Day: May 19, 2024

NFT weekly sales drop to $145m, Bitcoin leads in downturn

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Over the last seven days, the non-fungible token (NFT) market saw sales reach $145 million, reflecting a decline of over 9% from the previous week.  This downturn continues a trend of falling sales over recent weeks, with four out of the top five blockchains by sales volume seeing decreases during this period. Last week, as reported by crypto.news, sales of digital collectibles dropped by more than 11%, and this week, they fell by another 9.68%, totaling $145.01 million, per data from CryptoSlam. Bitcoin leading the pack As seen in previous…

Back to the drawing board: rethinking interoperability

Disclosure: The views and opinions expressed here belong solely to the author and do not represent the views and opinions of crypto.news’ editorial. Picture the scene: you’re about to deposit your savings at a new bank. But as you’re filling out the forms, you come across a news story about a $624 million theft caused by a devastating exploit to the bank’s computer system. You start to look at other banks to find a safer alternative, but things aren’t that easy. You see, you have no way to properly differentiate…

Despite FTX’s Collapse, FTT’s $535M Market Cap Highlights Crypto Absurdity

Ten days ago, the FTX estate overseeing the bankrupt company’s proceedings informed customers they would receive more than 100% repayment. Following this announcement, the exchange token FTT from the defunct trading platform rose above $2 per unit. Astonishingly, despite being tied to a failed crypto exchange, this token still holds a market valuation of $535 […] Source CryptoX Portal

Toncoin: $1 Billion Whale Activity Shakes Up Price

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Despite a recent surge in activity from large investors, often referred to as “whales,” the price of Toncoin (TON) appears headed for choppier waters. This comes as analysts raise concerns about the cryptocurrency’s weakening technical indicators and its potential breach of a key support level. Related Reading Whales Make A Splash, But Can They Save The Day? In a recent report, Joao Wedson, a crypto analyst at CryptoQuant, observed a significant spike in whale activity on the Toncoin network. Transactions exceeding 100,000 TON (roughly equivalent to $645,000 at current prices)…

Yuval Harari Criticizes Bitcoin, Naira Becomes World’s Worst-Performing Currency, and More — Week in Review

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Historian Yuval Noah Harari criticized bitcoin, calling it a “currency of distrust.” The Nigerian naira has become the world’s worst-performing currency after erasing its early April gains due to ongoing foreign exchange shortages. Robert Kiyosaki warned of a potential collapse of the U.S. dollar if the BRICS nations launch a gold-backed cryptocurrency, predicting hyperinflation. Gold […] Original

Bitcoin institutional investing ‘happening now’

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SkyBridge Capital founder Anthony Scaramucci is doubling down on his belief that the institutional embrace of Bitcoin (BTC) is in full swing and poised to accelerate significantly in the upcoming quarters.  Speaking on CNBC’s “Squawk Box”, the former White House Director of Communications highlighted recent developments, such as U.S. pension funds entering the crypto market, pointing to the State of Wisconsin Investment Board’s investments in BlackRock’s iShares Bitcoin Trust (IBIT) and Grayscale’s Bitcoin Trust (GBTC). See below. According to recent U.S. Securities and Exchange (SEC) filings, the board allocated $170…

Miners need a Bitcoin use case to stick

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Disclosure: The views and opinions expressed here belong solely to the author and do not represent the views and opinions of crypto.news’ editorial. The Bitcoin network’s security is based on the addition of new blocks to the chain, which miners are financially incentivized to produce. In turn, miners’ revenues comprise the transaction fees for all transactions included in a block that they mine as well as a block subsidy.   However, the block subsidy will not last forever: it is halved every four years (most recently on April 19, 2024) and…

Fantom Price Continues To Shine

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Fantom price has been such a joy to watch for investors in recent days, as a much-needed breath of fresh air continues to spread throughout the crypto market. Bitcoin and other large-cap assets seem to be recovering well after a period of sluggish and frustrating price action. Notably, Fantom emerged as one of the best performers in the cryptocurrency market over the past week, posting a substantial 26% price increase in the last seven days. The Layer 1 token has particularly been on a hot streak in the past day,…