Cryptocurrency

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: [email protected] more information, please visit: https://www.bybit.comFor updates, please follow: Bybit’s Communities and Social MediaContactHead of PRTony [email protected] 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 [email protected] article was originally published on Chainwire More

CARV, the largest modular identity and data layer for gaming and AI, today announces the launch of its native utility token, $CARV. Built on Base and available now on 8 centralized exchanges including Bybit, Kucoin, and Bitget, the token marks a significant milestone in CARV’s mission to revolutionize data ownership.As the governance and participation cornerstone of CARV’s ecosystem—spanning CARV Protocol, CARV Play, and CARV Labs—$CARV empowers holders to actively shape the protocol’s future, share in its success, and truly own, control, and monetize their data. Holders can not only engage in decision-making and propose new features but also acquire CARV nodes with 40M tokens allocated to further decentralize the network and generate new revenue streams. Furthermore, CARV also provides a buyback program for the node holders to foster true decentralization. On the strength of CARV’s proven revenue model and high-yield staking opportunities, $CARV presents a compelling case for traders.$CARV is available today on the following 8 exchanges: Bybit, KuCoin, Bitget, HTX, Gate, BingX, HashKey Global, and MEXC. More exchanges are to come.This is proving a pivotal year for the project. In addition to securing $10M in Series A funding, propelling protocol decentralization with a $35M verifier node sale, and launching a $50M accelerator, CARV has demonstrated remarkable revenue generation, a rarity in the web3 space. In the first three quarters of 2024, CARV reported over $43M in total revenue. Today’s token launch marks a new chapter in data empowerment backed by a track record of financial success and technological innovation.And CARV isn’t done yet for 2024. The team remains busy focusing on its upcoming mainnet release and other key initiatives before the end of the year. These include extending its identity and data layer with decentralized sequencers and data verification, enhancing the ERC-7231 standard by incorporating Merkle trees to improve data processing and privacy, and offering an on-chain database solution for instant identity integration with CARV ID.For more, see Messari’s latest report into CARV or stay up to date at the blog or Twitter (X).About CARVCARV is building the largest modular Identity and Data Layer (IDL) for gaming, AI, and beyond, integrating over 900 games and AI companies, representing more than 30% of all Web3 games, and serving 9.5M+ registered players with 1.3M+ daily active users and 2.8M unique on-chain CARV ID holders. Ranking among the top three globally with 2.1M+ average daily unique active wallets across 40+ chains, CARV has raised $50M in total funding from top-tier investors like Tribe Capital, Temasek Vertex (NASDAQ:VRTX), HashKey Capital, Animoca Brands, and ConsenSys, along with major gaming studios and ecosystems such as MARBLEX (Netmarble) and the Sandbox. The team comprises industry veterans from Coinbase (NASDAQ:COIN), Binance, Google (NASDAQ:GOOGL), and Electronic Arts (NASDAQ:EA), all dedicated to revolutionizing data usage in gaming, AI, and beyond.ContactCOOVictor [email protected] article was originally published on Chainwire More

Among them is notable crypto trader and analyst Jelle. Taking to X (formerly Twitter), he shared an insightful analysis of the current market situation and gave a massive BTC price prediction. The analyst explained that the consolidation phase in the summer bull market phases historically ends around the last 10 days of October.Per his prediction, the Bitcoin chart looks ready to ignite this potential bull run. The current all-time high of BTC is around $73,780. The coin achieved this milestone in March of this year after the launch of Bitcoin Spot ETFs in January. Now, Jelle is expecting a new ATH by the end of October or the start of November.As of press time, Bitcoin is trading around $61,788 after a drop of 1.75% in the last 24 hours. Bitcoin has been trading around this channel, and the “chop season,” a term used by Jelle, seems to be continuing. However, Jelle’s analysis states that this phase is going to be over soon, and new highs are in the cards for Bitcoin.This article was originally published on U.Today More

For those who may not know, Lichtenstein and Morgan allegedly used advanced hacking tools to infiltrate Bitfinex and conduct over 2,000 transactions to transfer the stolen Bitcoin to a personal wallet. They then laundered the funds through various means, including converting some into gold coins, which Morgan buried.Since their arrest in February 2022, the U.S. government has recovered approximately 95,000 stolen BTC, valued currently at $5.89 billion, and an additional $475 million in related assets. Right now, these coins are located in the “bc1qazcm” address, belonging to the FBI, according to Arkham Intelligence.Despite the magnitude of the theft, the U.S. government today announced that it is not aware of any individuals other than Bitfinex who qualify as victims under the Crime Victims’ Rights Act (CVRA) or for restitution under the Mandatory Victims Restitution Act (MVRA).It is likely due to the fact that the U.S. Department of Justice added that Bitfinex had previously compensated affected customers by issuing “BFX” tokens, all of which were redeemed by April 2017. This compensation suggests that no additional victims may be eligible for restitution, leaving Bitfinex as the only party entitled to recover the seized Bitcoin.This article was originally published on U.Today More