Day: July 4, 2024

Bitcoin is still massively undervalued, Core Scientific founder says

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Darin Feinstein, the founder of Bitcoin miner and digital asset infrastructure firm Core Scientific, is bullish on Bitcoin. According to Feinstein, the Bitcoin ecosystem has witnessed massive growth and adoption since the chaotic early days. More than that, he sees the Bitcoin ledger as the real value of BTC – and this is still massively undervalued. He also says Bitcoin’s current price drop is “artificial” and that this is another opportunity to buy. Mt.Gox and Bitcoin’s price crash Bitcoin dropped to around $56,700 earlier today, but has seen a slight…

Kidnappers arrested after demanding a $660,000 USDT ransom

Two Hong Kong kidnappers demanded a stablecoin ransom before getting arrested, highlighting concerns over crypto-related crimes and safety. The interesting and jarring kidnapping took place in Tseung Kwan O, Hong Kong, and saw criminals demanding a cryptocurrency ransom for a three-year-old boy. The child was abducted on July 3 while shopping with his mother.  According to local media reports, the criminals demanded a ransom of 660,000 USDT from the parents for the release of the boy through the messaging app Telegram. The abduction, captured on CCTV, showed the toddler being…

Mt. Gox Starts Repayments With Exchange Transfer

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According to data from Arkham Intel, Mt. Gox has initiated the process of repaying creditors by transferring a nominal amount of Bitcoin to one of the designated exchanges. This development follows months of speculation and planning concerning the disbursement of approximately $8.2 billion in Bitcoin owed to creditors of the defunct exchange. Are Mt. Gox Bitcoin Repayments Beginning? Early today, three wallets historically linked to Mt. Gox executed three transactions. The most significant of these involved the transfer of $24 in Bitcoin to a wallet which then proceeded to send…

Solana Meme Coins Outperform Ethereum 800% YTD

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In the first quarter of the year, Solana-based meme coins have emerged as the frontrunners, surpassing Ethereum’s meme coin ecosystem and artificial intelligence (AI) tokens, according to a recent report by market data platform CoinMarketCap.  This shift in popularity signifies a change in dynamics within the cryptocurrency market, with meme coins gaining traction and challenging previously dominant narratives such as smart contracts, decentralized finance (DeFi), and non-fungible tokens (NFTs). Solana Ecosystem Dominates Growth Chart The CoinMarketCap report highlights that the Solana ecosystem has consistently topped the growth chart for the…

MEW Token Challenges Dog-Themed Memecoins on Solana Blockchain

Cat in a dog’s world (MEW) is a cryptocurrency project that stands out in the crowded Solana ecosystem memecoin landscape by adopting a unique cat-themed narrative. Launched on March 25, 2024, on the Solana blockchain, MEW aims to challenge the dominance of dog-themed coins like Dogecoin (DOGE) and Shiba Inu (SHIB). The project combines a strategic burning mechanism and intentional airdrops to build value, community, and scarcity. Within hours of its launch, MEW attracted significant attention, reportedly recording $150 million in transaction value and quickly…

Why High Volatility in Crypto Assets Can Be a Good Thing for Investors

A. With respect to correlation, a volatile asset like crypto is actually very important to decrease the overall volatility of a portfolio. Lowering the overall volatility of a portfolio is important as it helps smooth investment returns over time. This is important for many reasons. For example, an investor could have significant and unpredictable liquidity needs. If they have a portfolio of highly correlated assets and those assets are experiencing a period of poor returns, they would be withdrawing a larger percentage of their portfolio compared to a portfolio that…

Sleeping Bitcoin whale wakes up with $6.9m transfer  

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Dormant Bitcoin addresses are awaking even as the cryptocurrency market slid down during a historically green month for the top digital asset. After 12 years of inactivity, a Bitcoin (BTC) address transferred 119 tokens worth $6.9 million at current prices, according to Whale Alert. According to on-chain data from mempool.space, the dormant user last transferred BTC back in February 2012. At the time, the wallet’s value was worth around $600, and the address moved 2.98 BTC worth $15. The latest transactions were split into two transactions, the first moving 76 BTC…

Bitcoin Hits New Low Since February, Options Market Stays Optimistic

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According to the latest data, $305.43 million was liquidated across crypto derivatives exchanges when bitcoin dipped below $57,000. One analyst predicts that with the Mt Gox and German government sell-offs, “supply will likely outstrip demand.” Conversely, QCP Capital notes that despite the current crypto sell-off, the options market remains hopeful. Crypto Liquidation Tops $305M as […] Original