Cryptocurrency

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In a recent quarterly report, Tether disclosed its substantial Bitcoin holdings, which were then valued at $1.5 billion. Since that time, the value of Tether’s Bitcoin assets has appreciated, allowing the company to realize profits exceeding $1.11 billion. This growth reflects the company’s strategic investment decisions and the overall positive momentum in the cryptocurrency market.Moreover, Tether has reported an excess reserve totaling $3.2 billion. This indicates that the company maintains a strong financial health, with reserves that exceed the total value of its stablecoin in circulation. Such financial transparency and the size of the excess reserves are designed to provide reassurance to USDT users about the stability and reliability of the stablecoin, which is pegged to the US dollar.This article was generated with the support of AI and reviewed by an editor. For more information see our T&C. More

Surpassing even Tesla (NASDAQ:TSLA)’s notable accumulation, BlackRock’s Bitcoin holdings now rank as the third-largest among public companies, underscoring the swift success of its newly launched ETF. Notably, this remarkable achievement transpired less than a week after the historic debut of spot Bitcoin ETFs on the NASDAQ.According to Bloomberg’s senior analyst Eric Balchunas, IBIT has exhibited remarkable market activity. On Tuesday, Jan. 16, the ETF outpaced all 500 new 2023 ETFs, underlining the heightened interest and trading volume surrounding BlackRock’s cryptocurrency venture.As Grayscale continues to manage a substantial 617,000 BTC, the fund’s lingering influence may pose constraints for the cryptocurrency market. Investors, eager to exit the ETF, could intensify pressure on spot BTC sales on Coinbase, adding a layer of complexity to the evolving landscape.This article was originally published on U.Today More

Bitcoin’s weekly simple moving average (SMA) 50 has crossed above the weekly SMA 200 for the first time on record, confirming the bullish golden cross, which indicates a long-term bull market going forward.BTC/USD Weekly Chart, Courtesy: TradingViewBitcoin experienced a weekly death cross in 2023, marking the bottom of the bear market. Fast forward to 2024, and Bitcoin has topped $49,000, reaching levels not seen since December 2021, just after the Securities and Exchange Commission approved the first spot Bitcoin ETFs to trade in the U.S.Bitcoin fell subsequently, as many traders expected, with the cryptocurrency now trading 16% lower from its recent high of above $49,000 set after 11 spot exchange-traded funds (ETFs) began trading in the United States last Thursday.At the time of writing, BTC was down 0.01% in the previous 24 hours to $42,541.The halving, anticipated in April, compares to a market-clearing event for miners. Although it has historically preceded significant gains in Bitcoin, which have benefited mining stocks, the event may drive unprofitable miners out of the market, allowing more sustainable miners to acquire market share.While the fourth halving is scheduled to take place at block height 840,000, the exact date is unknown due to the natural variability and probabilistic nature of mining blocks.On-chain analytics firm Glassnode says its best estimate based on the current average block interval would be that the halving is now 100 days away.This article was originally published on U.Today More

This article was originally published on U.Today More

However, what is intriguing is that institutional fear of missing out (FOMO) has yet to kick in, as noted by prominent market observers. Greeks.live, a cryptocurrency analytics platform, took to X (formerly Twitter) to share insights on Ethereum’s recent performance. According to their tweet, the surge in ETH has not only propelled it to breach the $2,400 barrier but has also resulted in all major term IVs soaring to yearly highs.Additionally, the daily volume (DVOL) spiked to 70%, reaching a level not seen since April. Analyzing options data, the tweet pointed out that the skew, a measure of the perceived distribution of potential price outcomes, has not followed the rally. This suggests that institutional traders are yet to fully embrace the FOMO associated with ETH’s bullish run.As of the latest available data, Ethereum is currently priced at $2,380, reflecting a notable 6.49% increase in the last 24 hours. Over the past 30 days, ETH has experienced an impressive surge of 18.88%. The trading volume of Ethereum has also witnessed a substantial uptick, rising by 84.35% in the last 24 hours and currently standing at $17.9 billion.Despite the impressive gains, the subdued response from institutional traders has left the market speculating about the potential catalysts that could trigger their entry into the FOMO-driven rally. Whether this is a brief pause before a larger institutional influx or a sign of cautious optimism remains to be seen. The cryptocurrency market, known for its unpredictability, continues to be a source of both excitement and speculation as the year draws to a close.This article was originally published on U.Today More

The main network layer of Ethereum has faced significant challenges in scaling to meet the demands of its growing user base and application field. High gas fees and network congestion have highlighted the limitations of the current infrastructure, making the need for efficient L2 solutions more pressing than ever. These L2 networks are designed to offload the burden from the Ethereum mainnet, offering faster transactions and lower fees, making them an attractive alternative for developers.ETH/USD chart by TradingViewThis shift toward L2 networks does not just represent a stop-gap solution but is becoming integral to Ethereum’s future. It is reasonable to expect that the initial signs of a rally within the Ethereum ecosystem will emerge on these scalable platforms. They are set to be the breeding ground for innovation and the go-to space for new projects in DeFi, NFTs and beyond.The new Ethereum road map, as outlined by Vitalik Buterin, underscores this transition. Key updates to the road map include the solidification of single slot finality (SSF) in post-Merge proof of stake (PoS) improvements, which aims to enhance the efficiency and security of the network. Buterin has also highlighted the importance of cross-rollup standards and interoperability as areas requiring long-term development. These would enable seamless communication and transaction execution across different L2 solutions, furthering the composability of the ecosystem.Further developments such as the redesign of The Scourge, the nearing readiness of Verkle trees for inclusion, and the shrinking of “state expiry” to reflect a broader consensus show a commitment to continuous improvement. Additions like deep cryptography, including obfuscation and delay-encrypted mempools, suggest a forward-looking approach to security and privacy within the network.This article was originally published on U.Today More

Surpassing even Tesla (NASDAQ:TSLA)’s notable accumulation, BlackRock’s Bitcoin holdings now rank as the third-largest among public companies, underscoring the swift success of its newly launched ETF. Notably, this remarkable achievement transpired less than a week after the historic debut of spot Bitcoin ETFs on the NASDAQ.According to Bloomberg’s senior analyst Eric Balchunas, IBIT has exhibited remarkable market activity. On Tuesday, Jan. 16, the ETF outpaced all 500 new 2023 ETFs, underlining the heightened interest and trading volume surrounding BlackRock’s cryptocurrency venture.As Grayscale continues to manage a substantial 617,000 BTC, the fund’s lingering influence may pose constraints for the cryptocurrency market. Investors, eager to exit the ETF, could intensify pressure on spot BTC sales on Coinbase, adding a layer of complexity to the evolving landscape.This article was originally published on U.Today More