Day: April 26, 2024

Bitcoin Runes attract $135m in fees post-halving 

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Nearly a week after the halving, Bitcoin Runes have achieved a milestone as observers and participants alike deliberate over the impacts of the new standard.  According to a Dune Analytics dashboard, the Runes protocol on Bitcoin (BTC) has raked in $135 million in transaction fees on the cryptocurrency’s largest blockchain. On-chain data showed that tokens issued under the standard generated more than 2,100 BTC costs within a week.  Runes fee data | Source: Dune Analytics, Cryptokoryo Casey Rodarmor, the same mind behind the Ordinals protocol, developed Bitcoin Runes to improve the…

Ethereum Withdrawals From Exchanges Top 260,000 ETH

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Ethereum withdraws from centralized exchanges have ramped up over the last week, suggesting a direction for investor sentiment during this time. Given the sheer volume of ETH withdrawn from these exchanges, it is prudent to try to understand what this could mean for the crypto’s price. 260,000 ETH Leaves Exchanges Amid the uncertainty that has plagued the crypto market, Ethereum investors are making moves to secure their positions for better price prospects. Pseudonymous crypto technical analyst Titan of Crypto took to X (formerly Twitter) to share what Ethereum investors are…

Custodia Bank Appeals Court Loss in Fed Membership Lawsuit

“Unless Federal Reserve Banks possess discretion to deny or reject a master account application, state chartering laws would be the only layer of insulation for the U.S. financial system,” Judge Scott Skavdahl wrote last month. “And in that scenario, one can readily foresee a ‘race to the bottom’ among states and politicians to attract business by reducing state chartering burdens through lax legislation, allowing minimally regulated institutions to gain ready access to the central bank’s balances and Federal Reserve services.” Source

Analyst Warns Of Potential Drop To $59,000

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Amidst the anticipated positive effect of the recently concluded Bitcoin Halving event, Ali Martinez, a well-known cryptocurrency analyst and trader has issued a noteworthy warning about BTC’s trajectory, predicting that the price of the crypto asset could undergo a correction to the $59,000 mark. Potential Declines For Bitcoin Martinez’s analysis delves into the potential for Bitcoin to experience possible dives on the downside in the short term. Considering the BTC’s chart in the 12-hour timeframe, the analyst noted that two signals have manifested signaling potential price declines. Related Reading: Analyst…

Bitcoin showing similarities to small caps as it struggles to break $70,000, says Wolfe Research

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Bitcoin has been struggling to break out of its narrow range and reach new highs, and there’s doesn’t appear to be much hope for the cryptocurrency’s price in the near term, according to Wolfe Research. “Bitcoin continues to demonstrate its inability to successfully get through that stubborn $70k resistance level,” Wolfe’s Rob Ginsberg said in a note Wednesday. “It’s the same area where price stalled out in 2021 before going onto fall some 50% from the peak over the next three months” — before bitcoin hit another all-time high that…

Warren Flags Crypto Ties to Child Sexual Abuse in Letter to U.S. DOJ, Homeland Security

Cryptocurrency has become “the payment of choice for perpetrators of child sexual abuse and exploitation,” the lawmakers noted, citing a February FinCEN Trend Analysis from transactions in 2020 and 2021 and a Chainalysis report from this past January. “Existing anti-money laundering rules and law enforcement methods face challenges in effectively detecting and preventing these crimes – and we seek to ensure that Congress and the administration are doing their part to address these challenges.” Source

BNY Mellon invests in Bitcoin ETFs as institutional interest grows

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BNY Mellon, the world’s largest custodian bank and the oldest in the U.S., has recently disclosed its investment in Bitcoin ETFs. According to an SEC filing, the bank is exposed to BTC ETFs offered by BlackRock and Grayscale, underscoring the growing institutional interest in cryptocurrencies. The U.S. SEC’s approval of 11 spot Bitcoin ETFs earlier this year marked a significant milestone for American crypto investors. This decision came after prolonged investor demand for such financial instruments. ETF anticipation and subsequent approval triggered a surge in the crypto market, propelling BTC…