Day: May 3, 2024

Why This Crypto Bull Run Might Not Live Up To The Past: Analyst

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In a detailed analysis shared with his 788,000 followers on X (formerly Twitter), renowned analyst Pentoshi has forecasted a more restrained outlook for the current crypto bull run, suggesting that it may not mirror the explosive growth seen in previous cycles. His insights provide a deep dive into the underlying factors that could temper the market’s performance. Why Crypto Investors Have To Expect Diminishing Returns Pentoshi began his analysis by stating, “This cycle should have the largest diminishing returns of any cycle,” attributing this prediction to several key market conditions.…

Edward Snowden urges privacy updates in Bitcoin amid Coinjoin closure

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Edward Snowden has called on blockchain developers to enhance Bitcoin’s privacy following the crypto mixing services shutdown due to U.S. pressure. Former National Security Agency (NSA) contractor Edward Snowden is urging blockchain developers to prioritize implementing privacy measures in Bitcoin on the protocol level, following the recent closure of mixing services in the U.S. In an X post on May 3, Snowden noted he’d been warning Bitcoin developers “for ten years that privacy needs to be provided for at the protocol level,” adding that “the clock is ticking” in response…

MultiBank.io: A Revolutionary Leap in Cryptocurrency Derivatives Trading

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PRESS RELEASE. MultiBank Group, a prominent global financial institution, proudly announces the launch of MultiBank.io, its state-of-the-art cryptocurrency derivatives trading platform. This significant initiative heralds a transformative milestone in the progression of cryptocurrency trading, driven by MultiBank.io’s advanced technological infrastructure and pioneering product portfolio. Facilitating Traders with Unparalleled Leverage and Diversity The MultiBank.io platform presents […] Source

Spot Bitcoin ETFs Sees 7th Consecutive Day of Outflow Streak

CoinspeakerSpot Bitcoin ETFs Sees 7th Consecutive Day of Outflow Streak Bitcoin exchange-trade­d funds (ETFs) in the United States face­d a modest net outflow of $34.4 million on Thursday, May 2nd, 2024. This outflow is significantly lower compare­d to the record-breaking $563.7 million outflow obse­rved on the previous day.  While the slowdown offe­rs some hope, it’s crucial to maintain perspective. Grayscale’s GBTC, the longest-standing Bitcoin fund, had outflows of $55 million on Thursday. This shows the ongoing trend of withdrawals from GBTC, which has been a point of concern for investors.…

CEO of Loka Mining on Bitcoin’s DeFi possibilities

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Speaking to crypto.news in an interview, Andy Fajar Hardika, CEO of Loka Mining, discussed the evolution of decentralized finance (defi) on the Bitcoin network. On April 19, 2024, Bitcoin mining rewards were slashed in half. Mining a block will now generate only 3.125 BTC, compared to the previous 6.25 BTC. Although the Bitcoin halving happens every four years or so this year, it’s really got industry participants talking about how the reduced rewards will affect the mining economy. With each halving event, mining firms have to adapt to a lower-margin…

UK Labour Party Is Winning the Most Seats in Local Elections, Trumping Crypto-Friendly Conservatives

About a third of the country’s local councils went to the polls on Thursday, with more than 2,600 seats up for grabs. With results in from 40 of the 107 councils, Labour had won 360 council positions, a gain of 62, while the Conservatives lost 147 for a total of 129, falling behind the Liberal Democrats, BBC data shows. Many of the other results, including the London mayoral election, may not be known until tomorrow or even Sunday. Source

$120 Million Futures Liquidated As Price Takes A Beating

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The recent dip in the price of Bitcoin below the $59,000 support level has sent jitters through the cryptocurrency market. While the price drop triggered liquidations in futures markets, analysts warn that a more significant decline could be on the horizon in the absence of a full-blown market capitulation. Measured Retreat, Not Mass Exodus Following the price drop, CryptoQuant, a cryptocurrency analysis platform, reported roughly $120 million in liquidated long positions (bets that the price would go up). This liquidation is noteworthy, but unlike previous selloffs at the same support…