was anticipated in the first quarter, as stated by Nalin Mittal, the web3 lead at Google Cloud. “The team at Google Cloud was dedicated to ensuring a thorough dataset and a comprehensive overview of on-chain activities before making Solana support live,” explained…
As there is a prevailing sense of excitement surrounding the potential approval of a spot Bitcoin (BTC) exchange-traded fund (ETF), which has even led to erroneous reports of its actual authorization, Bernstein Research expresses optimism that the United States Securities and Exchange Commission (SEC) will yield to this demand come early January. In fact, the research division of the international asset management company AllianceBernstein has indicated that the anticipated timeline for the SEC to grant approval for its inaugural spot Bitcoin ETF is on January 10, 2024. This insight was disclosed in a memorandum shared with TheStreetCrypto on October 30.…
In a recent Twitter post, Dogecoin Co-Creator Billy Markus, who also goes by the pseudonym Shibetoshi Nakamoto, voiced his dissatisfaction with Bitcoin automated teller machines (ATMs), categorizing them as rip-offs. His comment was prompted by a user’s tweet describing their first-time experience using such an ATM. Significantly, the user shared a photograph of a store’s sign proclaiming “Bitcoin ATM Inside,” marking their first encounter with a Bitcoin ATM. In response to this post, Markus curtly commented, “They’re ripoffs.” The user humorously added, “It didn’t work, lol,” suggesting that their attempt to use the Bitcoin ATM had been unsuccessful. The proliferation…
According to data from DefiLlama, the total value of assets locked in decentralized finance (DeFi) protocols has surged to a three-month high of $42 billion. This remarkable recovery comes just two weeks after hitting its lowest point since February 2021. The resurgence of the DeFi market can be attributed to two primary factors: the increase in asset prices and fresh capital inflows from participants seeking to generate yields through staking and lending. Over the past fortnight, Ether (ETH), the foundational asset for the majority of DeFi activities, has seen a price rally from $1,590 to $1,810. Additionally, tokens like lido…
Bitcoin (BTC), the leading cryptocurrency in terms of market value, has experienced a 100% increase in its value this year, surpassing $34,000. Despite this impressive growth, the cryptocurrency market shows no indications of overheating, which is encouraging news for traders anticipating sustained gains, as reported by blockchain analytics firm IntoTheBlock. IntoTheBlock’s assessment is based on an on-chain metric known as the market value to realized value (MVRV) ratio. This ratio measures the difference between Bitcoin’s market capitalization and its realized capitalization. At present, the MVRV ratio stands at 170%, significantly lower than the historical threshold of 300% that has typically…