Cryptocurrency

The overall crypto market capitalization also saw a minor retraction of 1.12% within the past day, currently standing at $1.42 trillion. This data comes from CoinMarketCap, a widely referenced source for cryptocurrency valuations and market movements.While the major cryptocurrencies like Binance Coin, Ripple, Solana, and Dogecoin were part of the downtrend, there were still some cryptocurrencies that bucked the trend. Notably, Axie Infinity, a token associated with a popular blockchain-based game, surged by an impressive 15.9% due to increased user engagement.Other cryptocurrencies that managed to carve out gains amidst the market’s modest retreat include Leo, Cosmos, Uniswap, Binance USD, Iota, Braintrust, and Circuits of Value. These tokens showed that even as the market at large faces fluctuations, specific projects can still capture investor interest and achieve growth.This article was generated with the support of AI and reviewed by an editor. For more information see our T&C. More

In a separate but related sphere of the cryptocurrency world, presidential candidate Vivek Ramaswamy is bringing Bitcoin to the forefront of political discussion. On Friday, Ramaswamy announced his intention to include the topic of Bitcoin in Republican debates, framing it as a matter of technological freedom and innovation. This move comes amid his criticism of U.S. government officials who perceive Bitcoin as a systemic risk. Ramaswamy’s stance on digital currencies was further elucidated in an interview on “What Bitcoin Did,” where he challenged the views of legislators like Senator Elizabeth Warren, who has supported potential bans on digital currencies like Bitcoin in the United States.In other financial news, Grayscale’s Bitcoin Trust (GBTC) saw its discount rate narrow significantly on Thursday, suggesting a growing optimism for the approval of spot Bitcoin ETFs in the U.S. market. This optimism is fueled by actions from major financial institutions such as BlackRock (NYSE:BLK), which filed for spot Bitcoin ETFs back in June.Meanwhile, Argentina’s political landscape is poised for a dramatic shift in economic policy as President-elect Javier Milei, representing the Freedom Advances party, has pledged to abolish the nation’s central bank. His commitment, made public on Wednesday, is a response to the country’s escalating inflation rates, and he has dismissed any suggestions of tempering his economic strategy upon taking office.The cryptocurrency sector continues to face various challenges, with former Binance CEO Changpeng Zhao contesting proposed changes to his bail conditions set by U.S. authorities. Additionally, cryptocurrency exchange Zipmex paused its trading activities in Thailand due to regulatory compliance issues, underscoring the ongoing regulatory hurdles within the industry. Reports have also surfaced about increasing substance abuse among cryptocurrency traders, attributed to the high stress associated with market volatility.This article was generated with the support of AI and reviewed by an editor. For more information see our T&C. More

The costly mistake has sparked debate within the crypto community, with some suspecting money laundering while others believe it to be a genuine error. This event underscores the potential risks associated with blockchain transactions, where errors can be exceptionally expensive.In response to such incidents, there is a growing call for the integration of decentralized finance (DeFi) solutions and the lightning network, which can significantly reduce transaction costs without compromising security. The lightning network, in particular, is already supported by major platforms such as Binance and is favored by experienced cryptocurrency users to avoid high fees, especially during times of network congestion.The mining pool AntPool is reported to have benefited from the unusually high transaction fee. Despite this mishap, the overall sentiment in the Bitcoin market remains positive. Recent market activity has been robust, and there is optimism about Bitcoin’s price trajectory, with some analysts forecasting a potential rise above $40,000 by the end of the year. This comes after a notable increase in Bitcoin’s value, surpassing $38,000 amidst ongoing legal proceedings against cryptocurrency figure Do Kwon.This article was generated with the support of AI and reviewed by an editor. For more information see our T&C. More

A recent Glassnode report highlights that approximately 84% of Bitcoin’s supply is now profitable, mirroring a similar situation from November of the previous year. Despite these profits, there has been no significant move by long-term holders to liquidate their assets. This behavior suggests a potential ‘euphoria phase’ as holding patterns exceed the historical average by a considerable margin.The accumulation trends have shown remarkable strength, with recent rallies outperforming those earlier in the year and contributing to a nearly forty percent price increase over the past month. Long-term holders are now controlling more Bitcoin than ever before, with holdings reaching an all-time high of about 14.9 million BTC. In contrast, the supply held by short-term holders has hit an all-time low of approximately 2.3 million BTC.This disparity between long-term and short-term holder supply could indicate that substantial unrealized gains may be necessary before increased selling pressure occurs. The market trading has surged to year-to-date highs, with over 83% of Bitcoin now profitable. However, the modest unrealized profits have not yet compelled long-term holders to sell, despite strong accumulation signals and supply holdings that exceed historical averages by significant margins.The current market conditions, coupled with the strategic holding by long-term investors, suggest a bullish sentiment that could potentially lead to an emerging bull market. As the crypto asset’s trading volume decreased significantly by over half to $8,399,760,280 on Sunday, the market is closely watching these trends to gauge the future trajectory of Bitcoin’s value.This article was generated with the support of AI and reviewed by an editor. For more information see our T&C. More

Analyzing the seasonality of BTC, it becomes evident that if October and November close in the positive, December tends to follow suit. This trend is not new, as historical data reveals similar patterns over the past decade.In 2015, after closing October and November at a positive 33.1% and 19.8%, BTC surged by 14.1% in December. The years 2016 and 2017 witnessed even more remarkable gains, with positive returns in December of 29.2% and 38.8%, respectively. In 2020, following October and November gains of 28.1% and 42.9%, BTC soared by 47.8% in December, showcasing a consistent historical trend.Source: While exceptions like 2013 exist, as experienced a 33.2% dip in December, it could be argued that the crypto landscape was markedly different, resembling the “Wild West,” with unprecedented price fluctuations, such as a staggering 453.9% surge in November that year.This year, BTC has continued its upward trajectory, closing October with a 28.5% gain and projected to end November with a 7.18% increase.Statistically, the last quarter of the year has proven to be one of the greenest for the cryptocurrency market. As of now, the fourth quarter of 2023 is closing with a notable 37.7% gain, marking the potential eighth time out of 13 years that the year concludes on a bullish note.With this historical insight, all eyes are on Bitcoin as the crypto community eagerly anticipates whether the trend will continue, making December 2023 a month to remember for enthusiasts.This article was originally published on U.Today More

Among the projects releasing locked tokens, the decentralized exchange dYdX will unlock the largest amount. The exchange is expected to unlock 150 million tokens vested for investors, founders and employees in December. The tokens are worth almost $500 million at current market prices. Continue Reading on Cointelegraph More

Bankless co-founders David Hoffman and Ryan Sean Adams plan to submit a governance proposal to BanklessDAO to separate the two entities. The co-founders took to X (formerly Twitter) on Nov. 26 to announce that they also plan to burn all of their BanklessDAO (BANK) tokens on the back of this proposal.Continue Reading on Cointelegraph More

On Nov. 24, the Japanese National Tax Agency (NTA) released its yearly summary of tax investigations. The 13-page document also contains data on the probe into crypto tax evasion. Continue Reading on Cointelegraph More