Cryptocurrency

The surge in high-value transactions comes at a time when the overall market for cryptocurrencies is experiencing heightened volatility. Bitcoin, the leading digital currency, recently witnessed a dip below $41,000 earlier in the week. Analysts attribute this price movement to a combination of factors, including a contrarian from Matrixport and elevated levels of leverage in the market.As of the latest update, Bitcoin’s price has a slight recovery, currently standing at $43,852, marking a 1.79% increase in the last 24 hours. The market remains on edge as investors closely monitor the price movements and attempt to navigate the evolving dynamics of the crypto space.Rumors circulating in the market indicate that the U.S. Securities and Exchange Commission (SEC) may finally multiple Bitcoin spot ETF applications today. The approval of Bitcoin ETFs has long been anticipated as a significant milestone for the cryptocurrency market, potentially attracting institutional investors and providing a regulated investment vehicle for mainstream participants.As the crypto community awaits official announcements and the market continues to respond to speculative forces, the coming days are likely to be crucial for Bitcoin and the wider digital asset ecosystem. The surge in large transactions and the ongoing ETF speculation are indicative of the dynamic nature of the cryptocurrency space, where both market sentiment and regulatory developments play pivotal roles in shaping the trajectory of digital assets.This article was originally published on U.Today More

Testnets are essential staging grounds for new features, and the Dencun upgrade will first roll out across several testnets: Goerli on Jan. 17, Sepolia on Jan. 30 and Holesky on Feb. 7, 2024. These testnets will allow developers to fine-tune the upgrade in a controlled environment, ensuring everything operates smoothly before going live on the main network.The core development team is currently in a debate over prioritizing the implementation of Verkle trees, a data structure that would optimize storage and access to information on . While some developers advocate making Verkle trees the sole focus, others suggest pursuing a smaller feature fork alongside the Verkle development.The main argument for concentrating solely on Verkle trees stems from their complexity and the time investment needed to implement them effectively. This could mean that if Verkle trees become the next priority, no new execution layer (EL) features might appear for 12 to 24 months, or possibly longer.Nevertheless, there is an understanding that even if the focus shifts to Verkle trees, minor updates to the Ethereum Layer (EL) might still be necessary. For example, changes to the gas limit for data availability are crucial for Ethereum’s scaling solutions and require coordination across both the execution layer and the consensus layer (CL).The Prague upgrade is set to include various proposals that aim to refine the platform on different layers, including precompiles for specific cryptographic operations, a new EVM object format (EOF) and modifications to smart contract capabilities.The Prague upgrade promises to be a significant event that will shape the future of the Ethereum ecosystem. It is a step forward in ensuring that Ethereum continues to offer a secure, efficient and scalable platform for decentralized applications.This article was originally published on U.Today More

At the same time, he suggests that this correction could potentially escalate to a more substantial 30% to 40% if U.S.-listed spot Bitcoin ETFs commence trading.In his essay, BitMEX founder articulates his trading strategy, expressing confidence in his ability to time the market. He plans to make a strategic move in late February, attempting to capitalize on what he believes will be the peak of the .Hayes is cautious about the impact of massive fiat inflows into Bitcoin ETFs, warning of a potential dollar liquidity “rug pull.” This concern leads him to delay any purchases until after the March decision dates. He emphasizes the need to select a strike price for the put options carefully, aiming for 20% to 25% out of the money based on the current at-the-money quarterly June futures contract price.With central banks flooding the market with printed money and the imminent launch of U.S.-listed and Hong Kong-listed spot Bitcoin ETFs, Hayes sees the current market sentiment as overly bullish. He highlights the importance of taking a non-consensus view, suggesting that the risks and rewards from a trading perspective favor a more cautious approach.This article was originally published on U.Today More

The Bitcoin price has faced one of its most challenging weeks in months as it dropped as low as $40,000 this week on news of what many experts tag a on the potential rejection of spot Bitcoin exchange traded fund (ETF) applications by the United States Securities and Exchange Commission (SEC).Bitcoin bears took advantage of the news to force a major sell-off, bringing the total liquidations in the market at the time to more than $650 million. The Bitcoin plunge also dragged altcoins, and many are generally yet to recover.The Bollinger forecast is coming at a time when Bitcoin’s price is up by 1.60% in the past 24 hours to $43,827.07. In the course of its recovery overnight, BTC has broken the psychologically important resistance level at $43,000. Should Bollinger’s forecast come to pass, the coin might turn this level into its support.Industry experts are still optimistic on the prospects of securing an approval, with Bloomberg’s ETF analysts Eric Balchunas and James Seyffart issuing a 90% approval odds projection last year. Each of the applicants for the spot Bitcoin ETF has also checked the right boxes as it concerns the SEC’s expectations for their respective applications.With the due diligence done by the applicants, that might eventually determine its fate moving forward.This article was originally published on U.Today More

The chart analysis reveals that after a period of consolidation within a narrowing price range — a pattern that traders often interpret as accumulation — XRP broke down dramatically. The long downward wick signifies a sharp sell-off, pushing prices to plummet swiftly. Such price action is typically indicative of a market where sellers have overwhelmed buyers, leading to rapid liquidations as stop-loss orders are triggered en masse.This sudden downturn has cast a shadow over short-term recovery prospects. With the accumulation phase nullified, the market must now grapple with the new reality of its invalidated bullish setups. This suggests that confidence in the asset’s immediate growth potential has been significantly dented, and it may take some time for investor sentiment to rebuild and for the market to stabilize.However, such drastic price movements often stir the market, leading to increased trading activity. The surge in volatility following such a drop could attract fresh funds and opportunistic traders looking to capitalize on the new lower price levels. Market participants might see this as a discount entry point, potentially injecting liquidity and driving some degree of price correction.However, the tides appear to be changing. The ETH/BTC pair has formed a “higher low” pattern. This pattern is significant as it often indicates a weakening of the previous downtrend, potentially preluding a reversal. The formation of a higher low suggests that is gaining strength relative to Bitcoin, and could be a precursor to an upcoming rally.The chart provided demonstrates this potential turning point. Ethereum’s price, while still exhibiting volatility, shows signs of stabilizing and possibly gearing up for an upward move. The convergence of the moving averages and the leveling off of the RSI suggest that the selling pressure is abating, and the momentum could be shifting in favor of bulls.If Ethereum can maintain this crucial higher low formation, it could entice risk-tolerant investors back into the market, bolstering the sentiment around the Ethereum ecosystem.The chart analysis of SHIB’s recent price action shows a dramatic sell-off, with the asset breaking down below key support levels. The price wick, extending far below the consolidation zone, suggests a rapid and large-scale exit from the asset, resulting in millions worth of SHIB being sold in a short period. The sharp downturn not only startled the market but also effectively nullified the previous accumulation phase, throwing numerous trading setups into disarray.The magnitude of this price drop could be a signal of a broader funds migration, with investors possibly steering away from high-risk meme coins like SHIB in favor of more established and “serious” assets. This shift may be part of a larger derisking trend within the crypto market, as participants seek stability amid economic uncertainty and regulatory scrutiny.This article was originally published on U.Today More

Meanwhile, he stressed that the metrics cannot be treated as exactly similar: For second-layer networks, the indicator refers to the sum of assets on L2, including native tokens. For L1s, the metrics reflect the sum of assets locked in dApps on this or that blockchain.The analyst used L2Beat’s data for tracking second-layer blockchains and DefiLlama to analyze what is happening on non-Ethereum L1s.It is interesting that back in September 2021, he asked his audience about the date of this “L2-over-L1” flippening. While the majority of his followers were sure that this fact could take place in 2022, 20% answered that it would never happen.The L2s ecosystem was 20 times smaller than the L1s one, as of the date of the first voting. During the crypto winter, this gap became even more dramatic; its peak was reached amid the Terra/Luna collapse in Q1, 2022.The L2s scene remains heavily “concentrated”: Only five networks — Arbitrum (ARB), OP Mainnet (Optimism, OP), Base, Metis Andromeda and Manta Pacific — are responsible for over 90% of its TVL.Arbitrum (ARB), the largest Ethereum-based L1, is rebuilding its dominance after a small decline. As of printing time, it is one step away from the 50% barrier.For the closest competitor, OP Mainnet, this indicator equals 28.65%, L2Beat says.This article was originally published on U.Today More

According to , the Vitalik Buterin-labeled address made a move of 3,300 USDC in the early hours of today.The reason for the transfer is not far-fetched: the Ethereum cofounder was merely reshuffling funds as the said 3,300 USDC were moved to a new address.The is dipping alongside the rest of the crypto market, down 5.71% in the last 24 hours to $2,246. The crypto market witnessed a slump after speculations arose about MatrixPort’s bearish prediction for Bitcoin spot ETF approval.Amid the current slump seen on the ETH price, crypto analyst believes that Ethereum is still showing momentum but has a big gap to traverse to be at the same level as Bitcoin. Ethereum might see a bit of consolidation before continuing toward $3,000–$3,500 during Q1, 2024.At the end of 2023, Ethereum published the Ethereum roadmap going forward, conceding that there are only small differences from the previous year.Buterin stated in a series of posts on X (previously Twitter) that Ethereum’s sustained focus in 2024 will be on six essential components. Buterin expounded on these six parts — Merge, Surge, Scourge, Verge, Purge and Splurge — in a thorough chart with commentaries and graphics.Buterin already indicated his intention to revive the original vision of the “cypherpunk” revolution for the Ethereum blockchain, as previously reported.This article was originally published on U.Today More

Key Highlights:*Unaudited 1 – Includes Sphere 3D assets temporarily custodied by Gryphon related to the terminated master services agreement.CEO Comments”What a year it has been as we end 2023 on a high note! We brought over 1.3 EH/s online, cancelled our master services agreement with Gryphon Digital Mining, Inc (“Gryphon”) which we expect to result in an additional 22.5% to our margins, and came to an agreement with Core Scientific, Inc (“Core Scientific”) on a complex litigation. In December 2023, we mined 73.5 Bitcoin, representing a 311% increase year-over-year and a 3% increase from November 2023. One of our hosting sites was down for a significant period (51% uptime in December) and we are working with our hosting partner to improve its uptime. The Core Scientific settlement provides us with expected additional capital of $10 million that is non-dilutive to our shareholders. We plan to allocate the new capital to growth that will increase our EH/s. We believe we are well positioned for take-off in 2024!”Core Scientific UpdateOn December 21, 2023, Sphere 3D agreed to terms outlining a settlement with Core Scientific and its debtor affiliates, subject to the approval of the United States Bankruptcy Court for the Southern District of Texas (the “Bankruptcy Court”). The terms of the settlement include the following:The Plan currently contemplates that General Unsecured Creditors such as Sphere 3D will receive equity of reorganized Core Scientific, which equity is expected to freely trade after the effective date of the Plan. The settlement terms provide Sphere 3D with non-dilutive capital to focus on its strategic growth, while realizing significant savings on litigation expenses.The terms of settlement expressly does not waive any claim Sphere 3D has against Gryphon Digital Mining. Sphere 3D is seeking recovery from Gryphon for damages in connection with Gryphon’s failure to file a timely proof of claim in the Core Scientific bankruptcy proceeding before the deadline. Core Scientific previously argued that Gryphon’s failure to file the proof of claim before the passage of the bar date was a defense to Sphere 3D’s proof of claim against Core Scientific.Gryphon UpdateAs previously disclosed, on October 6, 2023, Sphere 3D terminated, effective immediately, the Master Services Agreement (“MSA”) between Sphere 3D and Gryphon, dated August 10, 2021, as amended on December 29, 2021. The termination of the MSA is expected to result in an additional 22.5% in gross profit.In November 2023, Gryphon indicated, through its counsel, that upon receipt of certain information it would be remitting outstanding proceeds, less fees and expenses, generated under the MSA that Sphere 3D asserts is currently held by Gryphon on behalf of Sphere 3D, which Sphere 3D believes amounts to approximately 21.6 bitcoin, or $919,377, at December 31, 2023, before factoring in fees and expenses. Sphere believes that Gryphon has received the information mentioned in the prior sentence; Gryphon, however, has yet to return the funds. Sphere 3D hopes that Gryphon will remit the proceeds soon, but Sphere 3D is exploring its regulatory and legal options.Havening UpdateSphere 3D has anticipated the havening and is preparing accordingly. We are focusing on various alternatives and considering all options for growth, including, but not limited to, adding exahash organically, mergers and acquisitions, as well as other options. Sphere 3D is currently focused on strategic opportunities and on maintaining operational efficiency. More