Aurelia Butler

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    in Cryptocurrency

    Satoshi-Era Bitcoin Miner Awakens: 2,000 BTC Moved in One Go

    “Satoshi era” refers to the period when Bitcoin’s pseudonymous creator, Satoshi Nakamoto, was active in the community, roughly between 2009 and 2010. Bitcoin mined during the early years (2009-2011) is considered part of Bitcoin’s foundational history. Transactions involving these coins are rare and often attract considerable attention. This is often because old Bitcoin miners act as a source of liquidity and distribution.The transfer was notable not only for its size but also because it involved coins that had been held for roughly 14 years. The motivation behind moving such a significant amount of Bitcoin after a prolonged period can vary. Some potential reasons include: the holder might seek to capitalize on current market prices or to fund new ventures or investments. Sometimes, old addresses move small amounts to test modern transaction capabilities and security before deciding on larger moves.It is also possible that the owner might be moving their holdings to enhance security, utilizing modern wallets with advanced security features compared to older ones. The movement might be part of a broader market strategy, such as preparing for a large sale through over-the-counter (OTC) markets.According to Moreno, the latter scenario might be the case. He speculates that the coins likely went to an OTC desk or custodian, given that they were forwarded to several other new addresses almost immediately.At the time of writing, BTC was down 0.5% in the last 24 hours to $69,681. At current prices, the value of the transferred 2,000 BTC would be worth nearly $130 million.This article was originally published on U.Today More

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    in Cryptocurrency

    Bernstein almost certain Ethereum ETF will be approved over 12 months

    Given the SEC’s prior approval of a Bitcoin ETF, denying an Ethereum spot ETF would require the SEC to present new arguments. Bernstein believes there is a reasonable chance of an Ethereum spot ETF approval by May, with a near-certain probability over the next 12 months.”The regulatory setup for Ethereum is similar to Bitcoin, and the success of Bitcoin ETFs has set a precedent that asset managers are unlikely to relinquish easily,” Bernstein analysts noted. “We estimate a 50% likelihood of approval by May and a near-certain probability within the next year.”As the Bitcoin trade gains momentum, Bernstein analysts suggest it may be time to shift focus to Ethereum. While Bitcoin’s price has tripled from its 2023 low, Ethereum has doubled. Ethereum, which currently boasts a market cap of around $350 billion, is well-positioned for similar institutional adoption due to its staking yield dynamics, environmentally friendly design, and institutional utility in building new financial markets.Ethereum futures have been trading as a digital commodity on the CME for the past 2.5 years, with an Ethereum futures ETF live since October 2023. Major asset managers such as Blackrock (NYSE:BLK), Fidelity, and Grayscale are advocating for an Ethereum ETF. Institutions are not only interested in launching ETH spot ETFs but also in leveraging Ethereum to build transparent and open tokenized financial markets. According to Bernstein , this extends beyond asset gathering to “transforming financial markets” and launching “accessible, global asset management products” on Ethereum’s decentralized ledger. “Ethereum holds significant strategic value to institutions as the leading tech platform for financial market transformation, unlike Bitcoin, which is viewed more like digital gold,” Bernstein stated.While competitors such as Solana, SUI, and Aptos position themselves as faster, more integrated blockchain designs, Ethereum has opted for a scalability roadmap driven by an open ecosystem of faster chains built on top of Ethereum, known as roll-ups.Despite criticism for fragmentation and complex user experiences, this open ecosystem allows applications to build dedicated chains, offering speedy and customized user experiences.”As Ethereum’s scalability roadmap unfolds, it will further solidify its position as the backbone of decentralized financial applications,” Bernstein analysts concluded. More

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    in Cryptocurrency

    DeFi markets surge in 2024 as capital inflows drive growth – Binance Research

    This capital boost has benefited nearly every DeFi sector, across both major and niche markets, making previously inaccessible financial primitives available on-chain.The Yield sector, after a 148.6% increase to $9.1 billion this year, is now the eighth largest DeFi market by TVL. On-chain interest rate derivatives platform Pendle has seen incredible growth this year, up 1962% to $4.8 billion. This surge is thanks to the popularity of yield-bearing assets and the increased rate volatility driven by liquid restaking and speculative point systems. According to Binance’s research team, stablecoins are on the rise too, with the circulating market cap reaching $161.1 billion this year, the highest in nearly two years. Ethena has capitalized on a market gap for a more capital-efficient yield-bearing stablecoin, surging 2730.4% to a $2.4 billion market cap. Elsewhere, money markets have grown this year, with on-chain TVL up 47.2% to $32.7 billion. The demand for more flexible lending products, such as those that can incorporate long-tail assets as collateral, has fueled interest in modular lending. The report cites Morpho Blue and MetaMorpho, which attracted billions in deposits in just a few months.Other highlights show that prediction markets printed a new peak this cycle, with TVL hitting a record $55.1 million after a 57.7% rise YTD. Historically thriving on political events, and with U.S. elections in sight, Polymarket is booming again, with average monthly volumes soaring from $6.1 million in 2023 to $42.0 million in 2024.The market bounce has pumped up on-chain derivatives, the report notes, propelling average daily volumes from $1.8 billion last year to $5.4 billion this year. Hyperliquid has capitalized on this trend to increase its market share to 18.9%, making it the second largest by trading volume, trailing only dYdX. “2024 has marked a turning point for DeFi, with substantial capital commitments underscoring the robustness of the sector,” said Binance Research analysts. “The distribution of this capital across nearly every DeFi sub-sector highlights the diversification of the market, moving beyond just decentralized exchanges (DEXes) as primary drivers.”Despite this influx of on-chain liquidity, the sector’s public market valuations have yet to catch up with the wider crypto market. However, the steady flow of billions into DeFi shows its promise to meet ambitious revenue forecasts, such as the projection of $231.2 billion by 2030, the research concludes. More

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    in Economy

    BOJ’s Ueda sticks to economic recovery view, keeps alive rate hike chance

    STRESA, Italy (Reuters) – Bank of Japan Governor Kazuo Ueda said on Thursday the economy was on track for a moderate recovery, suggesting a slump in first-quarter gross domestic product (GDP) alone would not keep the central bank from raising interest rates in coming months.But Ueda said the outlook for the U.S. economy was among key risks to growth that will likely be discussed at a meeting of finance ministers and central bank governors of the Group of Seven (G7) advanced nations.”As for risks, the biggest focus would be whether the U.S. economy will complete that one last mile and engineer a soft landing or not,” Ueda told reporters ahead of the G7 finance leaders’ gathering this week in Stresa, Italy.Japan’s economy shrank an annualised 2.0% in the first quarter as output disruptions at some automakers hurt production and exports. Consumption also took a hit from rising living costs, blamed in part on a weak yen that inflated import costs.The weak first-quarter GDP data came out after the BOJ’s policy meeting in April, at which the central bank projected consumption would rebound and keep the economy on track for a moderate recovery.”The data hasn’t changed much our view on Japan’s economy,” Ueda told reporters. Auto production is likely to recover from the second quarter and onward, he said.Inflationary pressure from rising raw material costs is also likely to dissipate which, coupled with rising nominal wages, will underpin household income and consumption, he added.The remarks are likely to keep alive market expectations the BOJ will raise interest rates again later this year from current near-zero levels.The BOJ ended eight years of negative interest rates and other remnants of its radical stimulus in March as it judged that sustained achievement of its 2% inflation target was in sight.Ueda has said the central bank intends to hike rates to levels considered neutral to the economy, as long as growth and inflation move in line with its projections.Ueda will attend the G7 finance leaders’ meeting in Stresa with Japanese Finance Minister Shunichi Suzuki. More

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    in Economy

    China’s Xi pledges to tackle institutional obstacles in the economy

    The ruling Communist Party’s central committee will gather in July for a key meeting known as a plenum, the third since the body of elite decision makers was elected in 2022, focusing on reforms amid “challenges” at home and abroad.”We will strive to resolve deep-seated institutional obstacles and structural contradictions, so as to constantly inject strong impetus into Chinese-style modernisation and provide strong institutional guarantees,” Xi was quoted as saying at a seminar attended by company executives and economists.Chinese leaders have pledged to push reforms and policy advisers have proposed overhauling the tax system to tackle the root cause of surging municipal debt, relaxing urban residency permits to boost consumption and creating a level playing field for the struggling private sector, among other reforms.Xi called for coordination on reform measures to ensure various changes work cohesively, preventing internal conflicts.Government officials should be proactive on reforms but should also act within their limitations, Xi added. More

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    in Cryptocurrency

    Bitcoin price today: unchanged at $69k amid Fed fears, spot Ether ETF focus

    U.S. rate jitters sparked strong overnight gains in the dollar, which pressured crypto prices across the board.Bitcoin slipped 0.35% in the past 24 hours to $69,390 by 09:05 ET (13:05 GMT). The world’s biggest cryptocurrency settled back into a trading range seen for most of the past two months, after a brief breakout earlier this week.World no.2 token Ether hovered around two-month highs hit earlier this week, retaining a bulk of gains made on hype over the potential approval of a spot Ether ETF for U.S. markets. The Securities and Exchange Commission is set to make a decision on the matter as soon as Thursday or Friday.Ether rose around 5.5% over the past 24 hours to $3,878.84. The token marked a strong rally this week after reports on Monday said the SEC had asked certain exchanges to fine-tune their filings for spot Ether ETFs.While the move did mark some progress towards a spot ETF approval, it did not guarantee their approval. The SEC is now set to decide on applications for a spot Ether ETF from VanEck, ARK Investment Management and seven other issuers later on Thursday or Friday. According to QCP Capital, the approval of spot ether ETFs in the U.S. could potentially drive a rally of up to 60% in the second-largest cryptocurrency in the coming months.The forecast mirrors the market reaction seen after spot bitcoin ETFs were approved in January, said the Singapore-based firm in a Thursday broadcast on Telegram. Bitcoin surged from $42,000 to over $73,000 within two weeks of the ETFs beginning to trade on January 11, as per CoinGecko data.”With Friday implied volatility above 100%, the market is expecting fireworks,” QCP said.”VanEck’s ETF has been listed by the DTCC. We think approval is now highly likely with trading expected as early as next week,” it added.Implied volatility measures the market’s expectation of future price fluctuations for a financial instrument.Broader cryptocurrency markets unwound a bulk of gains made earlier this week, as fears of high for longer U.S. interest rates ramped up following some hawkish signals from the Federal Reserve.The minutes of the Fed’s late-April meeting showed increasing concerns among policymakers over sticky inflation, with some members even signaling they were prepared to hike rates to quell inflation.A slew of Fed officials also warned this week that the bank had little confidence that inflation was easing steadily towards its 2% annual target. While the chances of another rate hike are dim, any stickiness in inflation is likely to delay the Fed’s plans to begin trimming rates. High for long rates bode poorly for crypto markets, given that the sector usually thrives in low-rate, high-liquidity markets. Altcoin prices mostly fell on Thursday. SOL shed 2.5%, while XRP lost 1%. Among meme tokens, SHIB fell 0.5%, while DOGE climbed 0.3%. More

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    in Economy

    RBNZ holds interest rates, BCA Research predicts future cut

    The central bank noted that non-tradable inflation has been more persistent than anticipated, and leading indicators suggest a continuing decline in the domestic economy’s health. Moreover, the RBNZ observed a concerning trend of a narrowing output gap, attributed to decreasing productivity and potential growth rather than an uptick in demand.This combination of stagnant growth and persistent inflation, which can be described as a pseudo-stagflationary environment, prompted some debate among policymakers about the possibility of raising interest rates. Consequently, the forecast trajectory for the Official Cash Rate (OCR) was revised upwards during the meeting.Despite the recent discussion of potential rate hikes, BCA Research holds a different perspective regarding the RBNZ’s monetary policy direction. BCA Research anticipates that the RBNZ has concluded its interest rate increases for the previous year. The firm forecasts that the central bank’s next move will likely be to reduce rates. This outlook is based on the expectation that the more stubborn elements contributing to inflation will subside as the year progresses. BCA Research’s analysis suggests that the easing of these inflationary pressures should occur towards the end of the year. This projection aligns with their belief that the RBNZ will shift to a more accommodative monetary policy stance in the near future. The firm’s outlook provides an alternative view to the central bank’s current policy trajectory, suggesting a potential easing of monetary policy ahead. This article was generated with the support of AI and reviewed by an editor. For more information see our T&C. More

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    in Cryptocurrency

    Orderly Network Expands to Polygon PoS, Bringing Advanced Perpetuals Trading to Quickswap

    Orderly Network has partnered with Quickswap, the leading DEX on all Polygon chains, to launch QuickPerps: Falkor, a next-generation decentralized Perpetual Exchange. This integration unlocks a new level of functionality for DeFi traders on Polygon PoS, with key benefits powered by Orderly’s innovative omnichain vaults:A Perfect Match for DeFi GrowthPolygon PoS’s fast network, cheap fees, and large user base (over 400k daily active users) create the perfect environment for DeFi to thrive. Orderly’s robust infrastructure, combined with Quickswap’s reach and Polygon PoS’s scalability, positions this collaboration as a major step forward for omnichain trading and DeFi on Polygon PoS.Orderly Network is a combination of an orderbook-based trading infrastructure and a robust liquidity layer offering spot and perpetual futures orderbooks. Unlike traditional platforms, Orderly doesn’t have a front end; instead, it operates at the core of the ecosystem, providing essential services to projects built on top of it.Orderly Network’s DEX white-label solution is carefully crafted to save builders time and capital while granting access to our bootstrapped liquidity. Picture having the best features of CEXs while keeping settlements on-chain and maintaining full self-custody.With Orderly, anyone can create a trading application thanks to our seamless plug-and-play experience leveraging our liquidity and composability.Looking ahead, Orderly Network’s grand vision is to create an omnichain protocol, connecting traders from both EVM and non-EVM chains within the same orderbook.For more information, users can visit Orderly Network’s: Official Website | Twitter | Telegram | Discord | LinkedinContactChief Vibes OfficerDrew PiersonOrderly [email protected] article was originally published on Chainwire More