Tag: Data

Can PEPE Build On Its 60% Rise? Here’s What On-Chain Data Says

PEPE has observed an impressive 60% rally recently. Here’s what on-chain data says regarding whether this rise can continue. PEPE Has Seen Some On-Chain Metrics Light Up Recently In a new post on X, the market intelligence platform IntoTheBlock has discussed how PEPE is looking in terms of its on-chain indicators currently. The first metric of interest here is the profit/loss breakdown of the memecoin’s user base. The distribution of the PEPE holders based on whether they are in loss or profit | Source: IntoTheBlock on X As displayed above,…

Bitcoin options data highlights traders’ belief in further BTC price upside

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The recent gains are a rare sight in 2023, even considering Bitcoin’s impressive 108% year-to-date performance. Notably, the last instance of such price action occurred on March 14 when Bitcoin surged from $20,750 to $26,000 in just two days, marking a 25.2% price increase. Deribit BTC options daily volume, in BTC. Source: Deribit It’s worth noting the significance of the fact that a staggering 208,000 contracts changed hands in a mere two days. To put this into perspective, the prior peak, which occurred on August 18, saw a total of…

Kraken will share data of 42,000 users with IRS

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United States-based cryptocurrency exchange Kraken said it will share the data of 42,000 users with the U.S. Internal Revenue Service (IRS) in compliance with a court order. The information will be sent to the IRS in early November.  On its support page, Kraken specifies that the summons to produce “a wide range of records and data” on its U.S. clients and pass it to the IRS came in a court order from the U.S. District Court for the Northern District of California in May 2021. The company objected to the…

Wall Street Journal corrects article misciting Hamas’ crypto terrorism funding data

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The Wall Street Journal (WSJ) has partially corrected an article whic mischaracterized the extent to which Hamas and other militant groups have been funding its terrorism activities with cryptocurrencies. The Oct. 10 article — titled “Hamas Militants Behind Israel Attack Raised Millions in Crypto” — cited blockchain forensics firm Elliptic to say Palestinian Islamic Jihad (PIJ), a terrorist organization operating on the Gaza Strip, raised as much as $93 million between August 2021 and June 2023. In the cited report, Elliptic said Israel’s counter-terrorism unit seized PIJ-linked wallets which received…

Bitcoin On-Chain Data Points To Bullish Outlook, But There’s A Catch

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Santiment, a leading blockchain intelligence platform, has recently provided insights pointing to a favorable short-term scenario for Bitcoin (BTC). However, according to other signals that seem ‘hidden,’ there’s a catch. These on-chain metrics can serve as the north star for investors looking to strategize their next steps. However, according to another metric, though recent revelations by Santiment might hint at continued positive momentum for Bitcoin, there’s also a possible contrary move that could play out. Bitcoin Sentiments Bullish On-Chain Indications Santiment’s recent post revealed a positive narrative for BTC’s immediate…

Kraken to start sharing user data with IRS

Cryptocurrency exchange Kraken will share selected user information with the IRS starting from the next month. According to The Block, the decision comes after it was ordered by a court order received in June. “Kraken expects to share this information covered by the court’s order in early November 2023.”  The Block The IRS and Kraken battle began in May 2021 when a US federal court allowed the tax agency to serve a John Doe summons on the cryptocurrency exchange and its subsidiaries in an attempt to catch tax evaders. The IRS…

Ethereum’s Dencun Upgrade Will Increase Data Availability for Layer-2 Rollups : Goldman Sachs

Proto-danksharding will also “serve to set the scaffolding for future scalability upgrades, including danksharding, as part of the blockchain’s ‘Surge’ roadmap,” the report said. Danksharding is a way of making Ethereum more scalable, and applies the same concept of splitting the network into shards, but instead of using these shards to increase transactions, it uses them to increase space for groups of data. Source

data experts peer into the future

At the 2023 European Blockchain Convention, a panel of data experts discussed strategies for gaining insights into the crypto market. The panel, titled “The Data-Driven Investor: Strategies for Crypto Market Intelligence,” featured Elliot Garreffa of AddZest, Lars Bakke Krogvig of Nansen, and Ambre Soubiran of Kaiko. The panelists emphasized the importance of both on-chain and off-chain data sources for understanding crypto market dynamics. According to Soubiran, combining centralized exchange data on order books and trading volumes with blockchain analytics provides a more complete picture. She highlighted liquidity data as being…

Bitcoin price chases after $35K as BTC derivatives data signals fresh inflow

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Bitcoin’s (BTC) price action is the talk of the town this week, and based on the current sentiment expressed by market participants on social media, one could almost assume that the long-awaited bull market has started. As Bitcoin’s price rallied by 16.1% between Oct. 22 and Oct. 24, bearish traders using futures contracts found themselves liquidated to the tune of $230 million. One data point that stands out is the change in Bitcoin’s open interest, a metric reflecting the total number of futures contracts in play. The evidence suggests that…