Cryptocurrency

The probable liquidation of excessive shorts might lead to a short squeeze, which occurs when many traders bet against a cryptocurrency asset and its price rises instead.This phenomenon has contributed to recent Bitcoin price increases. Santiment stated that Bitcoin had gained about 4% since the spike in shorting began last week. It went on to say that this trend has a good possibility of continuing.was down 1.70% in the last 24 hours to $26,766 at the time of writing. The decline in cryptocurrency markets follows the latest Fed interest rate decision on Wednesday.The Fed kept interest rates constant but left the door open for further increases. Following that, the S&P 500 dropped to four-week lows.As Bitcoin strives to surpass the $27,500 barrier, crypto analyst points to an intriguing trend that has influenced the BTC price in recent months. He notices that since mid-April, whenever the RSI on the 4-hour chart reaches 73.31, the price of BTC has retraced.According to him, this is happening again as BTC approaches a declining resistance trendline at $27,440. Ali adds that a further downturn might take BTC to $25,200 or lower, creating a potential ‘buy the dip’ opportunity.Traders, on the other hand, should keep an eye out for a 4-hour candlestick close above $27,440, as this might signify the commencement of a bull run.Meanwhile, on-chain activity is much greater than it has been since April.According to, a Glassnode onchain analyst, the Bitcoin mempool has not cleared since mid-April. This surge in blockspace demand is somewhat unusual, with high activity indications but cyclically low transfer volumes. According to the Glassnode analyst, inscriptions may have led to mempool congestion. This article was originally published on U.Today More

The transaction was necessitated by a chip scarcity that prevented Northern Data from directly securing the GPUs, which are highly sought after for their data processing capabilities essential in AI applications. Nvidia’s GPUs are widely used in data centers and cloud computing applications, contributing to the company’s market capitalization exceeding $1 trillion.This move aligns with an ongoing trend among Bitcoin mining companies diversifying their revenue streams by venturing into the burgeoning AI industry. Companies like Coreweave have successfully transitioned from crypto mining to providing GPU-specialized cloud services, as acknowledged by Nvidia CEO Jensen Huang.The deal could potentially position Northern Data as one of Europe’s largest cloud GPU operators, rivaling cloud computing giants such as Amazon (NASDAQ:AMZN), Oracle (NYSE:ORCL), and Microsoft (NASDAQ:MSFT). The company plans to rent out the GPUs to AI startups.Despite the strategic investment, both Tether and Northern Data have faced controversies in the past. In 2022, Tether incurred a $21 million fine for misleading claims about its financials. On the other hand, Northern Data faced challenges with timely financial reporting and even had a criminal complaint filed by German regulators over inaccurate revenue reports.Nevertheless, both companies continue to make significant strides in their respective sectors. Tether recently reported over $1 billion in profits for the last quarter and announced a $115 million share buyback. Meanwhile, Northern Data continues its pivot towards AI technology through this partnership with Tether.This article was generated with the support of AI and reviewed by an editor. For more information see our T&C. More

In the company’s latest quarterly report, Tether noted that its assets included $5.5 billion of loans as of June 30, up from $5.3 billion in the previous quarter. A Tether spokesperson told The Wall Street Journal (WSJ) that the recent rise in stablecoin lending was due to a few short-term loan requests from clients with whom the firm has “cultivated longstanding relationships.” The spokesperson also said the company plans to cut such loans to zero by 2024.Continue Reading on Coin Telegraph More

Over the years, Mt. Gox has repeatedly postponed plans to reimburse the funds that the crypto exchange had barred its users from withdrawing since Feb. 25, 2014. Continue Reading on Coin Telegraph More

The non-fungible tokens (NFT) market is going through hard times, as 69,795 out of 73,257 digital collections have a market cap of 0 Ethereum (ETH).According to a report by dappGambl, only 20% of the identified collections have full ownership. It means nearly 80% of all NFT collections “have remained unsold.”The report doesn’t specify which NFT collections have been overviewed but says NFT Scan provided the data. The firm believes that many NFT collections face difficulties with adoption due to the lack of clear use cases, compelling narratives, or genuine artistic value.As per dappGambl’s estimations, around 195,699 NFT collections have no apparent owners, while the energy required to mint these digital tokens is comparable to the carbon footprint of 4061 passengers flying from England to New Zealand.The chart of NFT collections grouped by their floor price | Source: dappGamblDappGambl also found that slightly more than 40% of the top NFTs have a floor price between $5 and $100, while 18% of digital collectibles have no price. Only less than 1% of NFTs have a price tag of over $6,000, the report pointed out.Analysts at dappGambl say the data show that the NFT market is now mainly controlled by “speculative and hopeful pricing strategies that are far removed from the actual trading history of these assets.”The market has seen better days as many NFT-related startups have faced difficulties recently.For example, Glass Protocol, a video platform startup, has recently suspended its development, citing a lack of “sustainable demand for video NFTs.” Another NFT startup Voice, initially planned as a decentralized social media network, also stopped offering its services amid regulatory roadblocks.Dovey Wan, the founder of Primitive Ventures, said in a recent X post that the market crisis has also hit crypto unicorns. He hinted that OpenSea is now seeking fresh capital at a $1.2 billion valuation marketplace, down 90% from the $13 billion it had in early 2022.This article was originally published on Crypto.news More

Florin Cocos, an electronics design manager from Romania, built his own DIY Trezor with the wallet’s open-source code in 2018 without having access to a “real” Trezor device.Continue Reading on Coin Telegraph More

As of Thursday, Bitcoin’s current price stands at $31,067, demonstrating an increase of 1.09% on the day, 3.15% across the week, and 14.62% on its monthly chart. This data aligns with historical trends that suggest Bitcoin’s strongest quarterly performance typically occurs in the final quarter, boasting an average return of over 35% in the past nine years.The self-learning machine algorithm deployed by crypto tracking platform CoinCodex set the price of Bitcoin at $38,183 on December 31, 2023. This suggests that its value would increase by close to 23% from its figures on June 30. Furthermore, if Bitcoin’s price follows the same growth pattern as that of the internet, mobile technologies, and large tech companies such as Google (NASDAQ: NASDAQ:GOOGL) and Facebook (NASDAQ: NASDAQ:META), its average price by the end of 2024 could reach $62,193.More specifically, if Bitcoin followed exclusively the internet’s growth path, it could reach $38,887 by the end of 2024. Mimicking Google’s expansion could see it end up at $56,838, while following Facebook’s path could lead to a price of $114,812.Looking further ahead to 2025, predictions suggest that Bitcoin could reach an average price of $110,636. This is based on potential prices of $50,202 if following the internet’s growth pattern; $48,942 with mobile tech as a model; $88,713 if mirroring Google; or a staggering $254,687 if it follows the same trajectory as Facebook.Adding to the optimism surrounding Bitcoin’s future is the upcoming decision by the Securities and Exchange Commission (SEC) regarding Bitcoin spot exchange-traded-fund (ETF) filings. This verdict, especially if favorable, could act as a significant catalyst, potentially propelling Bitcoin’s price further. The SEC deferred its decision on these spot Bitcoin ETF applications earlier in August, and the new deadline is set for October.This article was generated with the support of AI and reviewed by an editor. For more information see our T&C. More

On Thursday, Tether announced it had recommenced lending its stablecoin to long-standing customers, following a surge in short-term loan inquiries during Q2 2023. The move is aimed at protecting these customers from liquidity shortages and preventing them from having to sell assets at unfavorable rates.In its most recent quarterly financial update, Tether reported $5.5 billion of loans, up from $5.35 billion in the previous quarter. This increase comes despite the company’s commitment to reduce its secured loans to zero and improve the health of its reserves throughout 2023. This promise was made following criticism from the crypto industry accusing Tether of concealing details about reserves held in risky financial instruments such as Chinese securities.The company’s decision to resume secured lending has raised concerns among market observers, as there is no guarantee that borrowers will repay their loans or that Tether will be able to liquidate these loans promptly. Furthermore, Tether has not provided adequate transparency about the type of collateral provided by borrowers.Despite this, Tether spokeswoman Alex Welch stated that these loans would be reduced to zero by 2024. She claimed that the lending has helped customers avoid defaulting on existing loans and increased liquidity.However, the dominance of USDT, Tether’s stablecoin, which currently boasts a market cap exceeding $83 billion, poses a risk to the crypto market and existing loans. This figure represents a significant increase from its $68 billion market cap in March, largely due to Tether’s foray into mining and Bitcoin investments.The second-largest stablecoin, USDC, has a market cap of $26 billion, highlighting USDT’s dominance. Any unforeseen event impacting Tether and USDT could significantly affect crypto prices, raising further concerns about the company’s decision to resume secured lending.This article was generated with the support of AI and reviewed by an editor. For more information see our T&C. More