Day: August 11, 2023

Solana Could Soon Surge Past $25

Solana is attempting a fresh increase above the $25 resistance against the US Dollar. SOL price rally toward $30 if there is a close above $25.65. SOL price is showing positive signs above the $23.80 level against the US Dollar. The price is now trading above $24 and the 100 simple moving average (4 hours). There was a break above a major bearish trend line with resistance near $23.10 on the 4-hour chart of the SOL/USD pair (data source from Kraken). The pair could continue to move up if it…

Top 10 Ethereum addresses control 34.2% of total supply

According to Santiment, a market intelligence platform, Ethereum’s top 10 addresses have been accumulating over the last five years and currently control 34.6% of the total supply, equivalent to 120.15 million ETH, up from 11.2%.  This augmented ownership signifies the addition of approximately 27.86 million ETH worth around $51.6 billion at spot rates.  Meanwhile, Etherscan, an Ethereum block explorer, reveals key account balances in ETH, showing that the Beacon Deposit Contract holds 27,984,650 ETH (23.3%). Other addresses with significant holdings include those denominated in Wrapped Ethereum (wETH) with 3,361,754 ETH…

Coinbase layer-2 network Base hits 136,000 daily active users

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Daily active users on Coinbase’s layer 2 blockchain have exceeded 100,000 for the first time, just the day following the official launch of the network. Dune Analytics figures from Aug. 10 show over 136,000 daily users, the highest daily number in its short history, which also coincides with the second day of its public release. Daily active users on Base. Source: Dune Around 30% of the daily users on Aug. 10 were new Base users, who amounted to nearly 42,000 — although the record stands at over 60,000 on July…

Ethereum Price Could See Downside Thrust Before Fresh Increase

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Ethereum price is correcting gains from the $1,880 zone against the US Dollar. ETH could spike toward $1,820 before the bulls attempt a fresh increase. Ethereum is moving lower from the $1,875 and $1,880 resistance levels. The price is trading below $1,850 and the 100-hourly Simple Moving Average. There is a bullish flag pattern forming with resistance near $1,855 on the hourly chart of ETH/USD (data feed via Kraken). The pair could drop toward the $1,820 support where the bulls might take a stand. Ethereum Price Dips Again Ethereum’s price…

Bitcoin, Litecoin falling after LTC halving, QUBE rising

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Share Share on Twitter Share on LinkedIn Share on Telegram Copy Link Link copied The cryptocurrency landscape is characterized by its inherent volatility and unpredictability, where rapid shifts can reshape fortunes overnight. The recent Litecoin halving event has introduced a curious trend, highlighting the market dynamics.  Amidst these changes, the lesser-known token, QUBE by InQubeta, has gained attention as an unexpected contender. At the same time, established cryptocurrencies like Bitcoin (BTC) and Litecoin (LTC) have faced challenges.  Delving into this scenario raises questions about the reasons behind this shift and the future…

Canadians have ‘weak incentives’ to use a CBDC: Bank of Canada

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The typical Canadian has little reason to adopt a central bank-issued digital currency, which could cause problems with its broad acceptance, according to a new paper from the Bank of Canada. In the staff discussion paper released on Aug. 10, the central bank looked at a hypothetical scenario where cash was virtually eliminated in order to see what role a potential CBDC could play in helping the underbanked. It found that most consumers would have “weak incentives” to use one, as Canadians don’t face meaningful barriers to financial services like…

Ethereum is a commodity, says co-founder Joseph Lubin

Regulating cryptocurrencies is challenging due to the difficulty of categorizing them as commodities or securities. Their decentralized nature and unique requirements make placing them in a single category hard. As digital currencies are intended to operate independently of government control, the debate on their classification continues to spark controversy. This is what happens to Ethereum, too, as the asset wasn’t created to be only a commodity like Bitcoin is. Although ether can be used for transactions, the blockchain is much more than a simple network for digital exchanges. It includes learning…

Bitcoin ETFs to push US slice of crypto ETF trading volume to 99.5% — Analyst

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The United States could make up for 99.5% of the global trading volume for crypto-related exchange-traded funds — but only if spot Bitcoin ETFs are approved, according to a Bloomberg ETF analyst. Currently, North America accounts for 97.7% of all crypto ETF trading volume, Bloomberg senior ETF analyst Eric Balchunas revealed in an Aug. 10 X (Twitter) post. “If/when spot ETFs come out in the U.S. this will likely go to like 99.5%,” he speculated. Global crypto ETF trading volume: Source: Eric Balchunas on X (Twitter) There is currently a…

$1 Billion War Chest Shields Against Shrinking Market Share

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According to a Bloomberg report, Circle, a prominent player in the stablecoin market, strategically leverages its substantial cash reserves of over $1 billion to weather fresh competition from non-crypto giants like PayPal.  The company’s market share of the second-largest stablecoin, USD Coin (USDC), has been declining, mainly due to factors such as Binance’s decision to reduce its usage of USDC.  However, per the report, Circle remains optimistic about the future of stablecoins and aims to stem the decline while exploring new revenue streams and global expansion. Circle Relies On $1…