Cryptocurrency

The collaboration between Chainlink and Coinbase is not just about lowering costs. It also aims to enhance the scalability of smart contracts, which are self-executing contracts with the terms of the agreement directly written into code. By integrating Chainlink Automation into the Base L2 network, developers are now equipped with advanced tools to create and manage decentralized applications (dApps) more efficiently.One of the key features that this integration brings to the table is Chainlink’s Data Feeds. These feeds provide reliable and tamper-proof data for smart contracts, enabling them to interact with real-world information in a secure and dependable manner. Furthermore, the partnership fosters cross-chain interoperability, which is the ability for different blockchain networks to communicate and share information. This is crucial for the widespread adoption and functionality of dApps across various blockchain platforms.The integration of Chainlink Automation into Coinbase’s Base L2 network is a testament to the ongoing efforts to streamline blockchain technology for wider use and to propel the development of the Web3 space. By providing developers with the tools to build dApps with lower transaction costs and enhanced capabilities, this partnership is paving the way for the next generation of decentralized applications and services.This article was generated with the support of AI and reviewed by an editor. For more information see our T&C. More

The regulator insists that the requested documents are crucial for determining appropriate penalties and ensuring Ripple’s compliance with future regulations. This focus is especially on Ripple’s On-Demand Liquidity (ODL) customers, which the SEC suspects could be subject to non-compliant sales practices. The SEC has invoked previous cases, such as “SEC v. Rajaratnam,” and instances of court-approved “extended discovery periods” to counter Ripple’s objections regarding the relevance and timing of the information requests.In a strategic move to prevent what it perceives as potentially non-compliant future institutional sales by Ripple, the SEC is seeking an injunction rather than debating the legality of past sales. This approach indicates that the SEC is more concerned with future compliance than past actions.Legal analyst Bill Morgan shed light on the implications of the SEC’s actions for Ripple, suggesting that the company might have to rethink its sales strategy for XRP, the digital currency central to Ripple’s ODL service. Any significant changes to Ripple’s strategy could directly affect its ODL operations.Ripple has been arguing against the timeliness and relevance of these demands in relation to penalties for securities violations but is facing staunch opposition from the SEC who emphasizes their significance in shaping deterrent consequences. With the discovery phase concluding on February 12, 2024, legal experts are debating possible fines for Ripple’s alleged securities infractions through institutional XRP sales—estimates range widely from under $200 million up to $3 billion depending on Judge Torres’ ruling on whether these sales constitute securities violations.The price of XRP, the cryptocurrency at the heart of the dispute, stands at $0.51231. Ripple’s response to the SEC’s demands and any adjustments to its operations could influence XRP’s market performance in the future.This article was generated with the support of AI and reviewed by an editor. For more information see our T&C. More

Meme coins, often inspired by internet jokes or pop culture references, have become a noteworthy segment within the broader cryptocurrency market. Their rise to fame was marked by the success of Dogecoin, which achieved a substantial market cap in 2021, demonstrating the appeal and speculative nature of these tokens.The crypto community is not only focused on trading but also participates in activities like airdrops. Airdrops are events where startups distribute free tokens to existing coin holders. This strategy is employed to foster adoption and build a user base within the decentralized finance (DeFi) protocol ecosystem. It reflects a growing trend in the cryptocurrency space where community engagement and network effects are leveraged to increase the value and utility of a token.While the enthusiasm for meme coins like Shiba Inu is evident, the market for these cryptocurrencies is known for its volatility. Potential investors are advised to approach with caution due to the unpredictable price swings that can characterize assets driven by social media trends and retail investor sentiment.This article was generated with the support of AI and reviewed by an editor. For more information see our T&C. More

On the same day, the exchange-traded fund (ETF) market witnessed notable movements. Grayscale, a leading cryptocurrency investment firm, experienced significant outflows, with more than 14,000 BTC leaving its holdings. Conversely, Fidelity, another major investment firm, reported inflows exceeding 5,000 BTC.Mow’s optimism extends to an ambitious price target for Bitcoin, suggesting that it could eventually soar to $1 million. This bold statement comes without a set timeframe, but it underscores a strong belief in Bitcoin’s growth trajectory amidst the current market fluctuations.The contrasting ETF activities of Grayscale and Fidelity highlight the ongoing adjustments and differing strategies among investors in the cryptocurrency space. This article was generated with the support of AI and reviewed by an editor. For more information see our T&C. More

“Shibetoshi Nakamoto”, as Markus is known on Twitter, stated in his recent tweet “Good morning to everyone except Bitcoin,” thus showing sarcastically his dissatisfaction with the volatility of the world’s largest cryptocurrency, the one which he and Palmer parodied when they created DOGE.Earlier today, the leading digital currency dived under $39,000, hitting $38,543. However, it quickly rebounded, adding 2.41% (versus the previous loss of 3.52%) and at the time of this writing, BTC is exchanging hands at $39,471.However, that did not last long and Bitcoin started its rapid descent into the red. By now, it has lost a whopping 19.56%, falling from $49,000 to the current $39,471 price mark.As reported, earlier today the cryptocurrency market was struck by a massive bloodbath as $100 million in Bitcoin and other cryptocurrencies were liquidated across various crypto trading venues.Aside from that, according to a recent tweet of cryptocurrency analyst and trader Ali Martinez, over the period of the last two weeks, Bitcoin miners have dumped a large chunk of Bitcoin, getting rid of 70,000 BTC (the equivalent of $3 billion in fiat).Still, while a great many cryptocurrency traders hope that Bitcoin will drop into the $30,000 range, so they can start buying the dip, vocal Bitcoin maximalist and evangelist, CEO of Jan3, Samson Mow, does not believe it is likely to happen.In the meantime, Mow remains a strong believer that Bitcoin will eventually reach the much-expected $1 million mark. However, he does not specify when it is likely to happen.This article was originally published on U.Today More

In the face of challenges including a downturn in bitcoin prices and high operational costs, Core Scientific managed to produce bitcoins with an approximate value of $540 million in 2023. Looking forward, the company has outlined plans for a considerable expansion of its mining capacity over the next four years, signaling a robust commitment to its core business of cryptocurrency mining.The broader crypto mining sector is witnessing a resurgence of investor confidence, as indicated by the rising stock prices of industry counterparts such as Marathon Digital (NASDAQ:MARA), Riot Blockchain (NASDAQ:RIOT), and CleanSpark (NASDAQ:CLSK). .This article was generated with the support of AI and reviewed by an editor. For more information see our T&C. More

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In reaction, BTC prices rose to a new multi-year high, reaching $49,102. The market then fell 18% over the weekend, reaching fresh year-to-date lows of $40,236.As with any important event, holders of Bitcoins enjoy debating whether it was priced in or not.In this regard, Julio Moreno, the head of research at CryptoQuant, debunks the widely circulated narrative that the Bitcoin price drop was caused by Grayscale’s GBTC selling Bitcoin.Before being converted to an ETF from a trust, Grayscale Bitcoin Trust (GBTC) was one of the only options for stock traders in the United States to obtain exposure to Bitcoin price swings without having to purchase the actual cryptocurrency.While GBTC has seen remarkable outflows after its uplisting into an ETF, a chunk of these have been from investors moving to lower-fee ETFs.Moreno highlighted that, while GBTC sold approximately 60,000 Bitcoins, other Bitcoin ETFs net purchased roughly 72,000 Bitcoins, thus offsetting the sales of BTC from Grayscale’s GBTC.He attributes the volatility in Bitcoin’s price to selling by Bitcoin holders (short-term traders and whales) who took profits following last year’s surge, noting that the ETF approval might just be the “sell-the-news” event.However, several metrics in both the on-chain and derivatives domains suggest that a non-trivial portion of Bitcoin investors did treat the ETF approval as a sell-the-news event.While there are other key driving factors behind the interim volatility, both futures and options markets have seen a meaningful uptick in open interest (OI) since mid-October, according to Glassnode.Open interest in both markets remains around multi-year highs, showing that leverage is rising and becoming a more dominant force in markets.At the time of writing, BTC was up 0.58% in the last 24 hours to $41,543, per CoinMarketCap data.This article was originally published on U.Today More