Cryptocurrency

At this level, it is over 3X the performance of the world’s most valuable coin during this period.The difference in performance between bitcoin mining stocks and bitcoin illustrates what analysts refer to as leveraged beta effect, a metric that’s sensitive to prices.The current state of high leveraged beta bitcoin mining stocks enjoys means that when bitcoin’s price goes up, mining stocks tend to do even better. On the flipside, when spot BTC prices fall, mining stock prices underperform.A notable development ahead of the bitcoin halving in 2024, records show, is that miners have been positioning themselves for the long term by buying more gear.Even so, the coin accumulation levels seen in previous bull markets have yet to be reached, indicating a potential slowdown in the upward trajectory of mining stocks in the medium term.Moreover, several mining companies expanded their operations in the past month, contributing to positive sentiment and the long-term value of mining stocks.This comes when general bitcoin mining conditions improved as hash rates decreased and prices increased, peaking at over $31,000 in late June 2023.Nevertheless, on-chain data indicates that miners have offloaded a significant portion of their holdings, which could be indicative of an impending downturn.Messari data reveals that addresses associated with mining pools have been reducing their holdings in the past few months, a concern.Glassnode data also shows a significant volume of miner coins being transferred to exchanges, surpassing levels observed even during the bull market of 2021.In recent days, prices have been choppy, moving below $31.3k. Even though bulls are optimistic, the coin remains volatile and prices may fall as regulators in the United States continue to crack the whip on leading cryptocurrency exchanges like Binance and Coinbase (NASDAQ:COIN).The United States Securities and Exchange Commission (SEC) also poured cold water on the prospects of approving a Bitcoin Spot Exchange-Traded Fund (ETF). However, BlackRock (NYSE:BLK) and most other firms interested in rolling out a Bitcoin Spot ETF have resubmitted their applications.This article was originally published on Crypto.news More

The first key reason is the overall lack of appetite for risk on the current crypto market. In recent times, the crypto sector has seen a sharp drop in the number of new investors entering the market. This decline can be attributed to a sense of caution among potential market participants as they await clarity on the regulatory stance toward digital assets, particularly in the United States.Source: Investor uncertainty about the future of exchange-traded funds (ETFs) also plays a significant role. Despite numerous applications being filed with the U.S. Securities and Exchange Commission (SEC), there remains no clarity on whether any of these will be approved. This ambiguity has put a damper on institutional investment inflows into Bitcoin, further suppressing the digital asset’s price.Moreover, the euphoria that the crypto market experienced back in June seems to be facing the reality check of decreased inflows. This has been accompanied by a cooling off of the decentralized finance (DeFi) and non-fungible token (NFT) sectors, which had previously attracted significant investment and attention. Neither field is showing significant growth trends in terms of total value locked (TVL) or inflows, indicating a potential shift in market sentiment.On the positive side, Bitcoin’s spot trading volume has risen for the first time in three months. However, it remains around historic lows, suggesting that market participants are taking a wait-and-see approach before committing further funds to the sector.This article was originally published on U.Today More

STHs are mostly traders, eager to clip bitcoin’s volatility in their quest to make money. They mostly hold for short periods, riding the uptrend before liquidating and realizing profits when prices move against them.Based on the “realized profit/loss ratio,” a trading indicator that examines the on-chain history of on-chain BTC within a given time frame, present readings suggests that STHs are selling their coins at a profit rather than a loss, an observation that comes when prices have been volatile in the first week of July.Specifically, the 7-day exponential moving average (EMA) of the bitcoin STH realized profit/loss ratio has been consistently above 1 lately. This indicates that short-term holders are currently in green, raking in more profits than losses.As such, based on this ratio, there could be more STHs selling their coins for profits, an expected formation considering that they are not HODLers who, regardless of market conditions, would hold their coins. Instead, as history shows and based on STHs trends, they will liquidate once they are in profits.In the past, this indicator has typically remained in this range during market rallies, as STHs naturally accumulate significant profits during such periods. Conversely, during bearish phases characterized by a steady decline in price, the indicator has remained below the 1 mark, reflecting that most selling from these investors occurs at a loss.As of the time of writing, Bitcoin is trading around $30,500, steady in the past few trading days. Technically, BTC prices remain below $31.3k and bullish following the consolidation in the last days of June.There could be hints of recovery based on how Options traders have been lining up their orders. Based on on-chain data, there are more “calls” than “puts”, meaning more traders are optimistic of a recovery. At the same time, the Bitcoin Options open interest, which aggregates the total open orders, is near October 2021 highs of around $15.05 billion.This article was originally published on Crypto.news More

According to data estimates from the traffic analytics site Similarweb (NYSE:SMWB), desktop and mobile web traffic for ChatGPT dropped by 9.7% in June. In addition, the site’s unique visitors and the amount of time users spend on the site have also declined by 5.7% and 8.5%, respectively. In the United States, the recorded month-on-month decline in the website’s traffic was 10.3%.Continue Reading on Coin Telegraph More

The act introduces a series of tax reforms aimed at modernizing the country’s fiscal framework. Among its provisions was the introduction of a 10% tax on gains from the disposal of digital assets, including cryptocurrencies.Continue Reading on Coin Telegraph More

The coin was launched by Jack Levin, a former Google (NASDAQ:GOOGL) backend developer, who also founded XEN cryptocurrency. VMPX is ranked 2,680th on CoinMarketCap, currently trading at $0.07284 after a 9% fall over the past 24 hours. Within the same period of time, its trading volume has fallen by 42% and currently stands at $2.94 million.Besides, according to Ultrasound.Money, this token has contributed to 30% of all Ethereum burns within 24 hours on Thursday.On July 4, that VMPX was “number one in activity and gas usage on ethereum.”Earlier today, popular crypto tracker Whale Alert noticed massive transactions of the second largest digital currency, ETH, between anonymous wallets. A large amount was also withdrawn from the OKX exchange.Two transfers, carrying 91,588 ETH and 60,295 ETH, were made between unknown wallet addresses – these are worth $174,311,076 and $116,067,007. A total of 34,500 ETH was moved from OKX to an anonymous address.At the time of this writing, Ethereum is changing hands at $1,861, having dropped by 4.12%, per CoinMarketCap.This article was originally published on U.Today More

Remote work has become popular among coders due to the opportunities for global collaboration, improved work-life balance, increased productivity, advanced collaboration tools and the ability to retain top talent in a competitive job market.Continue Reading on Coin Telegraph More

On July 6, Patrick Hillmann tweeted: “I am leaving [Binance], but I’m doing so on good terms.”Continue Reading on Coin Telegraph More