Recent data shows that the supply of Bitcoin (BTC) and Ethereum (ETH) on exchanges has dropped significantly. This means the largest crypto tokens by market cap could be well-primed for significant moves to the upside, with a supply squeeze imminent. Supply Of Bitcoin And Ethereum Drop To New Lows BTC ECHO analyst Leon Waidmann shared Glassnode data, which showed that exchange balances for Bitcoin and Ethereum are at their lowest in years. Bitcoin’s supply on exchanges has dropped to 11.6%, while Ethereum’s supply has dropped to 10.6%. This suggests that…
Day: June 3, 2024
Uniswap Vote Delay Shows DeFi Stakeholders Aren’t All in It Together
Talks again arose about fee switch activation with the launch of Uniswap V3. GFX Labs, maker of the Oku, a front end interface for Uniswap, proposed a plan that would test out the protocol fee distribution on a few pools on Uniswap V2 that received a lot of attention. But talks ultimately fizzled out, due in part to concerns that activation might drive LPs and liquidity away from the platform, as well as legal fears. Source
Former Binance CEO Changpeng Zhao Begins 4-Month Prison Sentence in California
Lompac II, where Zhao will serve his short sentence as inmate 88087-510, is a low-security prison in Santa Barbara County, on California’s central coast. According to the Bureau of Prisons’ records, there are currently 2,160 inmates at the facility. Source
This Week’s Crypto Gainers and Losers: NOT Leads With 214% Gain, BTC and ETH Remain Flat
Both bitcoin and ethereum experienced a tepid week over the last seven days, with BTC seeing a slight increase of 0.5% and ETH declining by 3.8%. Conversely, several crypto assets posted gains, with notcoin (NOT) rising 214% against the U.S. dollar. NOT Tops the Charts With 214% Increase, TAO Declines 14% The TON-based crypto asset […] Source CryptoX Portal
Crypto Analyst Says Bitcoin Will Rise To $79,600 If This Holds
An analyst has explained how Bitcoin will “likely rise to test” the $79,600 level if BTC can hold above this important level of a pricing model. Next Bitcoin MVRV Pricing Band Is Currently Valued At $79,600 In a new post on X, analyst Ali Martinez has talked about where BTC’s next destination could be based on an on-chain pricing model. The model uses the popular “Market Value to Realized Value” (MVRV) indicator. This metric tells us how the value that the Bitcoin investors hold right now (that is, the market…
Is Polkadot Preparing For A 100% Surge And Spike Above $20?
Polkadot, the interoperable blockchain, remains one of the largest and most popular networks in the top 20. At press time, DOT, the platform’s native currency, is 14th, ahead of Tron and the NEAR Protocol. However, despite recent gains, it is still down 87% from all-time highs, undeniably facing a brutal market correction. Even with this bearish sentiment, a wave of optimism is building around DOT’s future. Taking to X, one analyst thinks not only will the coin shake off weakness but will surge, rallying to over $20 in the coming…
New Meme Coin Raises $1.4M in Opening Week of Presale – Will PlayDoge Explode?
Meme coins have made a comeback in the past few weeks – and one new token is separating itself from the pack. PlayDoge (PLAY), which combines the iconic “Doge” meme with play-to-earn (P2E) gaming, has already raked in $1.4 million less than a week into its presale. With that kind of traction, investors are buzzing […] Source CryptoX Portal
Australia’s First Spot Bitcoin ETF Launching Tomorrow
Australia-based Monochrome Asset Management is set to debut its spot bitcoin exchange-traded fund (ETF), IBTC, on the Cboe Australia exchange this Tuesday, June 4. This will be Australia’s first ETF to directly hold bitcoin. Previously, Australian investors were limited to indirect bitcoin ETFs or offshore options, which did not offer the same investor protections established […] Original
Crypto Analyst Predicts ‘Major Impulse’ Move For Bitcoin, Here’s The Target
Crypto analyst Tara has highlighted a bullish pattern that recently formed on the Bitcoin chart. She also revealed how high the flagship crypto could rise on its next leg up. Furthermore, her analysis suggested that Bitcoin may be about to enter the parabolic phase of this market cycle. “Major Impulse” Move On The Horizon For Bitcoin Tara mentioned in an X (formerly Twitter) post that she believes that Bitcoin is about to make a major impulse move that will send its price to $75,800, representing a new all-time (ATH) for…
Bitcoin Mining Power Wanes — Network Hashrate Drops Below 600 EH/s
Bitcoin’s hashrate has once again dipped below the 600 exahash per second (EH/s) threshold, following a brief increase in computational power on May 26. Since then, the seven-day simple moving average (SMA) shows that the network has decreased by at least 74 EH/s over the past week. Bitcoin Network Hashrate Declines Sharply After Brief Uptick […] Original