Day: February 12, 2024

Bitcoin Open Interest hits $22B -Will BTC Price Follow?

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Bitcoin (BTC) price crossed $48,000 on Feb. 9, but weekend activities from derivatives traders suggest that more action will follow in the coming days.  The total capital stock in the BTC futures markets has crossed the recent peak recorded during the spot ETF approval euphoria on Jan. 11, sparking optimism that BTC price could soon follow suit.   Bitcoin open interest approaches $22 billion first time since April 2021 The spot ETF approval on Jan. 11 has increased public interest in BTC as a legitimate asset class, leading to a flurry…

Bitcoin Price Soars as Net Inflow into BTC Spot ETFs Continues to Rise – Blockchain News, Opinion, TV and Jobs

The primary driver behind this price appreciation can be attributed to the increased inflow into BTC Spot ETFs. As anticipated in previous weeks, the outflow from the Grayscale Bitcoin ETF (GBTC) was expected to diminish after the initial couple of weeks of trading. This expectation materialized, with GBTC outflows showing a significant decrease in the final days of January and continuing to decline through February. The daily outflow from GBTC during the two initial weeks post-approval averaged around $500 million. However, in the past week, total outflows from GBTC amounted…

Top-Trader Picks Cardano As Bull Market Leader: Here’s Why

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In a post on X (formerly Twitter), acclaimed crypto trader Gert van Lagen has pinpointed Cardano (ADA) as the potential frontrunner of the ongoing bull market. His analysis leans heavily on Cardano’s foundational strengths compared to its rivals, Ethereum (ETH) and Solana (SOL). Why Cardano Is Van Lagen’s Top Pick Central to van Lagen’s argument is the concept of decentralization, where he posits Cardano as a model of “fundamental superiority.” He articulates, “Cardano stands out for its fundamental superiority over Ethereum and Solana, boasting greater decentralization and the notable absence…

Bitcoin Hovers Below $48K; Immutable X Soars

Despite bitcoin (BTC) starting the week lower, the leading cryptocurrency by market value has risen more than 13% in the seven days to Feb. 12, the biggest one-week gain since October. The CoinDesk 20 Index, a measure of the biggest cryptocurrencies, added 11%. Continued inflows into the U.S.-based spot BTC exchange-traded funds (ETFs) probably overshadowed reports of bankrupt crypto lender Genesis seeking approval to liquidate its $1.6 billion bitcoin holdings. Ether (ETH) was down almost 2% on Monday and bitcoin lost around 1%. The token of Immutable X (IMX), a…

How many Dogecoins are there? Dogecoin’s supply explored

Discover how many Dogecoins are there and their impact on the crypto market. Explore the unique, uncapped Dogecoin supply and its global spread. In the last few years, cryptocurrency has taken the world by storm, offering a plethora of digital currencies from the well-known, such as Bitcoin (BTC) and Ethereum (ETH), to the more niche and whimsical, such as Dogecoin (DOGE).  In this article, we delve into the specifics of Dogecoin, addressing the fundamental question; how many Dogecoins are there? Dogecoin: a brief history Before plunging into the numbers, let’s…

Solana’s Second Phone Crosses 100,000 Presales, Securing $45M for Development

“There’s a minimum cost to get a new line going,” Solana co-founder Anatoly Yakovenko told CoinDesk in an interview. With at least 100,000 customers for chapter 2 having already paid $450, the economics for selling an affordable second device are more viable than the “brutal” numbers that backed Solana’s experimental first phone, which originally retailed for $1,000, he said. Source

Analyst Predicts A Pullback Before Halving

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Rekt Capital, a well-known cryptocurrency analyst and enthusiast, has offered insights on Bitcoin’s price action ahead of the upcoming BTC Halving event. One Final Retracement For Bitcoin Before Halving? The crypto expert took to the social media platform X to share his perception with his nearly 400,000 followers. Rekt believes Bitcoin is poised for a significant retracement before the impending BTC halving. According to the analyst, the retracement will be Bitcoin’s “last correction before the halving event.” He further highlighted that, due to historical patterns, the pullback is anticipated to…

Expert Calls for Full Cryptocurrency Regulation in Nigeria to Mitigate Digital Asset-Related Financial Crimes

Nigeria must fully regulate crypto activities if it wants to curb financial crimes associated with digital assets, a forensic expert has said. The co-founder of A&D Forensics also called on Nigeria to enact laws that would mandate banks to vet service providers before granting them account access. Curbing Crypto-Related Financial Crimes According to a blockchain […] Source CryptoX Portal