This creates a fragile market dynamic as market depth, a metric used to assess liquidity over a 2% spread, remains relatively low compared to trading volume. Buy-side market depth of 1inch on Binance is currently $226,272, according to CoinMarketCap. Spot sellers can capitalize on the leveraged trading activity to prompt a cascade of long position liquidations. Source
Solana’s (SOL) price briefly surged to a new year-to-date peak on June 14 after Ripple’s partial win against the United States Securities Exchange and Commission in the case contesting XRP’s (XRP) position as a security. The token recorded gains of 48.09%, reaching a peak of $32.40 as news of the court ruling spread, before retracing below the $30.00 level. The positive gains following the verdict not only eliminated the losses from June 2023 when the SEC considered SOL a security in its lawsuit against Binance and Coinbase, but it also reclaimed…
The largest cryptocurrency by market capitalization was recently trading at $31,328, up 3.2% over the past 24 hours. Bitcoin shot as high as $31,700 near the close of traditional markets, a more than one-year high. With a few blips, BTC had been languishing between $30,000 and $31,000 for the past three weeks as some investors fretted over potential banking missteps to cure inflation and awaited a significant price catalyst. Original
Bitcoin (BTC) mining difficulty reached an all-time high of 53.91 trillion units after the latest difficulty adjustment on July 12. It is a measure of how difficult it is to mine Bitcoin blocks. The blockchain adjusts its difficulty every two weeks to maintain its processing time of 10 minutes. When the network’s processing power increases, it adjusts to make mining challenging, reducing the profitability for individual miners. The latest adjustment will add to the pressure on miners who have been selling off their mined BTC since June. Some analysts suspect…
An employment outlook paper suggests that highly skilled professions are the most exposed to artificial intelligence while its potential impact on employment is yet to be seen. The Organisation for Economic Co-operation and Development (OECD) released its latest employment report, with a focus on labour demand and widespread shortages given ongoing high inflation and resulting fiscal policies around the world. A key takeaway is covered in a chapter dedicated to exploring why there is no significant sign of slowing labour demand due to advancements in AI. Measures of AI exposure show…
ARK currently owns 11.03 million shares of Coinbase. Source
Approximately 68.3 billion LUNC tokens have been burned so far, accounting for approximately 0.99% of the total token supply. Of this burned amount, 44.8 billion LUNC tokens have recently been sent to the burning address. Restore the digital currency’s reputation Luna Classic HQ has announced that 68,303,850,914 tokens were burnt, representing 0.99% of the total supply, and of this amount, 44,789,088,501 has been sent to the burning address. The update comes as part of the decision to burn all Terra Classic tokens from the community pool and the tokens that…
Share Share on Twitter Share on LinkedIn Share on Telegram Copy Link Link copied Bitcoin (BTC) metrics signal mixed sentiments amid the recent spike to $31,000. Notably, while the number of new addresses on the bitcoin network recently surged to a three-month high, a drop in fees to a four-month low might suggest decreasing network activity. On-chain data provider Glassnode revealed these metrics in two separate disclosures. According to the blockchain data resource, the number of new addresses on the bitcoin network recently skyrocketed to 20,360. The last time the…
“Compared with the total circulation of USDT, the selling volume is not enough to affect the overall market price in the end,” Tony Ling, co-founder of data portal NFTGo, and a partner at Bizantine Capital, told CoinDesk. “There have been more serious price deviations before, and nothing happened in the end.” Original
Share Share on Twitter Share on LinkedIn Share on Telegram Copy Link Link copied Bitcoin mining activity is increasing globally as market participants pump fresh capital into their businesses. While the leading United States-based bitcoin (BTC) miners, such as Marathon Digital Holdings, recorded a significant decrease in their BTC output during June due to unfavorable weather conditions, that narrative changed for the better in July. Per data released by Hashrate Index, a resource for bitcoin mining data and more, bitcoin’s 7-day and 3-day hashrate reached new all-time highs over the…