Day: January 25, 2024

New meme coin adds 100%, will it follow BONK?

Disclosure: This article does not represent investment advice. The content and materials featured on this page are for educational purposes only. While the broader crypto market struggled to gain momentum, Sponge, an upcoming meme coin, remains firm. Sponge is trending higher, rising from $0.000403 to $0.0007217, a 79% increase within a month. As of Jan. 24, it was up 100% during the same time frame. The exciting move comes following an announcement by the Sponge team that the token will bridge to Sponge V2, packed with new utility and staking…

Report Highlights 5 Solana Projects Set For Success In 2024

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Solana has been on a downward trend over the past week, following a surge from multi-year low levels. The token suffered when its biggest promoter, crypto exchange FTX, fell, but the ecosystem continued to thrive, leading to the high timeframe recovery.  As of this writing, Solana’s native token SOL trades at $87 with a 2% profit over the past 24 hours. Over the previous seven days, the cryptocurrency records a 12% correction. SOL’s price trends to the upside on the daily chart. Source: SOLUSDT on Tradingview Rising Stars In The…

Ethereum (ETH) Price Defends $2k Support as Whales Buy the Dip

Ethereum price managed to hold the $2,200 support as the crypto market downturn intensified this week, on-chain signals highlight rising whale demand.  On Jan. 22, the crypto market suffered significant bearish headwinds as Bitcoin (BTC) prices wobbled below $40,000 for the first time in 50 days. At press time on Jan. 25, the global crypto market capitalization has shrunk 7%, with $108.5 billion in valuation wiped out within the weekly timeframe.  Ethereum (ETH) vs. Crypto Market Cap Performance | Source: TradingView Losing 5% in Ethereum (ETH) price has maintained a…

Cardano Defies Bear Market As Smart Contracts Count Sees 10,000 Explosion

The Cardano network continues to defy expectations and prove its doubters wrong. This time, the network has hit a new milestone, which suggests that users are indeed taking advantage of its smart contract functionality.  Cardano Sees Significant Increase In Smart Contract Usage Data from Cardano Blockchain Insights has revealed an increase in the usage of Cardano’s Plutus V1 and V2 scripts. As of January 22, 24,050 smart contracts had been executed using these Plutus scripts. This is impressive, considering that this figure stood at 14,379 at the beginning of this…

Bitcoin (BTC) ETFs Show Net Outflows as Buying at BlackRock’s IBIT and Others Slow

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According to data collected by Bloomberg Intelligence analyst James Seyffart, the 10 spot bitcoin ETFs (GBTC included) saw a net outflow of $158 million on Wednesday. Day-to-day flows can, of course, be mercurial. Numbers compiled by CoinDesk from the issuers’ websites shows total bitcoin held by all of the spot ETFs (GBTC included) as of Jan. 24 of 642,458 versus 660,540 a week earlier, a decline of more than 18,000 tokens. Original

This is what was behind the bitcoin sell-off and why JPMorgan thinks it could be ending

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The driving force behind the recent sell-off in bitcoin may have run its course, according to JPMorgan. Bitcoin rallied in the second half of 2023 as optimism around the approval of exchange traded funds grew, but their debut earlier this month has proven to be a “sell the news” event for the world’s largest cryptocurrency. Bitcoin briefly traded above $49,000 shortly before the funds launched, but then fell more than 20% before seeming to stabilize around $40,000. BTC.CM= YTD mountain Bitcoin has retreated since the approval of bitcoin ETFs. JPMorgan…

$130M Silk Road Bitcoin Stash To Be Sold By US Government

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Since mid-January Bitcoin (BTC) has been facing mounting selling pressure from various market players. This includes asset manager Grayscale, bankrupt crypto exchange FTX, and now, the US government, which is set to auction off a substantial amount of Bitcoin seized from the infamous dark web marketplace Silk Road. Sale Of Confiscated Silk Road Bitcoin The US government has filed a notice to sell approximately $130 million worth of Bitcoin confiscated from Silk Road. The filing states that the United States intends to dispose of the forfeited property as directed by…

U.S. government to sell over $131m in Bitcoin seized from Silk Road

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The U.S. District Court of Maryland has issued a notice regarding the disposition of a substantial amount of Bitcoin from the former marketplace Silk Road, totaling over $131 million.  This action follows the court’s order in the case of U.S. v. Joseph Farace, where Bitcoin was seized from Ryan Farace and Shaun Bridges in 2021. Ryan France was sentenced to 54 months in prison earlier this year for laundering drug profits over the dark web, along with his father. Bridges was a U.S. Secret Service Special Agent, convicted back in…