Day: May 1, 2024

EigenLayer’s ‘Intersubjective Forking’ Is Objectively Not Done

INTERSUBJECTIFYING THE FORKIFICATION: The Ethereum restaking project EigenLayer, whose plan to repurpose the Ethereum blockchain’s security to hordes of additional protocols has prompted systemic risk warnings from Vitalik Buterin himself, released a 43-page whitepaper on its forthcoming EIGEN token – more than twice as long as the original 19-page whitepaper on EigenLayer. To address the concerns, the project, led by the sesquipedalian computer engineer Sreeram Kannan, came up with a new plan for something called “intersubjective forking.” The purpose of this mechanism would be to take care of “instances of…

Bitcoin losses could steepen after the cryptocurrency fell below $60,000, analysts say

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The bitcoin sell-off could get worse before it gets better, according to analysts who look only at price charts. The flagship cryptocurrency just posted its first negative month in eight and worst month since November 2022. The downtrend intensified on Wednesday when it tumbled under the $60,000 level for the first time since February, as stubborn inflation and uncertainty around Federal Reserve interest rate policy kept markets under pressure. That was a key support level for bitcoin, representing the approximate convergence of the March low and 100-day moving average, according…

Bitcoin Euphoria Cools Off As BTC Distribution Enters Fear Zone

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Bitcoin has finally broken below the $60,000 support level for the first time in two months. The world’s largest digital asset has largely been in a euphoria phase since the beginning of the year, particularly after the launch of Spot Bitcoin ETFs in the US market. However, the current consolidation of the price of Bitcoin indicates the euphoria might be fading. According to a new report from Glassnode, an on-chain analytics firm, the euphoria surrounding Bitcoin, which has been active for the past 6.5 months, looks to be fading. At…

Bitcoin falls below $57k, market analysts doubt quick recovery

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Bitcoin’s price fell below $60,000 shortly after the verdict was announced for Binance Founder Changpeng Zhao. According to CoinMarketCap data, Bitcoin (BTC) is trading at $56,900 at the time of writing. Source: CoinMarketCap Against high volatility, the volume of liquidations on futures contracts on the crypto market has increased. The figure reached almost $380 million per day, according to Coinglass. Source: Coinglass The crypto market began to decline shortly after Changpeng Zhao, the former head of the Binance crypto exchange, was sentenced to four months in prison. Alex Kuptsikevich, the FxPro senior market analyst, told…

Bitcoin’s price may remain flat as spot ETF outflows advance 

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Bitcoin prices plunged or traded sideways after the halving, prompting opinions that BTC price activity could cool as spot ETF outflows proceeded. The U.S. spot Bitcoin (BTC) ETF data from April 30 showed that GBTC single-day net outflows amounted to over $93 million, contributing to a cumulative outpour worth more than $162 million from four tradable funds. Grayscale’s Bitcoin ETF outflows have recently decelerated, but historical GBTC exits remain staggering at over $17.3 billion since its conversion in January. Grayscale CEO Michael Sonnenshein previously said outflows should decline as the…

Sentiment Back At Neutral After $57,000 Plunge

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Data shows that Bitcoin sentiment has cooled off to neutral from greed following the asset’s latest plunge to the $57,000 level. Bitcoin Fear & Greed Index Has Returned To Neutral Levels The “Fear & Greed Index” is an indicator created by Alternative that shows the average sentiment among investors in the Bitcoin and wider cryptocurrency market. This index estimates sentiment by considering five factors: volatility, trading volume, social media data, market cap dominance, and Google Trends. The metric uses a scale that runs from zero to 100 to represent this…

An ETH ETF Wouldn’t Deliver Full-Returns to Investors

An SEC approval for spot ETH ETFs looks unlikely but even if the SEC approves exchange traded funds for Ether, investors should learn about total return ETH investment products. That way, they can gain from staking rewards as well as the underlying asset, says Jason Hall, the CEO of Methodic Capital Management. Source

US Spot Bitcoin ETFs Report 5 Straight Days of Outflows, Totaling $635 Million

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On Tuesday, U.S. spot bitcoin exchange-traded funds (ETFs) registered their fifth consecutive day of net withdrawals, documenting a substantial $161.6 million in negative outflows. Over the last two days, Grayscale’s Bitcoin Trust (GBTC) has offloaded 1,731.56 BTC, diminishing its reserves to 296,713.90 BTC. Bitcoin ETFs Continue to See Persistent Outflows Since April 24, 2024, U.S. […] Original