Month: August 2024

Peter Schiff Warns Against Owning Bitcoin ETFs, Cites ‘Not Your Keys, Not Your Coins’

Economist and gold advocate Peter Schiff argues that bitcoin exchange-traded funds (ETFs) contradict the core principles of the cryptocurrency by undermining decentralization and peer-to-peer transactions. He criticizes recent buyers of bitcoin for focusing solely on profit, suggesting this behavior indicates an impending collapse. Schiff also slammed Senator Cynthia Lummis’ bill proposing a U.S. bitcoin reserve, […] Source BitcoincryptoexchangeExchanges CryptoX Portal

Chainlink Drops by 64% In 5 Months, LINK Holders Unfazed: They Are Rapidly Accumulating

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Yesterday, August 5, LINK, the native currency of Chainlink, a decentralized Oracle provider, plunged to a six-month low. Changing hands at around $8, LINK fell by 64% from March highs, breaking out from a bull flag, signaling weakness. The correction was across the board, and leading altcoins like Solana and Cardano also posted sharp losses. LINK Holders Accumulating, Outflows From Exchanges Spike However, as the markets bled, breaking below key support levels, smart investors saw this as an opportunity to accumulate. According to IntoTheBlock data on August 6, yesterday, there…

Digital Asset Manager Coinshares Reports Strong Q2 2024 Earnings 

Coinshares, a leading European digital asset investment firm, reported strong financial performance in the second quarter of 2024, highlighted by a significant increase in revenue and adjusted EBITDA. The company also navigated market challenges, including the impairment of its Flowbank investment, while achieving a profitable sale of its FTX claim. Coinshares Reports 133% EBITDA Growth […] Source CryptoX Portal

Aave Protocol Unfazed By Market Jitters, Surges 21%

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Crypto lending protocol Aave restarts its bullishness as the market resets. AAVE, the namesake token of the platform, surged to nearly 20% in the past 24 hours, capturing the momentum of the broader market which is still up by over 5% since yesterday.  Related Reading Aave’s recent developments also contributed to this rally. However, the broader crypto-finance market might be in disagreement with the platform’s current performance. $200 Million In Market Size Unlocked On Aave Lido Finance, a crypto staking platform, recently onboarded the platform’s Lido V3 market instance, custom-made…

Buy the dip in these bitcoin mining stocks, Cantor Fitzgerald says

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Bitcoin was no exception to Monday’s broad market rout, which gives investors a good buying opportunity, according to analysts. The flagship cryptocurrency dropped 11% over the three days ending Monday, according to Coin Metrics, pulling down the performance of stocks related to it. Those names managed to recoup some of their losses on Tuesday. “As a reminder, Bitcoin historically has very strong returns in the one-year period post halving,” Brett Knoblauch, an analyst at Cantor Fitzgerald, said in a note Monday. He also noted that bitcoin is down 10% since…

Bitcoin Sellers Running Out Of Coins As Dominance Hits 3-Year High

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Crypto analyst Rekt Capital has provided some form of optimism for Bitcoin investors, suggesting that the massive sell pressure on the flagship crypto is almost over. This comes amid a significant surge in Bitcoin’s dominance. Bitcoin Seller Exhaustion Is At Its Peak In an X (formerly Twitter) post, Rekt Capital mentioned that “the sell-side volume has reached and even dramatically eclipsed Seller Exhaustion levels seen at previous price reversals to the upside.” The analyst added that Bitcoin hasn’t seen this level of sell-side volume since the Halving event in April…

Bitcoin price to hit all-time high if it stays above $45k: CEO

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According to CryptoQuant CEO Ki Young Ju, if Bitcoin’s price stays above $45,000, it could surpass its all-time high within a year. Bitcoin (BTC) rebounded from a tumultuous weekend, and optimism remains in the crypto market despite some bearish indicators in the financial markets.  On Aug. 5, global financial markets experienced declines as Japan’s benchmark index plummeted over 12%, while the Dow Jones and Nasdaq also saw substantial drops. Tech giants collectively lost $650 billion in market cap. The crypto market was also affected as Bitcoin dropped below $50,000, hitting…

Bitcoin (BTC) Strategy of Michael Saylor Factored in Eric Semler’s Actions

“He was so excited,” Eric Semler, the company’s chairman and son to Herbert Semler, said about his father’s reaction to this new investment strategy. Herbert’s father and Eric’s grandfather, Harry Semler, had seen gold as a great investment during his time, so he would’ve loved seeing the company invest in the “new gold,” Eric Semler told CoinDesk in an interview on Tuesday. Source

Bitcoin Miner Genesis Digital Assets Launches Heat Repurposing Project in Sweden

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Genesis Digital Assets Limited (GDA) has embarked on a new project in Norsjö, Sweden, utilizing surplus heat from one of its bitcoin mining data centers to warm a local garage. This collaboration with Swedish company Muttern Fastigheter showcases an innovative approach to enhancing energy efficiency within the industry. GDA and Muttern Fastigheter Collaborate on Sustainable […] Original

3 Reasons To Buy XRP Now: Analyst Shares Bullish Forecast

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Crypto analyst Doctor Magic (@Doctor_Magic_) has outlined three reasons for investors to consider buying XRP now. In a series of posts on the X, Doctor Magic detailed the dynamics and data points positioning XRP as a potentially lucrative investment in the current state of the market. #1 Relative Strength Of XRP The crypto analyst highlights the XRP price relative to Bitcoin (BTC) and its resilience in the broader market. “XRP’s strength against BTC and across the board is notable and should not be ignored at this point. When markets turn…