Day: October 30, 2023

Is Bitcoin Top Here? This Metric Would Say Otherwise

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The Bitcoin MVRV ratio, an on-chain indicator, could suggest the asset may not have hit its top for the current rally just yet. Bitcoin MVRV Ratio Says Market Isn’t Overheated Right Now According to data from the market intelligence platform IntoTheBlock, past bull markets hit their peaks when the MVRV ratio crossed the 300% mark. The “Market Value to Realized Value (MVRV) ratio” refers to an indicator that keeps track of the ratio between the Bitcoin market cap and realized cap. The “realized cap” here is a capitalization model for…

SBF claims innocence, contradicts other witnesses: Law Decoded

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Last week, the criminal trial of FTX founder and CEO Sam “SBF” Bankman-Fried continued in New York, with the man himself giving testimony as part of his defense. According to the SBF, he didn’t know any details about the creation of North Dimension, an alleged “shadowy entity” used to launder customer funds from the crypto exchange through Alameda Research. It was former chief regulatory officer Dan Friedberg who provided him with the papers setting up the firm, which he signed without question, SBF claimed.  Bankman-Fried denied knowing why crypto exchange…

Terraform co-founder Shin blames protocol for collapse during trial in S. Korea

The trial of payment platform developer Terraform Labs co-founder Shin Hyun-Seong, also known as Daniel Shin, and seven others got underway in Seoul Southern District Court in South Korea on Oct. 30, according to local news reports. Shin is accused of defrauding investors. Also at issue was whether or not Luna is a security. Shin left Terraform in 2020 “for business reasons,” his lawyer told the court. Shin was the CEO of Chai, a payments technology company that partnered with Kwon to form Terraform in 2019. According to Chosun Biz,…

‘Be greedy, not fearful:’ crypto influencer’s bullish Bitcoin outlook

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Crypto influencer CryptosRUs discussed the bullish technical and fundamental outlook for Bitcoin in his Oct. 30 livestream video. The YouTuber pointed to Bitcoin’s golden cross formation on the daily chart as a major technical indicator suggesting the top cryptocurrency is in a long-term bull market. The golden cross occurs when a short-term moving average crosses above a long-term moving average, signaling the start of an uptrend. He believes this golden cross could last until 2025 based on historical patterns. The youtuber also discussed Bitcoin potentially breaking $35,000 soon. If we…

Starknet Foundation Awards 50M STRK Tokens to Early Contributors

Mandates for the foundation, which is overseen by a seven-member board that includes StarkWare co-founder and President Eli Ben-Sasson, include “fostering the community of Starknet users, developers and researchers” along with “overseeing the continued development of the network and advancing research,” according to a blog post at the time. Source

Solo Bitcoin Miner Snags $200,000 Block Reward, How Did They Do It?

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A solo Bitcoin miner has struck gold after successfully claiming a $200,000 block reward. The considerable achievement has captured the attention of fellow miners and crypto enthusiasts, highlighting the potential for lone miners to effectively compete with larger mining operations  Lone Bitcoin Miner Hits Jackpot On October 28, a software engineer of Bitcoin CGMiner and an admin of Solo Ckpool, Dr. Con Kolivas congratulated a lone Bitcoin miner in an X (formerly Twitter) post for accomplishing a rare milestone by solving the 278th solo block at Solo Ckpool.  The lucky…

Price analysis 10/30: SPX, DXY, BTC, ETH, BNB, XRP, SOL, ADA, DOGE, TON

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Bitcoin’s reluctance to give up ground has attracted strong buying in select altcoins. Bitcoin (BTC) price climbed by 15% last week and 10.45% the week before. The S&P 500 Index dropped 2.53% last week and 2.39% the week before. This shows that Bitcoin has decoupled from the S&P 500 Index in the short term and may chart its own course. However, the path higher may not be easy. The Federal Open Market Committee’s meeting on Nov. 1 may cause some volatility, but it will li be short-lived as no surprises…

Nonprofit Organization Purchases 24,000 Nvidia AI Chips for $500 Million

The deployment of the 24,000 chips should be completed by February 2024. Voltage Park, a nonprofit organization founded by billionaire Jed McCaleb, has acquired approximately 24,000 Nvidia H100 chips for approximately $500 million. According to The Business Time, the organization plans to lease AI computing power at a low cost to address the shortage of these chips. Eric Park, CEO of Voltage, stated: “The current ecosystem for machine learning is fundamentally flawed.” Therefore, the organization aims to install the new chips in its facilities in Texas, Virginia, and Washington. The…

Bitcoin blasts through key resistance not seen since 2018

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Crypto analyst Jason Pizzino said in a recent YouTube video that Bitcoin (BTC) has broken above a key monthly resistance level for the first time since the 2018 bear market. Pizzino said Bitcoin closed above the monthly swing high from November 2018, marking the first time it has broken this resistance since the collapse after the 2017 bull market peak. The monthly swing tops are very, very important to this cycle. […] This essentially tells you the trend direction. Jason Pizzino Pizzino believes this breakout signals Bitcoin has likely bottomed…