Cryptocurrency

The just-released report showed that overall inflation stood at 2.4% year-over-year, a slight decrease from the previous 2.5%, but still higher than the 2.3% forecasted by economists. Meanwhile, the “core” inflation measure, which excludes the more volatile food and fuel costs, edged up to 3.3%.After hitting $61,246 in the European session, the primary coin was down about 0.2%. Ethereum price slipped as much as 2.4% while other cryptocurrencies were down as well, including Polkadot (-1.1%). Higher-than-expected inflation numbers fuel speculation that the Fed will pause rate cuts, boosting the dollar’s strength and prompting risk aversion in the risky markets, including cryptocurrencies. The CME’s FedWatch tool now indicates an 85% probability that the Federal Reserve will cut interest rates by 25 basis points at its November 7 meeting, up from 65% a week ago. Previously, there was a 35% chance that the Fed might make another 50 basis-point cut before the end of the year, following the initial cut in September.Crypto prices have been highly sensitive to U.S. economic data in recent months, often reacting as investors lean towards stability instead of riskier assets.Meanwhile, it was a quiet day for Bitcoin ETFs despite outflows of over $30.5 million on Wednesday, with nine out of the 11 funds showing no movement in either direction. A day earlier, U.S.-listed BTC ETFs saw their highest inflows since September 27, with a net addition of $235.2 million. Fidelity Wise Origin Bitcoin Fund (NYSE:FBTC) led the way, bringing in $103.7 million, while BlackRock ‘s iShares Bitcoin Trust (NASDAQ:IBIT) followed with $97.9 million. Bitcoin ETFs have attracted nearly $19 billion in net inflows since January. However, Ether ETFs recorded zero flows in either direction yesterday, the second time this week and the third time since their launch that these funds have seen no activity, leaving them with net outflows of $562 million since their debut in July. Additional U.S. economic data set to be released on Thursday includes the weekly jobless claims report, real earnings figures, the monthly retail chain store sales index, and the Treasury budget statement for the month. More

Constellation Network’s “HyDef ‘24” conference will take place on Thursday, October 24, 2024, featuring a free daylong virtual event combined with a live in-person event for a nominal fee at 1 Hotel in San Francisco.Constellation Network is a unique Web3 framework with new open-source tooling that empowers companies and individuals to build blockchain networks for Big Data, creating trust and transparency around data collection, validation, and transacting. Nicknamed “America’s Blockchain,” Constellation Network actively works with entities such as the U.S. Military, The Digital Chamber, the Texas Blockchain Association, Space ISAC, and the National DigiFoundry. Constellation has been validated and approved by the U.S. Department of Defense through the Air Force Research Laboratory (AFRL) as a, “Scalable, Secure and Defense-Approved Blockchain technology.” Hackathon-winning projects will be showcased at the event where developers have leveraged Constellation’s big data transaction and validation capabilities to build apps that gather and validate data at scale. These apps feed the data into AI or causal models to give businesses and individuals insights based on more input than we’ve heretofore been able to process.Another HyDef highlight will be the long-awaited reveal of the details of the working relationship between Constellation and Panasonic (OTC:PCRFY). The work the two companies are doing together has the potential to bring Constellation’s technology and blockchain-secured edge computing to the world en masse in a meaningful way.The virtual event is free to attend with access via livestream to all keynote speeches, panel discussions, and hackathon showcases in real time. Virtual attendees can engage directly with speakers and panelists through Q&A and live chat features, and may connect with other attendees in virtual event spaces.About Constellation NetworkConstellation Network, founded in 2017, is a Blockchain ecosystem powered by the Hypergraph Transfer Protocol (HGTP), designed to secure, validate, and process data for Web3 applications. HGTP enables seamless and secure Blockchain communication, akin to how HTTP functions for the web. Constellation’s tools support building Blockchain networks for big data, fostering trust and transparency. Validated by the U.S. Department of Defense via the Air Force Research Laboratory (AFRL), Constellation is recognized as a scalable and secure Blockchain solution.Website: www.constellationnetwork.ioTwitter: https://twitter.com/Conste11ationTelegram: https://t.me/constellationcommunityContactConstellation co-founder, Head of Community, and conference organizerAltif BrownConstellation Network, Inc.altif@constellationnetwork.ioThis article was originally published on Chainwire More

In a recent transaction, the whale moved another $624,000 worth of Bitcoin to Kraken, a major U.S.-based exchange. Currently holding 1,149 BTC, worth approximately $69.94 million, the whale appears to be selling 10 BTC twice a week. If this trend continues, this unknown entity could unload all of its Bitcoin by mid-November 2025.What’s behind this activity and how the whale chooses its timing remains a mystery. The fact that it started mining Bitcoin just five days after it went live also raises de facto questions about its connections to those responsible for launching the first major blockchain and cryptocurrency. Many crypto market participants see such moves as the intention of serious whales to cash out as they move cryptocurrency from self-storage to platforms with more liquidity and fewer fees.Interestingly, the market does not feel right at the moment either, as Bitcoin has lost 2.45% in the last 24 hours, hitting a key support zone at $60,000. The ambition to break above $66,000 per BTC and hit a new all-time high in October now looks more challenging than it did 10 days ago.This article was originally published on U.Today More

The world’s biggest cryptocurrency was also pressured by speculation over the sale of a large number of tokens held by the U.S. government, although such a sale still appeared distant. Broader crypto markets also declined on Thursday, largely lagging gains in other risk-driven markets, especially stocks. Bitcoin fell 1.6% to $61,004.0 by 09:03 ET (13:03 GMT).Bitcoin was pressured by some resilience in the dollar, amid growing uncertainty over the Federal Reserve’s plans to cut interest rates further.The minutes of the Fed’s September meeting showed policymakers largely supported the central bank’s 50 basis point cut last month. But they were uncommitted to a pace of future rate cuts. This came as strong payrolls data from last week saw traders wipe out bets on a 50 bps cut in November, with CME Fedwatch now showing traders betting on a 25 bps cut.Meanwhile, inflation data for September in the U.S. came in hotter than anticipated, according to the latest Consumer Price Index (CPI) report released Thursday morning.The CPI increased by 0.2% for the month, exceeding economist expectations of 0.1%, and matching the 0.2% rise seen in August. On a year-over-year basis, the CPI climbed 2.4%, slightly above the forecast of 2.3%, but down from 2.5% in August.The Core CPI, which excludes the more volatile categories of food and energy, also rose by 0.3% in September, surpassing predictions of a 0.2% increase, and remaining consistent with August’s 0.3% rise. Year-over-year, core CPI was up 3.3%, compared to the expected 3.2% and 3.2% recorded in August.The prospect of U.S. interest rates remaining high for longer bodes poorly for crypto, given that it points to lesser liquidity available for investing in speculative assets. Today’s inflation figures are expected to strengthen the view that the Federal Reserve may hold off on any rate cuts in November. However, weak employment data could counterbalance the disappointing CPI results.Initial jobless claims, which had been steady at low levels for weeks, surged to 258,000 last week from 225,000, exceeding forecasts of 230,000. It remains uncertain how much of this increase was influenced by the aftermath of Hurricane Helene.Some speculation over a mass token sale by the U.S. government- of tokens confiscated from the Silk Road marketplace- also weighed on Bitcoin.The Supreme Court earlier this week upheld a court order for the government to liquidate 69,370 Bitcoin seized from the marketplace. While such a liquidation does not appear imminent, the sale would see about $4 billion worth of Bitcoin being offloaded in the open market, which could batter prices.Token distributions by defunct crypto exchange Mt Gox had battered Bitcoin prices earlier this year. Among broader cryptocurrency prices, world no.2 crypto Ether fell 1.9% to $2,385.02.SOL, MATIC and ADA fell between 1% and 1.7%, while XRP climbed around 2%. Among meme tokens, DOGE dropped 2.8%.Ambar Warrick contributed to this report.  More

Bitcoin’s OI has increased dramatically over the last few days despite the price remaining largely unchanged. With Ethereum and Solana displaying a similar trend in their OI this pattern, it raises concerns and adds to the market’s sense of mystery. Institutional traders or large organizations might be getting ready for a major market event. Instead of making significant trades on the spot market just yet, they might be building up positions in the derivatives market to prevent volatility before they are ready to move. Market insiders may increase exposure without causing a price spike if they have access to important upcoming information, such as regulatory news, ETFs or important partnerships, and they may wait for the ideal time to take action.An increase in hedging activity might be another logical explanation. To protect their holdings from possible downside risks, large Bitcoin holders may be purchasing options and futures contracts. Due to traders’ indirect purchases of Bitcoin, this would raise OI while having minimal effect on the spot price. This may occur if traders anticipate higher volatility in the near future – perhaps in relation to prominent crypto news stories or macroeconomic events.Finally, an increase in OI without a price spike could be a sign of a short squeeze. The increasing OI may indicate that many shorts are being opened – if many traders are betting against Bitcoin by shorting it. The market may quickly close short trades if it moves against these positions, which would put buying pressure on the price as traders scramble to cover their positions.This article was originally published on U.Today More

At the recent Solana Breakpoint event, Ben Zhou, CEO and Co-Founder of Bybit, highlighted the company’s commitment to advancing decentralized ecosystems, with a special focus on Solana. During a fireside chat with Lily Liu, President of Solana Foundation, Zhou elaborated on Bybit’s role as a key infrastructure player, emphasizing the exchange’s support for enabling blockchain ecosystems to thrive.Infrastructure, Not CompetitionZhou detailed how Bybit differs from other exchanges by positioning itself as an infrastructure builder. “We see ourselves as the stage setters for blockchain ecosystems like Solana,” Zhou stated. Bybit prioritizes collaboration with existing ecosystems rather than creating its own blockchain, allowing it to facilitate the growth and adoption of decentralized networks. Bybit’s partnership with Solana is a key example of this strategy, providing users with access to the burgeoning Web3 ecosystem.Bridging the Gap Between CeFi and DeFiDuring the discussion, Zhou dispelled the misconception that centralized finance (CeFi) and decentralized finance (DeFi) are in direct competition. “We believe they are complementary,” he explained. Bybit aims to act as a bridge, helping users navigate both worlds with ease. The company’s Web3 wallet, designed to provide seamless access to decentralized platforms like Solana, exemplifies this effort to enhance user experience across different financial systems.Bybit’s Support for Solana’s GrowthA significant part of Bybit’s contribution to the Solana ecosystem is through its liquid staking token, bbSOL. Zhou emphasized the close collaboration between Bybit and Solana, noting that bbSOL enables users to potentially earn yields on their Solana holdings while also using them as collateral for trading on the platform. This dual functionality increases liquidity and utility for Solana token holders, strengthening the overall ecosystem.Looking forward, Zhou emphasized that Bybit’s primary focus is enhancing its Web3 wallet infrastructure. “We are investing heavily in our self-custodian wallet, ensuring it provides the connectivity and functionality that users need to interact with decentralized ecosystems like Solana,” he noted. Bybit’s goal is to build the bridge between centralized and decentralized finance, giving users secure, efficient access to the future of Web3.About BybitBybit is one of the world’s top three crypto exchanges by trading volume with 50 million users. Established in 2018, it offers a professional platform where crypto investors and traders can find an ultra-fast matching engine, 24/7 customer service, and multilingual community support. Bybit is a proud partner of Formula One’s reigning Constructors’ and Drivers’ champions: the Oracle (NYSE:ORCL) Red Bull Racing team.For more details about Bybit, please visit Bybit Press. For media inquiries, please contact: media@bybit.comFor more information, please visit: https://www.bybit.comFor updates, please follow: Bybit’s Communities and Social MediaContactHead of PRTony AuBybittony.au@bybit.comThis article was originally published on Chainwire More

The Company’s hashrate has surged 200% since October 2023 through significant organic growth paired with turn-key acquisitions and the execution of a fleet upgrade, improving efficiency during the same period by nearly 20% and boosting the number of operational machines by 112%. The efficiency improvement strategy has resulted in increased computing power while consuming less energy and allowing for more hashrate to be generated with fewer machines.The Company expects to surpass 37 EH/s before the end of 2024 and intends to continue its growth to 50 EH/s and beyond in 2025. Additional hashrate is anticipated to come online due to the expected acquisition closing of GRIID Infrastructure Inc this month. CleanSpark is one of the largest owned-and-operated publicly traded bitcoin miners in North America and has a portfolio of sites located in Georgia, Mississippi, Wyoming and Tennessee.”Reaching 30 EH/s positions us as one of the largest bitcoin miners in the world. We have added more operational hashrate than any other miner in 2024. The results we continue to deliver demonstrate our commitment and ability to scale rapidly and with capital efficiency,” said Zach Bradford, CEO. “Our team’s agility, effectiveness and relentless grit has been paramount to the success of CleanSpark. Our efforts to time the market and lock in industry-best pricing on rigs and sites positioned us to take advantage of the opportunities in the market. During this period of rapid expansion of our operations, we have also grown our bitcoin treasury to over 8,049 bitcoin. Since October 2021, we have significantly increased our computing power year over year by quadrupling in 2022, nearly doubling in 2023 and tripling our hashrate in 2024.” More

BitMEX, the world’s leading crypto derivatives exchange, has announced the launch of its new automated trading tool, Trading Bots. This powerful feature is designed to offer effortless automation based on predefined strategies or reactions to signals, providing a seamless way to trade 24/7 in the fast-moving crypto markets without the need for coding experience.To mark the launch of Trading Bots, BitMEX launched its ‘Trading Bot Challenge’ campaign featuring 22,000 USDT worth of rewards for new and existing traders. Participation for the campaign begins on 14 October at 04:00 UTC and ends on 13 November at 23:59 UTC. For more information on how to start using Bots on BitMEX, users can visit this page. BitMEX offers two tiers of trading bots to cater to traders of different backgrounds: Stephan Lutz, CEO of BitMEX said, “The introduction of Trading Bots on BitMEX marks an exciting step forward at the intersection of cryptocurrency and AI-driven technology. For nearly a decade, we’ve equipped our users with advanced tools to enhance their trading experience, and as we celebrate our 10th year in the industry, I’m excited to see more innovative technology becoming a key part of that legacy. The BitMEX trading bot feature enables faster, data-driven decision-making – an advantage that even beginner traders can benefit from. By integrating these tools, we’re ensuring that our users, regardless of experience, have everything they need to navigate the complexities of the crypto markets.”To get started, users can head to the Bots tab on the navigation bar, select their bot of choice, and set up their trading bot’s parameters. Once configured, the bot will automatically execute trades based on the user’s market view. Traders can easily adjust or stop their bots at any time, providing flexibility in changing market conditions. About BitMEXBitMEX is the leading crypto derivatives exchange, providing professional crypto traders with a platform that caters to their needs with low latency, deep liquidity and unmatched reliability.Since our founding, no cryptocurrency has been lost through intrusion or hacking, allowing BitMEX users to trade safely in the knowledge that their funds are secure. So too that they have access to the products and tools they require to be profitable. BitMEX was also one of the first exchanges to publish their on-chain Proof of Reserves and Proof of Liabilities data. The exchange continues to publish this data twice a week – proving assurance that they safely store and segregate the funds they are entrusted with. For more information on BitMEX, please visit the BitMEX Blog or www.bitmex.com, and follow Discord, Telegram and Twitter.ContactBitMEX PressBitMEXpress@bitmex.comThis article was originally published on Chainwire More