Day: April 5, 2024

FTX Estate Offloads $1.9 Billion Worth Of Locked Solana (SOL) Tokens In Sale

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In a significant development, FTX bankruptcy trustees have reportedly sold about two-thirds of a $2.6 billion stash of Solana (SOL) at a “deeply discounted price.”  Industry figures such as Galaxy Trading and Pantera Capital were among the investors involved in the deal, according to people familiar with the matter, as reported by Bloomberg. SOL Tokens’ Four-Year Journey Per the report, the FTX estate was able to sell between 25 million and 30 million locked-up Solana coins at $64 each, generating up to $1.9 billion in proceeds for the estate.  Under…

How The 7-Year Cycle Can Send Price To $40

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Dogecoin has had a rather interesting week, first rallying to cross $0.2, before correcting back downward and eventually losing support at $0.8. Nevertheless, there is still a lot of steam left in the cryptocurrency it seems, as crypto analysts have identified both a bottom and a 7-year cycle that could send its price as high as $40. Dogecoin To Bottom Around $0.16 In an analysis posted on X (formerly Twitter), crypto analyst Trader Mayne posited that Dogecoin could find a bottom around $0.16. He explains that this is the level…

Sony Bank Leverages Polygon Blockchain For Stablecoin Pilot Program

According to local media reports in Japan, Sony Bank announced its foray into the stablecoin world, launching a trial to issue its fiat-linked digital currency. In collaboration with blockchain company SettleMint, one of the most notable aspects of the pilot program is that the trial will take place on the Polygon blockchain. Sony Bank’s Strategic Move Sony Bank’s move to explore stablecoin issuance highlights the company’s strategic focus on leveraging blockchain technology and digital assets to increase its financial services offerings.  By pegging the stablecoin to traditional fiat currencies such…

What the Ethereum (ETH) Staking Argument Is Really About

The Core Devs are, of course, part of that community, but it’s also clear they have an outsized influence on the protocol relative to the other stakeholders. Further, what we are really talking about here are the various researchers who are paid by the Ethereum Foundation. — because, well, the Ethereum Foundation is one of the few organizations that pays people to focus on protocol research. Source

New York Jury Finds Do Kwon, Terraform Labs Liable for Fraud in SEC Case: Reports

Jurors agreed with the SEC that Kwon and, under his direction, Terraform Labs deceived everyday investors about the nature of the supposed algorithm that kept UST pegged to the U.S. dollar. Though Kwon insinuated that it could “automatically self-heal” in the event of a de-peg, it actually relied on continuous trading activity, including large-scale trading done by institutional investors. Source

History Favors Bitcoin Bulls Despite Crypto Hedge Funds Increasing Shorts

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Bitcoin may be dripping lower at spot rates. Still, one analyst is unfazed, expecting the coin to reverse recent losses and snap up firmly before peaking in December 2024. At spot rates, BTC is down roughly 11% from 2024 peaks and struggling to generate sufficient buying pressure, looking at the formation in the daily chart. Will History Support Bitcoin And Rally To Fresh Highs? Taking to X, the analyst highlights historical price patterns using the 2-week Fisher Transform indicator, a tool for picking out potential reversal zones like double tops or bottoms.…

Bitdeer Utilizes Chip Giant TSMC, Eyeing $60M in Bitcoin Mining Equipment Production

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According to the publicly-listed mining corporation Bitdeer, the company is employing Taiwan Semiconductor Manufacturing Company (TSMC) for its Sealminer A1 mining rigs for the third quarter. Bitdeer also disclosed that it extracted 294 bitcoins in March, marking a 28.4% enhancement over March 2023’s earnings. Ahead of Bitcoin’s Next Halving, Bitdeer Taps TSMC for Proprietary Mining […] Original

Genesis Completes Redemption of GBTC Shares, Buys 32K Bitcoins with Proceeds

On Feb. 15, Genesis received permission from a New York bankruptcy court to sell the nearly 36 million shares in GBTC, as well as additional shares in two Grayscale Ethereum trusts. At the time of the application, lawyers for the estate valued the Grayscale shares at a collective $1.6 billion – nearly $1.4 billion in GBTC, $165 million in Grayscale Ethereum Trust, and $38 million in Grayscale Ethereum Classic Trust. Source

Bitcoin Mining’s Boon for Small Town America

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Bitcoin mining is interesting because there might not be that many jobs per bitcoin mine. But you create a lot of external jobs around that. In the film, you’ll see there’s tons of people who work in contracting and are in and out of the facility, truck drivers, repair technicians, people pouring concrete, security guards. Even just thinking about the facility, they plan on opening up a kitchen to feed the 40 workers there. That’s going to be like five to 10 new jobs. Original