Day: December 8, 2023

BLUR Is Down 30%, And Whales Are To Blame–Here’s Why

boss

Blur, a decentralized non-fungible token (NFT) marketplace, and OpenSea competitor is under pressure, tumbling by over 30% from its November peaks. While BLUR retreats, on-chain data reveals that BLUR whales have been moving their tokens to leading crypto exchanges, possibly to liquidate. Whales On A Possible Selling Spree According to Lookonchain data on December 7, several whales have been offloading large amounts of BLUR. To illustrate, 16.85 million BLUR, worth roughly $8.43 million, were deposited to exchanges in the past 24 hours.  Notably, one whale deposited 2.54 million BLUR, worth $1.26 million,…

Binance Founder Changpeng ‘CZ’ Zhao Stuck in U.S. Until Sentencing

Binance founder and former CEO Changpeng Zhao (CZ) cannot return to the United Arab Emirates before his sentencing, a federal judge ruled Thursday night. Zhao, who pleaded guilty to one charge of violating the Bank Secrecy Act last month, is set to be scheduled in February 2024. He was released on a $175 million personal recognizance bond, putting up some cash in escrow and having guarantors put up around $5 million worth of assets as collateral. While Zhao’s bond originally allowed him to return to the UAE, where he, his…

Vivek Ramaswamy slams Gary Gensler, SEC over ineffective crypto rules

Bitcoin and crypto were on the agenda during the Republican presidential debate, with one contender chastising regulators for not doing enough and allowing FTX to happen. GOP candidate Vivek Ramaswamy pushed back on the narrative that Bitcoin (BTC) and digital assets bootstrap criminal activity by facilitating unchecked money transfers through decentralized networks.  Ramaswamy said that Bitcoin offered an alternative to America’s broken financial architecture” and that his policies would bolster economic freedom in the United States. When asked if legitimizing the burgeoning crypto industry would not also incentivize illegal activity,…

Hive Digital says BTC miners bought last Dec have already paid themselves off

boss

Bitcoin (BTC) miner Hive Digital Technologies says the move to acquire a fleet of Bitmain mining rigs last year has already paid for itself, due in large part to a significant increase in the price of Bitcoin.  In a Dec. 8 statement, Hive Digital wrote that it had been acquiring mining rigs since the collapse of FTX, a decision it believes will put it in a favorable position for the upcoming Bitcoin halving, currently slated for April 2024. 276.3 Bitcoin produced from ASIC and GPU mining operations, representing an average…

Sam Altman-Backed Crypto Startup Looks To Secure $100 Million For Bitcoin Private Credit Fund

boss

Meanwhile Advisors, a crypto startup backed by the American entrepreneur Sam Altman, has announced plans to raise $100 million for a Bitcoin (BTC) private credit fund.  The fund, known as Meanwhile Private Credit Fund aims to provide institutional investors with access to BTC while targeting an additional 5% yield denominated in the cryptocurrency. Bitcoin Rally Sparks Launch Of Meanwhile Advisors Fund According to a report by The Block, Meanwhile Advisors has launched the fund as Bitcoin continues its recent rally, with prices currently falling from the $44,000 level down to…

Blockchain Victory: US Congress Committee Unanimously Approves Pioneering Legislation

In a significant move towards embracing blockchain technology, the United States Congress Committee on Energy and Commerce recently achieved a milestone by unanimously passing the Deploying American Blockchains Act of 2023. The bill voted in favor with a 46-0 majority, was part of a comprehensive session tackling 44 pieces of legislation.  Secretary Of Commerce Develops Guidelines For Implementation The primary objective of the legislation is to empower the Secretary of Commerce to take essential and appropriate actions that promote the United States’ competitiveness in the realm of the nascent technology.  Under the…

Massive Uptick in Exchange Volumes Could Suggest Growing Institutional Demand Ahead of ETF Approval: Glassnode

boss

A massive surge in crypto exchange flows suggests institutions could be preparing for the potential approval of spot market Bitcoin (BTC) exchange-traded funds (ETFs), according to the market intelligence firm Glassnode. Glassnode notes in a new analysis report that the 30-day simple moving average (SMA) of Bitcoin flows in and out of exchanges grew from $930 million from the start of the year to over $3 billion at time of writing, a 220% increase. “Looking at this from the on-chain volume domain, we can see that YTD (year-to-date) flows in…

Phoenix Group secures $380m contract with Whatsminer post-ADX listing

Following its listing on the Abu Dhabi Securities Exchange (ADX), Middle Eastern Bitcoin mining company Phoenix Group has announced a new deal with Whatsminer, the second largest Bitcoin mining machine manufacturer. The contract, surpassing $380 million, stands as Whatsminer’s most substantial order in the last two years, underscoring Phoenix Group’s commanding presence in the Middle East’s burgeoning tech and blockchain landscape. A dynamic landscape The agreement is said to involve the immediate delivery of mining equipment valued at $136 million, coupled with an additional option worth $246 million. The deal indicates…

Avalanche Pays Premium to Incentivize Validators, Will AVAX Soar To $145?

boss

Avalanche, the fourth-generation proof-of-stake (PoS) blockchain, incurs significant costs to incentivize its validators. Token Terminal data on December 7 shows that in the past year, the smart contract platform paid over $275 million in AVAX to compensate its validators despite generating only $11.5 million in user fees.  Avalanche Is Paying A Premium To Incentivize Validators Although it appears that Avalanche is paying a premium for validators, this is critical in securing the network and ensuring all transactions are confirmed. Overall, and being a proof-of-stake network reliant on node operators for security and…