Cryptocurrency

In a Nov. 13 filing in the U.S. Court of Appeals for the Fifth Circuit, lawyers representing plaintiffs Joseph Van Loon, Tyler Almeida, Alexander Fisher, Preston Van Loon, Kevin Vitale and Nate Welch argued that the U.S. Treasury “stretched [its] authority beyond recognition” in sanctioning Tornado Cash transactions. The filing came in response to an August decision by a Texas federal judge who ruled the crypto mixer could be sanctioned under the regulatory purview of Treasury’s Office of Foreign Assets Control.Continue Reading on Cointelegraph More

The move downwards pushed XRP’s market cap down to $33.37650B, or 2.47% of the total cryptocurrency market cap. At its highest, XRP’s market cap was $83.44071B.XRP had traded in a range of $0.59744 to $0.67119 in the previous twenty-four hours.Over the past seven days, XRP has seen a drop in value, as it lost 9.61%. The volume of XRP traded in the twenty-four hours to time of writing was $4.03309B or 5.86% of the total volume of all cryptocurrencies. It has traded in a range of $0.5974 to $0.7478 in the past 7 days.At its current price, XRP is still down 81.02% from its all-time high of $3.29 set on January 4, 2018.Bitcoin was last at $35,408.1 on the Investing.com Index, down 3.91% on the day.Ethereum was trading at $1,987.09 on the Investing.com Index, a loss of 5.38%.Bitcoin’s market cap was last at $689.82567B or 50.95% of the total cryptocurrency market cap, while Ethereum’s market cap totaled $237.77922B or 17.56% of the total cryptocurrency market value. More

Despite the recent decline to $35,100 today, the crypto market has largely managed to hold onto its gains from the rally. The technical landscape suggests that there could be more room for growth and an end to the period of low volatility and trading volumes that had characterized the market.Last week, on Thursday, Bitcoin hit a 1.5-year high at $37,800 amid growing anticipation for a U.S. spot Bitcoin ETF approval. However, JP Morgan analysts expressed caution, suggesting that the impact of an ETF on Bitcoin’s valuation might be overestimated.Today’s downturn has resulted in significant liquidations across the cryptocurrency market. In just one day, over $367 million were wiped out from the market, including a staggering $200 million within a single hour. More than 103,000 traders were caught in these liquidations, with the largest reported loss being a $9.45 million BTC-USDT swap on the OKX exchange.The initial surge in Bitcoin’s value earlier in the day was linked to positive U.S. CPI data which saw it start trading around $36,700. Nevertheless, it has since retreated to trade near $35,400.In related news impacting the crypto space, BlackRock (NYSE:BLK)’s recent Ethereum ETF filing contributed to Ether crossing the $2,000 threshold. However, Ether has also seen a pullback and is currently trading at $1,974 after falling by 6%.The fluctuations in cryptocurrency values are indicative of the volatile nature of digital assets and highlight the impact of macroeconomic factors and market sentiment on their prices. As investors navigate this dynamic landscape, all eyes remain on potential regulatory developments and their subsequent influence on cryptocurrency valuations.This article was generated with the support of AI and reviewed by an editor. For more information see our T&C. More

OKX is the sixth-largest centralized crypto exchange by volume, with over $1.8 billion in trading volume per day, according to data from CoinMarketCap. Its token, OKB, has a current market cap of over $3.6 billion, making it one of the top 30 cryptocurrencies. When a mainnet version of the new network is launched, OKB will be the native coin used to pay gas fees on it, the announcement stated.Continue Reading on Cointelegraph More

In his statement, Koticha claimed that the decision was “really emotional” for them. “We thought we were going to be in crypto for the rest of our lives,” Koticha explained. “But unfortunately and unexpectedly, this is the end of the road.” According to him, Opyn will continue under the leadership of its head of research, Andrew Leone, who is being promoted to CEO. Continue Reading on Cointelegraph More

In a bid to facilitate the migration of its user base, Render has introduced an Upgrade Assistant program supported by Wormhole protocol, providing an incentive of 1.14 million RNDR tokens. This three-month initiative is designed to encourage users to transfer their tokens early, with a portion of the grant allocated for these early migrators.The switch to Solana comes at a time when the blockchain has demonstrated significant growth, with a notable surge of 144% in value over the past month. Moreover, Solana’s price has increased by over 15 times against Ethereum. Ryan Shea highlighted Solana’s attributes such as speed, cost-effectiveness, and scalability, and how they align with Render’s long-term objectives.This integration is anticipated to further propel Solana’s adoption in the blockchain community and potentially reduce Ethereum’s market presence. Solana’s technologies like compressed NFTs and on-chain order books are expected to provide Render users with new utilities.While the $RNDR token will continue to exist, it will no longer be maintained by the Render Foundation nor function on the Render Network post-migration. This development marks a pivotal step for Render Network as it seeks to leverage blockchain technology to enhance its offerings and user experience.This article was generated with the support of AI and reviewed by an editor. For more information see our T&C. More

The DeFi sector, however, painted a different picture. dYdX, a DeFi protocol built on the Ethereum network, saw its native token ETHDYDX soar by 42% over the past week. The platform itself recorded a nearly 7% increase in value within the last 24 hours, trading at $3.34. Maker (MKR), another prominent player in the DeFi space, witnessed its price peak at $1,423 before settling with a modest 1% gain for the day. PancakeSwap (CAKE), known for its automated market-making, also enjoyed an uptick in value of nearly 3%, with its price hitting $2.24.Last week’s announcement regarding BlackRock (NYSE:BLK) Advisors’ application for an Ethereum ETF initially sparked a bullish trend for Ethereum, leading to a significant surge in both its price and trading volume. Ethereum surpassed the $2,000 milestone following the news, which resulted in a 259% increase in trading volume and a 10% rise in the cryptocurrency’s market cap.Meanwhile, Solana (SOL), another major cryptocurrency, continued to show resilience despite the cooling enthusiasm for ETFs related to Bitcoin and Ethereum. It traded at just over $56 per coin after adding more than $3 billion to its market cap within a single day last week. Solana’s market cap briefly surpassed that of stablecoin USDC, highlighting the dynamic shifts occurring within the crypto market.Today’s market movements underscore the volatile nature of cryptocurrencies and the varying factors that can influence investor sentiment and asset prices within this rapidly evolving space.This article was generated with the support of AI and reviewed by an editor. For more information see our T&C. More

The halving event, which occurs every 210,000 blocks and reduces the rate of new coin issuance by 50%, is one of the most anticipated events on the Bitcoin calendar.While the next BTC halving is scheduled at block height 840,000, the exact date and hour are uncertain due to the natural variability and probabilistic nature of mining blocks., an on-chain analytics start-up, estimates that the halving is 158 days away, or on April 23, 2024, based on the current average block interval.Aside from its technical beauty and inevitable nature, the Bitcoin halving is also appealing to investors. All previous halvings resulted in strong market performance in the 365 days that followed.According to an on-chain analyst at Glassnode, Bitcoin has had an outstanding yearly return profile of over 400% following the halving event in previous cycles. However, keep in mind that past performance does not guarantee future results.That said, the possibility remains bullish for Bitcoin, according to a recent Glassnode analysis.Looking at the 90-day change in illiquid supply, Glassnode notices a consistent increase in illiquid balances over all previous halving occasions.This shows that investor buy-side activity increases in the run-up to and during the halving, frequently exceeding the rate of issuance both before and after the event.Illiquid supply is currently expanding at a pace of 180,000 BTC every quarter, which is 2.2 times faster than issuance. Currently, roughly 81,000 BTC are mined each quarter, which will shortly be reduced to approximately 40,000 BTC per quarter following the .Currently, Glassnode observes a notable confluence between Bitcoin metrics, indicating that “available supply” is at historical lows.This article was originally published on U.Today More