Cryptocurrency

WELL3, a decentralized wellness solutions provider, announced $55M in TVL in a 24 hour public sale ahead of their upcoming Token Generation Event (TGE). The company is support by numerous notable entities in crypto investment, including Cypher Capital, a multi-strategy crypto investment firm, and other well-known names such as Animoca Brands, AWS, Samsung (KS:005930), The Spartan Group, Blocore, Fenbushi Capital, Newman Group, Soul Capital, XY Finance and Lumoz.WELL3 is reshaping health and wellness through its Decentralized Physical Infrastructure Network (DePIN), Decentralized Identity (DID), and AI systems. With a mission to enhance well-being through secure, data-empowered health journeys, WELL3 leverages blockchain and AI analytics to provide personalized user experiences that prioritize data ownership and security. About WELL3WELL3 is the leading Web3 Wellness Platform that revolutionizes health data management. By harnessing Decentralized Physical Infrastructure Network (DePIN) and Decentralized Identity (DID), along with sophisticated AI analytics, it engages users with rewards to incentivize health data collection and management.About Cypher CapitalCypher Capital is a leading early-strategy venture firm focused on investing in Web3 infrastructure and applications that will drive the new digital economy. Guided by environmental, social, and governance for every investment decision, Cypher is shaping the future of digital currency, public markets, and Web3. Website | Blog | LinkedIn | Telegram | Instagram | Facebook (NASDAQ:META) | Youtube | X ContactShameem ShaMedia Managershameem@cyphercapital.comThis article was originally published on Chainwire More

Bybit, the world’s second-largest web3 platform by trading volume, has recently ascended to the second position in terms of market share. To commemorate this remarkable achievement and extend our heartfelt appreciation to Bybit’s global community, the Spot team is launching a reward program designed to enhance user benefits and elevate their trading experience.From now until 10AM UTC, July 11, all existing Bybit users and new users are invited to join a series of celebrations with us. As a token of appreciation, 100 participants will be randomly selected to receive 20 USDT each.Users can choose to participate in any one of the following areas and become a part of the future of trading with Bybit:About BybitBybit is one of the world’s top three crypto exchanges by trading volume with 30 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

Markets were on edge over a potential, major liquidation event with the now defunct exchange Mt Gox set to begin distributions of stolen tokens from this week.Anticipation of more cues on U.S. interest rates, from the Federal Reserve and from economic data, also kept sentiment on edge.Bitcoin rose more than 2% in the past 24 hours to $62,838.9 by 08:59 ET (12:59 GMT). The token also took some support from weakness in the dollar, with the greenback losing some 0.2% on Monday.The liquidators of Mt Gox said they will begin distributing Bitcoin stolen during a 2014 hack from early July. Traders speculated that receivers of the stolen tokens will be largely inclined to sell, given that Bitcoin saw a massive spike in valuation over the past decade. Such an event presents massive selling pressure on Bitcoin, and could spark substantial price losses. The token saw steep losses in late-June on this notion.Crypto investment products also logged two straight weeks of outflows amid fears of selling pressure on Bitcoin.Among broader crypto markets, altcoin prices rose on Monday, recovering a measure of steep losses from June.World no.2 token Ether added 2.6% to $3,475.84, also taking support from speculation that the Securities and Exchange Commission will approve a spot Ether exchange-traded fund as soon as this week.SOL, XRP and ADA rose between 1.9% and 4.5%, although trading volumes in all three were slim.Meme tokens DOGE and SHIB climbed over 2% and 1%, respectively.But sentiment towards crypto still remained on edge before a slew of more cues on U.S. interest rates this week. Federal Reserve Chair Jerome Powell is set to speak on Tuesday, while the minutes of the Fed’s June meeting are due on Wednesday. Nonfarm payrolls data is due on Friday and is also set to provide more cues on interest rates.Traders were seen increasing their bets that the Fed will cut rates by 25 basis points in September- a notion that also offered some support to crypto.Bitcoin could face resistance around the $65,000 level, on-chain data suggests.The leading cryptocurrency is attempting to bounce back after ending June with a 7% decline, a drop that reversed May’s gains primarily due to miner selling and concerns over ETF inflows being non-directional arbitrage bets rather than outright bullish investments.The recent decline has pushed Bitcoin prices below the aggregate cost basis of short-term holders—wallets that have held BTC for 155 days or less. According to LookIntoBitcoin, this aggregate cost basis is now at $65,000.On-chain analytics firms use realized price as the aggregate cost basis, reflecting the average price at which coins were last moved on-chain.In practical terms, this means short-term holders are now facing losses or holding positions in the red, which may lead them to sell at a loss or breakeven, potentially adding selling pressure around the $65,000 mark.”The price of Bitcoin has fallen below the aggregate cost basis of short-term holders for the first time since August 2023. In the short term, we should expect some resistance around the ~$65,000 level as short-term market speculators may look to exit their positions at a ‘breakeven’ level,” analysts at Blockware Intelligence said in a note seen by CoinDesk.”Last summer, when BTC lost the STH RP [realized price] support level, the price traded sideways for another two months before finally breaking out again,” they added. More

Cloudbet, a leading cryptocurrency casino and sportsbook, announced the integration of Ethena USDe (sUSDe) and ENA. By integrating sUSDe on the platform, bettors have now the chance to receive returns even when their funds are not being wagered.The move introduces a new level of financial flexibility and efficiency for Cloudbet users. Traditionally, when users deposit funds into their gambling accounts, those funds remain idle until they place their bets. Cloudbet’s integration of sUSDe, the staked version of the algorithmic stablecoin USDe, has entirely shifted the paradigm of betting, setting a new standard for user-centric innovation.The decision to include Ethena tokens and ENA, the governance token for the Ethena protocol which launched at $0.55 in April 2024, is indicative of the platform’s proactive, crypto-native approach to developments in the space.Furthering its commitment to crypto-friendly online gaming, Cloudbet also expanded its support to multiple blockchain networks, including TON and Base.About CloudbetCloudbet is a proud pioneer of crypto betting. Since its launch in 2013, as the world’s first crypto-friendly sportsbook and casino, Cloudbet has served hundreds of thousands of users and taken millions of bets, establishing a reputation as the most trusted, secure, and VIP-friendly brand in crypto gaming. Cloudbettors can bet with 30+ cryptocurrencies, from Bitcoin, Ethereum, and stablecoins like USDC and USDT, to SOL and other popular altcoins. The site is available in 18 languages (including Spanish, German, Italian, French and Japanese). For media inquiries, odds, and insights, users can contact media@cloudbet.com. ContactIreneHalcyon Super Holdings B.V.irene@cloudbet.comThis article was originally published on Chainwire More

According to a note from JPMorgan, dated Monday, these factors contributed to a 19% sequential increase in the aggregate market cap of 14 U.S.-listed bitcoin miners, which reached $22 billion.The investment bank highlighted several key factors behind this rally. First, the AI data centers emerged as a more lucrative use case for mining facilities. Second, the scarcity and value of power access have become more apparent. Lastly, a decline in network hashrate modestly improved mining economics for U.S.-listed operators, although profitability remains nearly 50% below pre-halving levels.Despite an overall decline, the average Bitcoin price in June hovered around $66,000, up merely 1% from May. However, it exited the month lower at a $61,200 seven-day rolling average, an 11% decrease from the previous month’s figure. The network hashrate, a proxy for industry competition, declined for the second consecutive month, averaging 583 EH/s in June. This marks a 3% decrease from the previous month and a massive drop from pre-halving levels. Mining difficulty also declined by 1% from the end of May.Mining profitability showed a modest improvement, with miners earning an average of $52,000 per EH/s in daily block reward revenue in June, a 6% increase month-over-month. However, this is still well below the peak of $342,000 in November 2021 when Bitcoin prices were $60,000, and the network hashrate was 161 EH/s.JPMorgan notes that the group of 14 U.S.-listed miners had an aggregate market cap of $21.9 billion as of June 30th, with Terawulf Inc (NASDAQ:WULF) being the best performer, up 117%, and Argo Blockchain (NASDAQ:ARBK) being the worst, down 17%. “Nearly every miner tracked outperformed Bitcoin in June, reflecting the market’s enthusiasm for AI data centers and the scarcity and value of power access,” JPMorgan stated.JPMorgan’s analysis reveals that the aggregate market cap of the 14 largest U.S.-listed bitcoin miners has been, on average, 17% of the nominal value of all remaining bitcoin since January 2022. This ratio peaked at 29% in December 2023 and was 28% as of June 30th. The aggregate market cap of these miners, which account for 24% of the total network hashrate, is about 28% as large as the nominal value of all remaining bitcoin.Finally, the report compares the market cap of these bitcoin mining operators with the four-year rolling block reward revenue opportunity, which coincides with the useful life of mining hardware. This ratio peaked at 57% in December 2023 and was 55% as of May 31st, up 13 points sequentially, versus an average of 33% since January 2022. More

Sonic, the first atomic SVM chain enabling sovereign game economies on Solana, hit a significant milestone with its recently launched incentivized testnet “Odyssey,” reaching 100,000 connected wallets and over 17 million transactions in the buildup to a mainnet launch. Backed by Cypher Capital, a multi-strategy crypto investment firm, Sonic’s latest fundraise allows it to expand its ecosystem in the leadup to the mainnet launch and support growth, expanding its core development, game relations, and marketing teams globally. Currently, Sonic’s active testnet invites users to engage in a variety of on-chain activities, such as sending transactions and playing games to debut on Sonic. About SonicSonic is the first atomic SVM chain built to enable sovereign game economies on Solana. Sonic enables sovereign game economies that rollup and settle on Solana. Built on top of the first concurrent scaling framework for Solana, called HyperGrid, Sonic is the first to bring a Grid orchestrated by such a framework.About Cypher CapitalCypher Capital is a leading early-strategy venture firm focused on investing in Web3 infrastructure and applications that will drive the new digital economy. Guided by environmental, social, and governance for every investment decision, Cypher is shaping the future of digital currency, public markets, and Web3. Website | Blog | LinkedIn | Telegram | Instagram | Facebook (NASDAQ:META) | Youtube | X ContactMedia ManagerShameem Shashameem@cyphercapital.comThis article was originally published on Chainwire More

This statement comes at a time when Bitcoin’s weekend trading activity has reached a record low.According to data from cryptocurrency research firm Kaiko, the amount of Bitcoin traded on weekends has dropped to just 16% this year. This marks a significant shift in the trading patterns of the world’s leading digital currency, which has traditionally seen robust activity outside of conventional market hours.This drop might suggest a sentiment of boredom or disinterest among traders amid the ongoing market uncertainty, as evidenced by falling prices.As the market continues to navigate through periods of dull action, Saylor’s vision for Bitcoin represents a rallying cry with interest and trading activity expected to return.Bitcoin dominated the news at the start of 2024 when the first U.S. spot ETFs for the largest digital asset went live. ETFs from BlackRock (NYSE:BLK) and Fidelity garnered substantial inflows, pushing Bitcoin to a record high of $73,798 in March, although demand and pricing have since cooled.As reported, over 20,200 BTC, worth $1.23 billion, were sent to accumulation addresses in a single day, suggestive of dip buying.However, the range-bound action of the past few weeks along with the failure to break out to a new high above $73,777 has resulted in a drop in bullish sentiments across key social media platforms in recent weeks, according to on-chain data by Santiment. The decline in trader enthusiasm could indicate a market bottom, Santiment added.At the time of writing, BTC was up 0.81% in the last 24 hours to $61,387.This article was originally published on U.Today More

According to Thiel, there will not be any significant price increases for Bitcoin from where it is at the moment. He said he does not think Bitcoin would go up dramatically from here, expressing his opinion that the significant price increases for Bitcoin might be over.Thiel expressed his regret for not having purchased more Bitcoin sooner and his skepticism regarding the cryptocurrency’s future, especially in light of the emergence of decentralized computing. In addition, he brought up the FBI’s preference for criminals to use Bitcoin instead of fiat money like $100 bills, underscoring the ability to trace the digital gold.Thiel claims that this makes it even harder for Bitcoin to gain traction as a mainstream financial asset. Thiel made an important observation when he said he thought big financial firms like BlackRock (NYSE:BLK) and its CEO Larry Fink had appropriated Bitcoin.While the institutional involvement gave Bitcoin legitimacy, it is possible that it diverged from its original cypherpunk ideals of financial autonomy and decentralization. According to Thiel, the revolutionary decentralized nature of Bitcoin may be losing its initial appeal.Remarking that traditional financial institutions have undermined Bitcoin’s potential as a revolutionary financial technology, he expressed less faith in the cryptocurrency’s ability to play a significant role in a decentralized future.Thiel acknowledged the volatility of Bitcoin and its possibility for some upward movement in spite of this. While there may still be opportunities for gains, they come with significant risks. It can still go up some, but it will be a volatile bumpy ride, he said.This article was originally published on U.Today More