Day: January 4, 2023

Ethereum Stakers In Massive Loss As 80% of Staked ETH Is In The Red

The bear market has resulted in multiple losses for individuals and even large entities, and according to recent data shared by crypto analytics site, Dune analytics, the majority of all ETH stakers are in the loss while fewer stakers remain in the money. The reason behind the result of more losses than profit is due to the market conditions starting in 2021 after the Ethereum Beacon chain was launched, to the present. ETH had reached a new all-time high (ATH) but has also fallen by more than 50% from the…

China’s Nezha Delivered More Cars than Nio in 2022

Despite the persisting coronavirus pandemic that led to shutdowns in China, the Chinese electric car market is still bubbling. Nezha, an upstart Chinese electric car company, claimed that it delivered more cars than automobile manufacturer Nio did in 2022. Nezha is named after a Chinese mythology character and is another budget-friendly electric car brand focused on compact SUVs. Specifically, the company said its car delivered in 2022 was over X2 to surpass 152,000 vehicles. Out of the delivered cars, the most deliveries were Nezha V, a compact SUV with post-subsidy…

Core Scientific Powers Down Celsius 37,000 Mining Rigs

Core Scientific is just one of the many names in the crypto ecosystem that is currently battling a liquidity crisis. Core Scientific Inc (OTCMKTS: CORZQ), the bankrupt crypto miner and hosting service provider has effectively powered down as many as 37,000 mining rigs belonging to Celsius Network. Both companies, now bankrupt had been in a business relationship that turned unfavorable for Core Scientific as Celsius Network was unable to meet up with the costs of electricity, a key cost in mining Bitcoin (BTC). Core Scientific was the hosting service provider…

Coinbase Will Pay $50M Fine to New York Regulator to Settle Background Check Charges

“Today Coinbase and NYDFS have come to an agreement to settle a NYDFS investigation, disclosed in our 2021 annual 10K filing, into our historical compliance program,” wrote Paul Grewal, Coinbase’s Chief Legal Officer, in an email to CoinDesk. “Coinbase has taken substantial measures to address these historical shortcomings and remains committed to being a leader and role model in the crypto space, including partnering with regulators when it comes to compliance.” Source

Binance Rules 2022 Roost of Crypto Exchanges as Winner

Leading exchange Binance was recently crowned winner among exchange performances for 2022 after dominating the crypto space.  According to Arcane Research, Binance is the clear winner among crypto exchanges considering performance in 2022. An Arcane January 3rd report highlighted the Changpeng Zhao-led platform soared due to a favorable combination of factors. These include the fallout from FTX’s epic collapse and zero-fee Bitcoin (BTC) trading implementation. In addition, Binance undertook some notable global acquisitions in 2022 that further spurred its market dominance. Highlights of ‘Binance Crypto Winner’ Report Part of the Arcane report read: “There are no…

Goldman Sachs Economists Predict UK 2023 Recession Could Rival That of Russia

According to Goldman’s 2023 macroeconomic, the recession in the UK will come close to the crunch in sanctioned Russia.  Goldman Sachs (NYSE: GS) economists recently predicted that in 2023, the economic recession in the UK could hit as badly as Russia’s. In its macro-outlook for this year, Goldman touched on how the sharp decline in British household living standards impacted activity. According to the leading American bank, there could be a 1.2% contraction in the United Kingdom’s real GDP throughout 2023. In addition, Goldman stated there could be a 0.9% British economy expansion in 2024.…

Brace For Impact? Bitcoin Open Interest RSI Is Bearish

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On-chain data shows the Bitcoin open interest RSI is currently forming a pattern that can lead to a short-term correction in the asset’s value. Bitcoin Open Interest 14-Day RSI Has Been Climbing Up Recently As pointed out by an analyst in a CryptoQuant post, a short-term bearish correction might soon take place for BTC. The “open interest” is an indicator that measures the total amount of Bitcoin futures contracts currently open on derivative exchanges. The metric takes into account both long and short contracts. When the value of this metric…

Hackers steal $3.5M worth of digital assets from GMX whale

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Hackers have started the year with another exploit, with several million being taken from a whale holding large amounts of decentralized finance (DeFi) protocol GMX’s native token.  On Jan. 3, various community members saw suspicious movements of GMX tokens. Following this, security firms CertiK and PeckShield flagged the transactions as an exploit that drained $3.4 million worth of GMX tokens from a GMX whale. According to data analysis platform Lookonchain, the hackers took control of 82,519 GMX tokens and exchanged the assets for 2,627 Ether (ETH). Then, the attackers cross-chained…

Cardano Price Soars By 5% As Buying Pressure Is Increasing

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The Cardano (ADA) token marked a two-year low at $0.239 as recently as December 30 but has since experienced a sustained upswing that catapulted the price to $0.264 at press time. Within the last 24 hours, ADA is recording an increase in price of around 5%, with a trading volume of around $250 million. However, a look at the 1-day chart reveals that Cardano is far from out of the woods. The ADA price has been in a falling trend channel since mid-August 2022. Since early December alone, the ADA…