Cryptocurrency

Mining stocks also lost 3.7%, which reversed some of the gains from the prior week when public miners rallied 10.8%.The Bitcoin network hash rate fell sharply, dropping 13.8% week-over-week to 567 EH/s after hitting an all-time high of 657 EH/s (7-day average) the previous week. This marks the largest week-over-week decline in the network hash rate since the summer of 2021, when the Chinese government issued a ban on crypto mining. Less efficient miners with higher power costs continue to capitulate following the halving in late April, and a period of consolidation is expected over the coming months. Heightened volatility in the network hash rate is also expected through September as miner curtailment activity picks up during the hot summer months in North America, where 38% of the network hash rate is currently based. H.C. Wainwright details that network difficulty remained at 84.4T after the latest 1.5% positive adjustment on May 23, 2024, while higher transaction fees led to a 3.1% week-over-week increase in hash prices to $0.055/TH/day.Elsewhere, flows into U.S. spot BTC ETFs have regained momentum in recent weeks following a positive shift in the U.S. government’s stance on crypto regulation and adoption. Former president and current presidential candidate Donald Trump made supportive comments for crypto at the Libertarian National Convention in Washington D.C. on May 25, stating, “I will support the right to self-custody to the nation’s 50M crypto holders… I will keep Elizabeth Warren and her goons away from your bitcoin… I will ensure that the future of crypto and the future of Bitcoin will be made in the USA, not overseas.”Crypto is shaping up to be a major bipartisan issue heading into the presidential election in November. In May, there was bipartisan support and passage from both the House and Senate to overturn the Securities and Exchange Commission’s Staff Accounting Bulletin (SAB) 121, which would have opened the door for traditional financial institutions to custody digital assets for their clients and made it easier for these institutions to work with crypto companies. Nevertheless, this was subsequently vetoed by President Biden last Friday. Additionally, the House passed the Financial Innovation and Technology for the 21st Century Act (FIT21) on May 22, providing a comprehensive regulatory framework for crypto in the U.S. The SEC also unexpectedly approved eight 19b-4 applications for ETH ETFs, including filings from Blackrock and Fidelity on May 23.This improved regulatory backdrop for crypto resulted in 15 consecutive trading days of net inflows into spot BTC ETFs. Over this period, through June 3, the funds collectively garnered approximately $2.3 billion in total net inflows. Moreover, BlackRock’s iShares Bitcoin Trust (NASDAQ:IBIT) became the fastest ETF in history to reach $20 billion in assets under management (AUM) last week, achieving this milestone in less than five months post-launch. IBIT is now the largest bitcoin fund in the world, overtaking the Grayscale Bitcoin Trust (NYSE:GBTC), which had $19.7 billion in AUM as of June 3, 2024. More

The renowned digital currency broke its previous all-time high of $686, which it held for over three years. In the past few hours, the new price reached $716, while the coin was trading at $708 at the time of writing, marking a 12.5% increase in the last 24 hours.This rise coincides with BNB surpassing the critical resistance level of $618, which had been preventing further gains. BNB’s market capitalization now exceeds $100 billion, making it the fourth largest cryptocurrency by market cap, surpassing companies like UBS Group AG (NYSE:UBS), Dell (NYSE: NYSE:DELL), and Starbucks (NASDAQ: NASDAQ:SBUX).Interestingly, this new all-time high comes as Binance’s founder and former CEO, Changpeng Zhao, also known as CZ, began his four-month prison sentence on Monday. He was incarcerated in a federal prison in California for violating the Bank Secrecy Act (BSA), to which he pled guilty in April this year.Meanwhile, U.S.-listed exchange-traded funds (ETFs) saw inflows exceeding $880 million on Tuesday, led by Fidelity, according to preliminary data released on Wednesday.Bitcoin surged past $71,000 in the past few hours as the data became public, adding 3% in the last 24 hours.Fidelity’s FBTC fund attracted inflows of $378 million, the highest among its peers. It was followed by BlackRock’s iShares Bitcoin Trust (NASDAQ:IBIT) with $270 million, while Grayscale Bitcoin Trust (BTC) (NYSE:GBTC), known for its outflows, received $28 million.This marks the best day for inflows since March and the second-highest overall since the launch of 11 Bitcoin ETFs in January.Recent inflow activity has rebounded amid generally bullish sentiment after a few bleak weeks from mid-April to early May, a period that saw zero inflows on some days and even outflows from major ETFs like BlackRock’s IBIT fund.Eric Balchunas, a Bloomberg analyst, said on X that ETFs have captured $3.3 billion in the past four weeks, with year-to-date net inflows now exceeding $15 billion.This heightened activity follows the recent approval of Ethereum ETFs in the U.S. and positive crypto sentiment from the ongoing U.S. presidential campaign. More

Nibiru EVM execution boasts blazing-fast transaction speeds, scalability, and seamless integration for Ethereum developers, positioning Nibiru to drive mainstream adoption and innovation in Web3. Overcoming Ethereum’s Scalability HurdlesNibiru Chain, a pioneering smart contract ecosystem, introduces Nibiru EVM, a high-performance Ethereum Virtual Machine (EVM) execution environment, showcased in its latest v2 release.Nibiru plans to scale beyond Ethereum’s current infrastructure, which is limited to approximately 20 transactions per second (TPS) and results in high fees during periods of congestion. These constraints hinder developers from building performance-intensive applications similar to the ones seen in Web2. Nibiru EVM surpasses these limitations by offering throughput exceeding 10,000 TPS even with just single-threaded execution.To take the scaling and performance a step further, Nibiru plans to upgrade the network to process transactions with parallel optimistic execution, which is “targeted for release before the end of 2024,” according to Co-Founder of Nibiru, Unique Divine. This approach allows nodes to utilize extra hardware resources, pushing the boundaries on the network’s transaction handling capabilities.Fueling Ecosystem Expansion and Enhanced Developer ExperienceNibiru EVM empowers developers with a robust, user-friendly environment that enables seamless interaction between Ethereum-based tokens and applications across multiple virtual machines. This multi-VM approach ensures fast transaction processing and a streamlined user experience.Ethereum developers are able to deploy applications in a familiar EVM environment, reducing barriers to entry and accelerating development timelines, whilst also reaping the benefits of parallel optimistic execution and instant finality.Nibiru in Early InningsSince its mainnet launch in March 2024, Nibiru has supported Wasm (Web Assembly) smart contracts written in the Rust programming language. The introduction of Nibiru EVM promises developers an EVM-compatible execution environment that is both highly performant and scalable. Positioned to play a crucial role in the future of decentralized applications, Nibiru is driving innovation and setting the stage for mainstream adoption.About NibiruUsers can stay up-to-date on the latest news or engage with Nibiru by visiting the Community Hub. Users can find the official web application and information on user guides, block explorers, and upcoming governance and improvement proposals. Nibiru aims to be the most developer-friendly and user-friendly smart contract ecosystem, leading the charge toward mainstream Web3 adoption by innovating at each layer of the stack: dApp development, infra, consensus, a comprehensive dev toolkit, and value accrual.ContactPR & Media [email protected] article was originally published on Chainwire More

He also published a couple of other tweets to share his take on the importance of Bitcoin, which he believes to be rapidly increasing now.A new historic peak, which would cause a recursive Bitcoin demand shock to step in, Mow tweeted, and then, “It’s up all the way to $0.1m,” he concluded.This sudden and drastic price surge can likely be explained by the massive daily inflows experienced by the spot Bitcoin ETFs on Tuesday, as they netted a total of $887 million. This was the largest daily inflow since the Bitcoin ETF approval that occurred in January.BlackRock (NYSE:BLK)’s iShares Bitcoin Trust (IBIT) sucked in $274 million in BTC, while the ARK 21Shares Bitcoin ETF (ARKB) saw an inflow of a substantial $139 million.Samson Mow commented on that significant buying spree as he tweeted that considering the levels of buying compared to the currently available Bitcoin supply, “it’s a miracle that Bitcoin stayed below $0.07 million for so long.”He also stated that it is madness “not to have any Bitcoin exposure at this point.” Currently, Bitcoin is seeing a decline and is approaching $71,000 after hitting $71,321 earlier today.This article was originally published on U.Today More

This article was originally published on U.Today More

This comes as the price of Ethereum, the second-largest cryptocurrency by market capitalization, has risen more than 25% against Bitcoin over a week. This sudden increase has boosted the cryptocurrency market, with strong potential for altcoins to follow suit.Typically, altcoin seasons come in cycles, with Bitcoin leading, followed by Ethereum and other altcoins. This pattern is expected to emerge with the notable rise in Ethereum’s price. The current market sentiment, along with the approval of Ethereum ETFs, paves the way for a major altcoin season.Therefore, given these factors, analyst van de Poppe believes this is the right time and the last opportunity to accumulate altcoins at a low price before the rally begins.Meanwhile, the analyst listed the top 5 altcoins expected to outperform major cryptocurrencies:Optimism (OPm/USD) is a layer-2 blockchain operating on the Ethereum network. It ensures security and decentralization while providing scalability and reducing transaction costs. With nearly 30% of its market value locked in the ecosystem, the OP token has high potential for significant gains.At the time of publication, the Optimism token is currently trading at $2.45. Van de Poppe expects its price to increase by approximately 300% to 800% against Bitcoin in the next six months.The recent announcement that Arbitrum will release 225 million ARB tokens, worth approximately $250 million, for the Gaming Catalyst Program (GCP) has attracted many investors. Despite strong performance in recent weeks, the Arbitrum ecosystem is rapidly growing with strong fundamentals and ecosystem development, making it a promising investment.At the time of publication, the ARB token is currently trading at $1.13. Van de Poppe expects ARB to rise by approximately 250% to 300% against Bitcoin as it rebounds from recent lows.WO Network (WOO/USD) is a decentralized currency featuring ultra-fast execution response times and significant liquidity. As the Ethereum ecosystem expands, decentralized exchanges like WO Network will greatly benefit from increased trading volumes. Van de Poppe expects WO prices to range from 300% to 800%, driven by the growing use of decentralized exchanges worldwide.Van de Poppe expects the price of Wormhole (W/USD) to rise by 200% to 400%.Dogecoin, a notable meme coin, has shown strong community support. Although Dogecoin’s price has dropped 81% from its peak, it is poised for a significant comeback, especially as other meme coins gain popularity. Van de Poppe expects Dogecoin’s price to rise by 400% to 500%, benefiting from the current meme coin craze.The launch of Bitcoin ETFs in the United States, which has caused capital to shift from altcoins to Bitcoin, has put considerable pressure on the altcoin market recently. However, this trend is reversing, and the approval of Ethereum ETFs is likely to lead to a new round of investments in altcoins. Therefore, this is the best time to invest, as historical trends indicate that altcoins perform best in the second half of the year. More

Solnarize is thrilled to announce that the presale of it’s $SRIZE tokens will commence on Friday, June 7th, 2024. This presale provides early participants the chance to engage with a project that combines innovative meme culture with the mission of promoting clean energy before listing on Raydium 48 hours after presale.Solnarize aims to innovate within the meme space by merging the viral appeal of meme culture with the vital mission of promoting clean energy. The team’s approach integrates the $SRIZE token, which plays a pivotal role in Solnarize’s ecosystem and the forthcoming Play-to-Earn (P2E) game, Solar Defender.A Unique Blend of Meme Culture and SustainabilitySolnarize is a project designed to create a vibrant community that values both potential financial growth and environmental impact. The $SRIZE token serves as the cornerstone of Solnarize’s ecosystem, driving transactions and rewards within their P2E game, Solar Defender.Solar Defender: The Heart of SolnarizeSolar Defender is an engaging and educational game where players protect a solar-powered city from environmental threats. Players earn $SRIZE tokens as they navigate through various challenges, placing and upgrading solar panels to maintain the city’s energy supply. This game is not only entertaining but also raises awareness about renewable energy and the importance of sustainability.The $SRIZE token facilitates transactions within the Solar Defender game and is part of Solnarize’s commitment to sustainability and community-driven innovation. As the utility token at the heart of the Solnarize ecosystem, $SRIZE facilitates all in-game purchases, potential rewards, and upgrades, making it an integral part of the project’s success.Recently, Solnarize secured $350,000 in seed funding led by Sunivations Ventures, with additional contributions from angel investors dedicated to clean energy and sustainability. About SolnarizeSolnarize is a meme project on the Solana blockchain, merging meme culture with sustainable energy initiatives. Their mission is to create a vibrant, engaged community that drives both technological innovation and environmental stewardship.Contact:Website: https://solnarize.comX: https://x.com/SolnarizeSrizeTelegram: https://t.me/solnarizeMedium: https://medium.com/@solnarizeContactAndzo [email protected] article was originally published on Chainwire More

Into the Breach Esports, one of the leading names in competitive gaming, is thrilled to announce its new partnership with Shuffle.com, the fastest growing online crypto casino and sports betting platform. This collaboration marks a significant milestone in the growth of both companies, bringing together the world of esports and the future of online betting.Key Highlights of the Partnership:After building a strong relationship with ITB as sponsors last season, this strategic move by Shuffle.com is their largest partnership to date in the competitive gaming scene. In addition to the rebrand, ITB and Shuffle.com are thrilled to introduce the Shuffle Masters series. This tournament series is designed to provide a competitive platform for rising Tier 2-3 level teams, offering an opportunity to showcase their skills and compete for significant prize pools.For media inquiries, please contact:Vivian [email protected] Shuffle.comShuffle.com is a leading crypto casino and sports betting platform, designed for the modern gaming user. Since the platform’s launch in February 2023, Shuffle has built a premier betting product, offering a suite of original and casino games alongside a robust sportsbook and world-class user experience. Led by a doxxed team and backed by industry-leading investors, Shuffle.com has established a strong industry-wide reputation built on trust.For more information, users can visit the X page.About Into The Breach EsportsInto The Breach Esports is currently competing in CS2, Rainbow Six Siege, Sim Racing, Escape From Tarkov: Arena, Halo, and Trackmania.For more information, users can visit the X page.ContactVivian [email protected] article was originally published on Chainwire More