Lido is a liquid staking protocol that allows users to stake some cryptocurrencies while simultaneously using them in DeFi applications. It does this by issuing a derivative token that can be redeemed for the underlying staked one. Continue Reading on Cointelegraph More
Since August 31, 2023, these whales have collectively withdrawn 1.28 million TRB, equivalent to half the total supply and valued at approximately $164 million. The new whale, 0xc75, recently withdrew 94,136 TRB worth $11.6 million at an average price of $123.2 per TRB. These were subsequently stored in his cold wallet and are now worth $12.2 million. His most recent withdrawal involved 31,432 TRB at $129.6 per TRB.These significant withdrawals and the accompanying rise in TRB’s value have led to Andrei Grachev of DWF Labs highlighting the negative funding rates in futures for TRB. This has triggered allegations of potential market manipulation in the midst of these events.This article was generated with the support of AI and reviewed by an editor. For more information see our T&C. More
The U.S. Securities and Exchange Commission’s anticipated approval of spot Bitcoin ETFs is expected to attract billions into the Bitcoin market. Analysts predict that initial rate cuts in March 2024 could trigger a rally in cryptocurrencies, coinciding with the expected Bitcoin halving in April 2024.Today, Bitcoin’s price increased by 1.77% to $35,337.98, with trading volumes soaring by 27.62%. This upward trend follows the Federal Reserve’s dovish stance, which has been interpreted positively by the market. Analysts have set a target price for Bitcoin at $50,000 given the bullish sentiment.In other news related to digital assets, whales received 300 million MEME tokens today, indicating significant activity in the altcoin market. Meanwhile, HSBC has announced plans for providing digital asset custodial services, marking another step towards mainstream adoption of cryptocurrencies by traditional financial institutions.This article was generated with the support of AI and reviewed by an editor. For more information see our T&C. More
NFTs have seen a large increase in weekly sales volume, with sales reaching 29,704 Ether (ETH), worth approximately $56 million, and later surging to 68,342 ETH (over $129 million) in a matter of weeks.Continue Reading on Cointelegraph More
Mow’s prognosis comes in the wake of increasing interest in Bitcoin from financial giants such as BlackRock (NYSE:BLK), which recently initiated Bitcoin spot exchange-traded Funds (ETFs). He perceives this surge of institutional interest as an affirmation of Bitcoin’s standing as a legitimate investment and its potential future role as a reserve asset.Despite this validation, Mow also warned about the potential negative implications of this institutional “Bitcoin fever.” He suggested that it could lead to the creation of “institutional” and “normal” Bitcoin. The concept of “institutional Bitcoin,” according to Mow, might become confined within the system as corporations like BlackRock are hesitant to release their BTC holdings.This scenario could result in two separate BTC prices. “Institutional Bitcoin” may trade at a discount due to its limited utility compared to “normal Bitcoin.” On the other hand, “free Bitcoin” might trade at a premium and be removed from the market in a process similar to cryptocurrency “burning.”Before this prediction, Mow had encouraged the Bitcoin community to transition their BTC from exchanges into self-custody. This move, he insists, is the only way for investors to verify the existence of their acquired BTC.This article was generated with the support of AI and reviewed by an editor. For more information see our T&C. More
In outlining its reasons, the BIS explained that from January 2019 to September 2023, fiat-backed stablecoins maintained their peg ratio only 94% of the time, less than the 100% often promised in projects’ white papers. Meanwhile, the peg ratio for crypto-backed and commodity-backed stablecoins was far less at 77% and 50%, respectively.Continue Reading on Cointelegraph More
Particularly noteworthy is the altcoin Solana (SOL), which registered a significant gain of 41% on Tuesday. This surge coincided with two major events: the Breakpoint conference and the launch of the Firedancer upgrade’s testnet for Solana’s blockchain. Despite these positive developments, some analysts view this rise as a rebound from Solana’s previous value loss due to last year’s FTX collapse, attributing the surge largely to market hype.However, while Bitcoin’s dominance is shrinking, interest in it remains high among traders. CME traders have increased their Bitcoin exposure in recent weeks, pushing open interest towards new highs at 105,000 BTC ($3.7 billion). This growth has been significantly influenced by weekly inflows into ProShares’ BITO, a futures-based ETF.CME premiums for both Bitcoin and Ether increased over the past week to 16% annualized. December expiries are currently trading at a 1% premium to November, maintaining consistency in Bitcoin and Ether CME premiums for the second consecutive week.Despite high demand for calls increasing bullish Bitcoin exposure costs in the options market, implied volatility remains below its three-year average. Since Bitcoin’s rally to $35,000, offshore perpetual swap funding rates have remained neutral. This indicates a shift from bearish sentiment and suggests caution against over-leveraging among traders.This article was generated with the support of AI and reviewed by an editor. For more information see our T&C. More
The spike in transaction volume has come with other noteworthy metrics, such as an increase in transaction fees. While higher fees can indicate network congestion and increased demand for block space, they also reflect the economic activity on the network. Investors and users should monitor these fees as they can affect the cost-effectiveness of conducting transactions on the Ethereum network.Source: Over the past week, the network burned an average of 855,000 ETH per year, a mechanism that could contribute to deflationary pressure on the token’s supply over time. This “burn” counteracts the issuance of new , aiming to create a balance that can benefit the asset’s long-term valuation.Looking at the daily chart, Ethereum’s price action appears . The price is maintaining a consistent pattern above both the 50-day and 200-day moving averages, indicating sustained buyer interest. The chart showcases a series of higher lows and higher highs — a classical uptrend signal. The recent price has surpassed local resistance levels, potentially aiming for higher price points.The increase in on-chain activity, coupled with the reduction in supply due to the burn mechanism, are both fundamental factors that could be driving optimism in the market. The Layer 2 scaling solutions are also contributing to increased accessibility and efficiency, potentially drawing more users and transactions to the network.This article was originally published on U.Today More
