Day: December 18, 2023

Bitcoin (BTC) Prices Hover Over $41K as Memecoin, Ordinals Frenzy Clogs up Blockchains

Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated. The leader in news and information on cryptocurrency, digital assets and the future of money, CryptoX is an award-winning media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. In November 2023, CryptoX was acquired by Bullish group, owner of Bullish, a regulated, institutional digital assets exchange. Bullish group is majority owned by Block.one; both groups have interests in a variety of…

Bitcoin Dips Under $41K to Begin The Week in Red as Memecoin, Ordinals Frenzy Clogs up Blockchains

Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated. The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is an award-winning media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. In November 2023, CoinDesk was acquired by Bullish group, owner of Bullish, a regulated, institutional digital assets exchange. Bullish group is majority owned by Block.one; both groups have interests in a variety of…

DOT Price (Polkadot) Holds Strong At $6.6, Signs Point To Fresh Rally Ahead

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Polkadot (DOT) is correcting gains from the $7.75 against the US Dollar. The price could start a fresh increase unless there is a close below $6.30. DOT is consolidating gains above the $6.60 support zone against the US Dollar. The price is trading above the $6.65 zone and the 100 simple moving average (4 hours). There is a key bullish trend line forming with support near $6.65 on the 4-hour chart of the DOT/USD pair (data source from Kraken). The pair could start a fresh increase if the bulls protect…

FTX loses $53K every hour on ‘bankruptcy fees’ — latest filings show

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Crypto exchange FTX has been burning through approximately $53,000 every hour over the three months ending Oct. 31 — just on bankruptcy lawyers and advisers, the latest round of compensation filings show.  Court filings from Dec. 5 to Dec. 16 have shown that the bankruptcy lawyers have charged an accumulated total of at least $118.1 million between Aug. 1 and Oct. 31. Over the 92 days, this equates to $1.3 million per day or $53,300 per hour.   The largest bill came from the management consulting firm Alvarez and Marshall, which…

Daily gas spent on EVM inscriptions surges to record high of $8M

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Network transaction fees across all blockchains have spiked over the weekend as the Ordinals inscriptions craze continues to push demand for blockspace — and not just on the Bitcoin network. Inscriptions on Ethereum Virtual Machine (EVM) chains skyrocketed over the weekend, causing a spike in gas fees. On Dec. 16, gas spent on inscriptions surged to a record high of $8.3 million, according to data from Dune Analytics. The Avalanche network saw the most gas spent, with more than $5.6 million on that day alone. Aribitrum One was second, with…

Ethereum Price Key Indicators Suggest Strong Case For Correction Below $2K

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Ethereum price is again moving lower below the $2,200 support. ETH is showing a few bearish signs and might decline further below $2,000. Ethereum started a fresh decline from the $2,330 resistance zone. The price is trading below $2,220 and the 100-hourly Simple Moving Average. There is a connecting bearish trend line forming with resistance near $2,210 on the hourly chart of ETH/USD (data feed via Kraken). The pair could accelerate lower if there is a break below the $2,135 support. Ethereum Price Dips Again Ethereum price failed to gain…

Crypto market on Christmas: Historical trends to expect

Explore how the crypto market on Christmas exhibits unique trends and what to expect during the holiday season. As the world adorns itself in festive lights and the spirit of Christmas envelops the air, the crypto market, too, often experiences its seasonal jumps.  Historical data and expert analyses suggest that major holidays, including Christmas, can lead to noticeable shifts in trading patterns and market sentiments. During Christmas, traditional markets usually close, offering the crypto market a unique playground.  This period has sometimes been marked by the so-called Santa Claus rally,…

Bitcoin Price Drops Again – What Could Trigger A Fresh Increase?

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Bitcoin price failed again to gather pace above the $43,500 resistance level. BTC started a fresh decline and might soon revisit the $40,000 support. Bitcoin is moving lower below the $42,000 support zone. The price is trading below $42,000 and the 100 hourly Simple moving average. There is a key bearish trend line forming with resistance near $41,800 on the hourly chart of the BTC/USD pair (data feed from Kraken). The pair could find strong buying interest near the $40,600 and $40,000 levels. Bitcoin Price Declines Below $42K Bitcoin price…

Bitcoin won’t be beaten as digital store of value: VanEck CEO

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The CEO of investment management firm VanEck says he can’t see a world where Bitcoin (BTC) is overtaken as the leading store of value on the internet. “I think it’s impossible for me to imagine some other internet store of value [will] leapfrog Bitcoin,” Jan van Eck said in a Dec. 16 interview with CNBC. “There’s 50 million users of Bitcoin, so it’s got network effects.” The CEO —  $76.4 billion in assets under management — also crushed accusations that Bitcoin is in a “bubble,” — explaining that no asset…

Blockchain-based private loans hit $582M, doubling from last year

Blockchain-based lending is regaining momentum this year, with the value of active tokenized private credit now sitting at $582 million — a staggering 128% increase from a year ago. While still far off from its peak of $1.5 billion in June 2022, according to data from real-world asset loan tracker RWA.xyz, the resurgence could signal that loan-seekers are looking for blockchain-based alternatives to traditional financiers amid a recent rise in interest rates. The current average percentage rate is 9.64% for blockchain-based credit protocols, while financiers have been offering small business…