Day: February 6, 2024

Is cryptocurrency a good investment in 2024?

Get answers to your crypto investment questions. Learn about trends, promising coins, market risks, and whether investing in cryptocurrency is wise in 2024. Despite a buoyant surge in Dec. 2023, leading to an over 16% increase in the total crypto market cap to reach $1.66 trillion as of Feb. 6, we still find ourselves in the shadow of the highs of 2021. Total crypto market cap from Dec. 23 till Feb. 6 | Source: CoinMarketCap Amid this, 2024 started off with good news, Bitcoin (BTC), finally received a nod with…

Massive $29.3 Million Whale Transfer Threatens XRP Price With More Sell Pressure

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The XRP price has yet to recover from the latest exploit, which resulted in Ripple’s co-founder Chris Larsen being hacked and 213 million XRP worth $120 million carted away. This seems to have further spooked a depleting whale account base, as on-chain data points to XRP whales already exiting their positions in the past few weeks.  Particularly, on-chain data from whale transaction tracker WhaleAlerts points to a recent transaction of 29 million XRP tokens transferred from an unknown wallet to the crypto exchange Bitstamp. Massive XRP Whale Transfer To Crypto…

What’s Going On With LINK?

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A mysterious whale is rapidly accumulating Chainlink (LINK). According to Lookonchain, the unknown entity, possibly an institution, withdrew over 2.2 million LINK (worth $42.38 million) via 47 new wallets from Binance, the world’s largest crypto exchange by trading volume, in two days. This sudden block withdrawal now raises questions about what’s driving the whale’s interest and what it could mean for LINK in the coming days. Crypto whale accumulating LINK | Source: Lookonchain via X Chainlink Is Key In DeFi And NFTs, Gradually Improving  Chainlink is a popular project that provides secure…

Europe leads Ethereum ETF market with $4.6b AUM

While U.S. regulators deliberate on spot Ethereum ETFs, Europe and Canada already boast billions in spot and futures ETH-related products.  Per a Coingecko study, Europe dominates the global Ethereum (ETH) ETF scene with an 81.4% market share. The area has 13 ETH-backed ETFs split across spot products and futures funds, amounting to $4.6 billion in assets under management (AUM). Canada is also a big market for ETH ETFs and commands a 16.6% market share of $949 million in AUM. ETFs have also become a gateway into crypto for many Canadian…

What MiCA Really Means for Stablecoins in Europe

Currently, three European companies — Monerium, Membrane and Quantoz Payments — are issuing on-chain fiat stablecoins under the electronic money directive, following a regulation-first approach. Other issuers, including Circle, are in the process of applying for an EMI license that would bring them into compliance. Source

CleanSpark jumps on plans to buy 4 bitcoin mining facilities

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An array of bitcoin mining units inside a container at a CleanSpark facility in College Park, Georgia, on April 22, 2022. Elijah Nouvelage | Bloomberg | Getty Images Bitcoin miner CleanSpark climbed on Tuesday after the company said it will acquire new mining facilities that will give it the power and infrastructure to potentially double its hashrate within the first half of the year. CleanSpark shares were last higher by nearly 9%. At one point, the stock rose as high as 10.8%, also helped by a midday rise in the…

Ronin Plunges 26% After Binance Debut, Raising Concerns About Pre-Listing Hype

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Ronin (RON), the token powering the Ronin Network, experienced a rollercoaster ride in the past 24 hours, rallying to a two-year high before crashing nearly 30% after its listing on Binance. This dramatic price swing has raised questions about potential market manipulation and the long-term viability of the project. From Hero To Zero: A Short-Lived Rally On February 5th, RON enjoyed a meteoric rise, surging 15% to reach a peak of $3.54. This rally was fueled by investor optimism surrounding the network’s growing user base and address activity. Trading volume…

Solana Recovery: Blockchain Restored Within 5 Hours After Shutdown

During the early hours of Tuesday, Solana (SOL) encountered a significant outage, adding to the growing list of incidents it has faced in the past 24 months.  As reported by our sister website NewsBTC, the mainnet-beta of Solana experienced a nearly 5-hour disruption, which raised concerns within the cryptocurrency community.  The incident was initially detected when block explorers Solscan and OKLink indicated a lack of new transactions on the network. The ongoing disruption prompted South Korean crypto exchange Upbit to suspend deposits and withdrawals for SOL and several other tokens.…

Bitcoin prices fall more when miners sell, especially before halving: Bitfinex

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The recent dip in Bitcoin’s value below $43,000 has been influenced by miners offloading their reserves. This trend is largely due to the SEC’s approval of spot Bitcoin ETFs, prompting miners to either exit their positions or leverage them, a Bitfinex report says. The report suggests that the impending halving event, which will cut miner rewards and impact profitability, is motivating this sell-off. 1-month chart of BTC price from CoinGecko.com Bitfinex analysts have pointed out that the sales are strategic for miners, allowing them to invest in infrastructure upgrades. This…