Cryptocurrency

Transaction fees, which spiked to about $128 immediately following the halving, have since stabilized back to the $3-$4 range. Bitcoin price remains relatively stable post-halving, averaging roughly $63,000, which represents a 45% increase year-to-date, BTIG notes.That said, global hash rates have decreased by about 6% from April’s average of 624 EH to 585 EH in the first two weeks of May. This decline was expected to be between 5%-10% as less efficient mining rigs – those with efficiencies over 35 J/TH – unplugged. A more significant drop in hash rate could occur if Bitcoin prices decline further. Most public miners have cash breakevens in the $20,000-$40,000 range per Bitcoin, the report says.Earlier this year, several U.S.-listed miners reduced Bitcoin sales used to fund operations, opting instead to use equity for growth. “Many miners built their BTC inventories ahead of the halving,” noted BTIG, adding that Riot Platforms (NASDAQ:RIOT), Cleanspark (NASDAQ:CLSK), and Cipher Mining (NASDAQ:CIFR) sold only a small percentage of their Q1 2024 production, materially less than the 80-90% average in 2023. In contrast, Core Scientific Inc (NASDAQ:CORZ) and Bitdeer Technologies Group (NASDAQ:BTDR) continue to sell the majority of their Bitcoin to fund operating expenses.The three largest Bitcoin ETFs, which account for about 85% of ETF assets under management (AUM), saw a 38% increase in shares outstanding from mid-January to mid-March, during which Bitcoin prices peaked at $73,000. Since then, while Bitcoin prices have decreased by about 14%, shares outstanding in these ETFs have only risen by 1%. “While ETF fund flows look to have supported the BTC price earlier this year, arguably more important was the halving,” BTIG analyst explained.The global hash rate is expected to continue its downward trend through the summer, potentially bottoming out in August due to high power prices in Texas, which are projected to average $140/MWh in the summer months. “We expect global hash to remain under pressure, most likely bottoming in August,” said CFA at BTIG. Looking ahead to 2025, power prices are expected to stabilize at around $55/MWh, with another spike anticipated next summer.Large-scale mergers and acquisitions in the Bitcoin mining industry may not be imminent, but smaller acquisitions are expected. Cleanspark’s recent acquisition of 75 MW at $250,000/MW sets a precedent, with other miners likely to pursue similar bite-sized acquisitions. “The market remains bifurcated with companies that have access to capital in a position to grow while those less fortunate most likely selling owing to reduced revenues post the halving,” the report concludes. More

Salim has quite a pedigree, and he joins Vanguard from BlackRock (NYSE:BLK), where his last role involved overseeing the launch of BlackRock’s iShares Bitcoin Trust (IBIT). On several occasions, Salim Ramji was caught expressing his perception of Bitcoin and the need to embrace new technologies on all fronts.BlackRock’s IBIT led the spot Bitcoin ETF inflows since the product’s inception in January. Notably, Ramji has seen the potency of the product, and he might help overhaul how Vanguard embraces the product moving forward. The anti-Bitcoin culture at Vanguard is striking. Besides refusing to join the host of applicants for spot Bitcoin ETFs, the company also discontinued support for its trading on all of its supported platforms. Former CEO Buckley even hinted that the firm’s position against Bitcoin will outlive his tenure, adding a unique twist to the conversation.Major financial giants in the country and abroad are joining the Bitcoin ETF bandwagon. Besides BlackRock, top banks like Morgan Stanley and UBS have unveiled their exposure to the asset class. Besides these two, top trading firm Susquehanna International Group has also revealed that it holds up to $1 billion spread across several spot Bitcoin ETF issuers.Entities in Canada and Hong Kong have also unveiled disclosures on Bitcoin through recent 13F filings with the U.S. SEC. With these trends, it becomes evident that there is a major shift to these products, complimenting MicroStrategy’s aggressive accumulation spirit. While Vanguard is not losing out on the Bitcoin ETF hype, with Ramji as head of Vanguard, he might be unwilling to let go of the opportunity to invest in BTC.This article was originally published on U.Today More

Consolidation is characterized by assets moving sideways within a certain range, indicating equilibrium between buyers and sellers. Novogratz believes that this might be the current phase for cryptocurrencies such as Bitcoin, Ethereum and Solana, which have seen significant volatility in recent months. The consolidation phase could be a precursor to the next bull run, depending on various market factors.Novogratz predicts that Bitcoin, the biggest cryptocurrency by market capitalization, may be stuck in the $55,000 to $75,000 range for the time being. “We are in the consolidation phase in crypto. Bitcoin, Ethereum and everything else, Solana will consolidate, what does that mean? It means probably somewhere between $55,000 and $75,000 until the next set of circumstances, the next set of market events bring us higher,” Novogratz said on a conference call, according to Bloomberg. The cryptocurrency market has remained static since the record bull run in the previous two quarters, which was fueled by the launch of spot U.S. Bitcoin exchange-traded funds and the Bitcoin halving event. Bitcoin, however, fell as confidence about the Federal Reserve’s interest rate cuts faded due to continually strong economic readings.Novogratz stated that the cryptocurrency market experienced many tailwinds in Q4 and Q1. A cool-off may be likely in the present quarter; however, this might change in the next quarter if certain factors, such as Fed rate reduction, come into play.In the most recent indication of the U.S. economic outlook, Fed Chairman Jerome Powell stated that the U.S. economy is operating well and has a robust labor market. Inflation in the United States did not rise further in the first quarter. Uncertain if inflation will continue, Powell hinted that raising interest rates might not be the next step, but they are likely to remain steady.This article was originally published on U.Today More

ETFSwap (ETFS), an emerging decentralized cryptocurrency and Exchange-Traded Funds (ETFS) platform, has achieved a series of significant milestones, marking a historic moment in its development and presale. With the support and confidence of thousands of users and investors worldwide, this ground-breaking platform is experiencing a meteoric rise in popularity.In addition, ETFSwap (ETFS) is gaining global recognition as a significant player in the tokenized ETF market. It offers a platform that is both distinctive and accessible, as well as unique and user-friendly, for trading cryptocurrencies and ETFs.ETFSwap (ETFS) Records Unprecedented Surge To Cross 4,000 UsersAs of November 2023, the global ETFs industry reached a valuation of $10.99 trillion and has been growing rapidly ever since. Given this expansion, an increasing number of cryptocurrency enthusiasts and investors have looked for ways to engage with the potential in this sector.ETFSwap (ETFS) emerges as a bridge between the traditional and Decentralized Finance (DeFi) ecosystem. This platform offers investment opportunities for global investors, exposing them to trillion-dollar sectors such as health, energy, technology, commodities, and moreETFSwap (ETFS) offers crypto investors a novel service that has never been seen in the industry. It allows access to the trillion-dollar traditional ETFs market, allowing them to expand their investment portfolio by tokenizing these assets for easy trading. But perhaps where ETFSwap (ETFS) really outpaces its competitors is that it presents an easy on-and-off ramp for trading ETFs using both crypto and fiat, coupled with the decentralization of the Ethereum blockchain.Over the next year, the platform plans to complete its roadmap with the full launch of the ETFSwap (ETFS) trading platform open for all. Additionally, it’ll launch its partnership program, launch its staking decentralized application (DApp), and roll out community rewards.Its token will launch on decentralized exchanges such as Uniswap, with open public trading to follow. This comes with a full-blown marketing roll-out such as CoinMarketCap fast-track, Key Opinion Leaders (KOLs), and token competitions.The ETFSwap (ETFS) platform has undergone a rigorous audit by CyberScope, a leader in the blockchain security industry. The audit found no vulnerabilities in its contract, with the company declaring it safe for investment.Ahead of its full platform launch, the company is focused on securing all necessary licenses required to bring this novel service to investors worldwide. To sweeten the pot, it requires no KYC (Know Your Customer), which means investors just need to connect their wallet to start trading on the website. ETFSwap (ETFS) is already seeing unparalleled adoption amongst users across diverse regions globally. Currently, the innovative platform has recorded more than 4,000 users in just a few weeks. This surge in adoption is fueled not only by ETFSwap’s (ETFS) advanced trading technology and capabilities but also by the rising interest in tokenized ETFs within the digital asset landscape. Key Milestones and Presale ProgressThanks to ETFSwap users’, ETFSwap (ETFS) has successfully hit key developmental milestones. With the help of institutional investors, ETFSwap (ETFS) successfully raised over $750,000 in its private fundraising round.In addition to the growth of ETFSwap’s user base, the first stage of the ongoing presale has seen over 75 million tokens sold.The ETFSwap team noticed the increase in sales and, with a strategic decision, has raised the ETFS token price from $0.00854 in its first presale stage to $0.01831 during the second stage. The public presale has also collectively raised over $1.5 million in a few weeks. For more information about the ETFS Presale:Users can visit ETFSwap PresaleUsers can join The ETFSwap CommunityContactJacob MossETFSwap [email protected] article was originally published on Chainwire More

The world’s largest cryptocurrency climbed 1% over the past 24 hours to $62,489.1 by 07:58 ET (11:58 GMT).Bitcoin witnessed some relief as the dollar sank on Tuesday after Federal Reserve Chair Jerome Powell said that current monetary policy was restrictive enough, indicating that interest rates will not rise further.But Powell warned that the central bank had little confidence that inflation was moving back towards its 2% annual target.This came after producer price index (PPI) data read hotter than expected for April, potentially setting the stage for a strong consumer price index reading later on Wednesday.Meanwhile, signs of dwindling capital flows into Bitcoin and crypto investment products, along with the threat of more regulatory action, kept optimism towards crypto markets limited.Three spot Bitcoin and Ethereum exchange-traded funds in Hong Kong saw outsized outflows of nearly $40 million on Monday, wiping out two weeks of inflows since their debut on April 30.While the immediate reason for the outflows was unclear, they also came as sentiment towards Hong Kong and Chinese markets soured amid increased U.S. trade tariffs on Beijing and mixed economic signals from China. Outflows from the Hong Kong ETFs came amid dwindling capital inflows into their U.S. counterparts, as hype over the approval of spot Bitcoin ETFs for U.S. markets ran dry.While initial hype over their approval drove Bitcoin to record highs over $73,000 in early-March, the world’s biggest cryptocurrency has traded largely within a $60,000 to $70,000 trading range for the past two months, amid scant positive cues. Bitcoin’s halving event passed with little price action, while threats of more regulatory action by the U.S. Securities and Exchange Commission also kept traders averse towards crypto markets. Apart from Bitcoin, broader cryptocurrency prices retreated, as traders turned more risk averse ahead of the U.S. CPI data.World no.2 token Ethereum fell 0.25%, while Solana and XRP lost 1.6% and 1.1%, respectively.Gains in meme stocks- such as GME and AMC- also inspired fleeting gains in meme tokens. Dogecoin fell more than 1.7%, while Shiba remained nearly flat.Sticky U.S. inflation is likely to keep interest rates high for longer- a scenario that bodes poorly for crypto markets, which usually thrive in low-rate, high-liquidity environments.Bitcoin miners slashed their coin inventory before the reward halving took effect on April 19, a trend that trend could soon resume as blockchain usage becomes cheaper, squeezing miners’ revenue.”Daily average network fees spiked after the halving, offsetting some pain for bitcoin miners. However, fees have since come down as the initial rush of users to the Runes protocol cooled off,” analysts at Kaiko said in a note.”The recent decline in fees could lead to selling pressure from miners,” they added.The price of Bitcoin already faces downside risks from the long-defunct cryptocurrency exchange Mt.Gox’s $9 billion payout to its creditors and further selling pressure from miners may exacerbate the situation.Bitcoin miners generate revenue from two key sources – block rewards and transaction fees. They receive a fixed amount of BTC as a reward for adding new blocks to the blockchain, along with transaction fees for including transactions in the blocks they mine.Last month’s halving reduced the per-block coin emission to 3.125 BTC from 6.25 BTC, putting the onus of compensating the negative impact on miner profitability on transaction fees and bitcoin’s price. More

A closer examination of blockchain data reveals a notable pattern in the movement of these funds. Following the initial transfer to a new address identified as “1JmaF,” the Bitcoin was subsequently divided into smaller portions and distributed across 62 other addresses.Each of these subsequent transfers involved approximately 165.3 BTC, equivalent to roughly $10.2 million, raising questions about the motives behind the fragmentation of funds and the identity of the parties involved.While expectations suggest that the April CPI may not signal a significant uptick in inflation, uncertainties persist regarding the potential market reaction to the data.The outcome of the April CPI report holds significant sway over market sentiment. A higher-than-expected CPI could trigger increased market volatility, while a more subdued report might temporarily ease concerns about inflation.The question of the unknown entity’s expectations behind this significant Bitcoin withdrawal looms large. Is the whale, as such holders are often referred to in cryptocurrency circles, banking on favorable economic data and subsequent market growth?This article was originally published on U.Today More

Led by game-focused crypto investment firm Animoca Brands, the fresh capital injection will go toward development, talent retention, and go-to-market activities.The latest financing also saw participation from other investors such as Sebastien Borget of The Sandbox and Nicolas Jeuffrain of Tenergie. Including previous investments and community fundraising, CTA has now raised a total of $23.5 million.Blockchain gaming is a rapidly growing sector in the crypto industry, often seen as the key to attracting the next big wave of users. “Cross the Ages” is a mobile-first collectible card game set in a dystopian future, inspired by a series of free-to-read novels. Players can compete solo or in teams to win NFTs and have the option to convert their digital cards into physical copies. The recent funding coincides with the ecosystem’s Token Generation Event (TGE), with exchanges like Bybit, KuCoin, GATE, and MEXC set to list the CTA token. Since launching its virtual trading card game in March 2023, CROSS THE AGES says it has achieved over 400,000 downloads and counts 148,000 monthly active users. “We are thrilled to welcome Animoca Brands as the lead investor in our first equity round. This collaboration signifies a shared commitment and a vote of confidence for CTA’s gaming universe to expand the IP amongst Animoca brands ecosystems and partners,” said CEO and Co-founder Sami Chlagou.Chlagou also owns game producer Pixel Heart, which has created many games for top platforms like Nintendo, Xbox, and PlayStation.Yat Siu, executive chairman and co-founder of Animoca Brands, added: “Blockchain gaming is an important movement that is bringing true digital ownership to the masses. CROSS THE AGES perfectly embodies the values of this movement, enabling users to live experiences in a virtual environment solidly founded upon personal ownership.”Launched in 2020, CROSS THE AGES leverage blockchain to combine futuristic fantasy with a sci-fi epic narrative. The CTA universe blends free-to-play and play-to-earn models, integrating books, comics, gaming, esports, animation, collectibles, and a gaming investment model that promotes the transition to renewable energy in the real world.  More

Funding rate arbitrage is a popular tactic in the perpetual futures market on crypto exchanges. The strategy focuses on exploiting the gaps in funding rates across different exchanges to make a profit from the interest rate differences.The bot employs two strategies to help traders earn funding fees by opening a perpetual futures position and hedging it with an opposite position in the spot market. This system keeps the contract price aligned with the spot price of the underlying asset. When funding rates are positive, long positions pay short positions. Conversely, when rates are negative, short positions pay long positions.Binance now offers nearly 120,000 active trading strategies on its Trading Bots Marketplace. Popular automated trading tools available include Grid Trading for Spot and Futures, Rebalancing Bot, Auto-Invest, and Dollar-Cost Averaging (DCA).The newly launched bot is also Binance’s first to automate a delta-neutral spot and futures arbitrage strategy. It simplifies the process by automating both the spot and perpetual futures trades simultaneously, eliminating the need for users to manually manage two separate trades.Separately, Binance is set to launch its Spot Copy Trading feature to all eligible users. This will let users follow and automatically replicate the trades of the platform’s top traders. To use Binance’s spot copy trading feature, users must meet certain minimum portfolio asset management requirements.Copy trading was originally introduced by the social trading platform eToro and has since been picked up by other major cryptocurrency platforms.Binance first introduced spot copy trading for “Lead Traders” in late April. The exchange claims that the feature has proven successful, with over 70% of active Lead Traders achieving positive P&L despite a volatile market in April that saw overall crypto market capitalization drop by 11%. More