roadrunner

Hovering just below the $47K mark, bitcoin’s price rise has coincided with the Crypto Fear and Greed Index (CFGI) reaching a notable 76 on Jan. 9, 2024. This signals a phase of “extreme greed,” a sentiment intensity not witnessed since the cryptocurrency’s previous bull run in November 2021. Soaring Bitcoin Drives Greed Index to New Highs On Jan. 9, 2024, the CFGI, available on alternative.me, soared to its highest level of 76 out of 100 since its last peak in November 2021. The index functions on the premise that extreme fear can cause bitcoin (BTC) to trade significantly below its fair value, whereas extreme greed might lead to an overvalued state. The CFGI assesses various elements, including volatility, market momentum and volume, social media sentiments, dominance, and trends. This tool mirrors the stock market’s Volatility Index or Fear Index, commonly known as the VIX. The VIX, overseen by the Chicago Board Options Exchange (Cboe), gauges the stock market’s expected volatility through S&P 500 index options. The alternative.me Crypto Fear and Greed Index has shown a persistent “greed” sentiment since late October 2023. On Tuesday, the CFGI metric escalated and flashed to “extreme greed,” climbing to 76 from the previous day’s 71, which indicated mere “greed.” In comparison, coinmarketcap.com (CMC) also presents a Crypto Fear and Greed Index, albeit with a slight variance, marking a 74 out of 100 on Tuesday afternoon (2 p.m. ET), still within the “greed” category. While these fear indexes are insightful tools, they are best utilized alongside other analytical methods and various factors. Many analysts argue that such indexes are instrumental in gauging market sentiment by compiling diverse indicators, leveraging the ‘wisdom of the crowd.’ Research suggests that this collective approach yields a more nuanced and holistic perspective of market emotions, potentially guiding investors toward more informed choices. Yet, it’s important to note that dependence on these indexes is not without its pitfalls. The volatile nature of the crypto market can be swayed by short-term events, which may not accurately reflect the crypto market’s core fundamentals. What do you think about the latest CFGI metric for bitcoin? Share your thoughts and opinions about this subject in the comments section below. View the full article

In a detailed critique, the Blockchain Association counters the CFPB’s latest proposal to oversee digital consumer payment applications, citing legal and jurisdictional overreaches in the bureau’s approach to cryptocurrencies and digital assets. CFPB Faces Criticism from Blockchain Association Over New Proposal In November 2023, the Consumer Financial Protection Bureau (CFPB) proposed a new rule aimed at bringing non-bank payment providers and certain crypto transactions under its oversight. The proposal was ostensibly seen as a step towards modernizing financial regulation, and has sparked backlash in the crypto community. The proposed rule by the CFPB seeks to define a market for general-use digital consumer payment applications. This would bring apps like Venmo and other digital asset platforms under the same regulatory scrutiny traditionally reserved for banks. The implication for the crypto industry is profound, as this could subject various crypto transactions to increased regulation and oversight. The rule is part of the CFPB’s effort to extend its examination authority over larger participants operating in the digital payment space. CFPB requested feedback to the proposal, which the Blockchain Association, a prominent group in the crypto sector, delivered in a detailed 14 page response today. In a press release with the response, the Association summarized their position: The Proposal, which would give the CFPB supervisory authority over certain “general use digital consumer payment applications,” is overly broad and lacks the requisite analysis to justify such broad application. The Association raised several concerns, primarily questioning the CFPB’s jurisdiction over digital assets. The Blockchain Association argues that the CFPB can’t assume authority over digital assets without additional rulemaking, noting that the CFPA, passed in 2009, does not clearly define “funds” to include digital assets, which emerged shortly after the Act’s inception. The Association further contends that the proposal lacks legislative history or case law to support extending the definition of “funds” to include digital assets. They emphasize that such a significant extension of regulatory scope necessitates a separate rulemaking process under the Administrative Procedure Act (APA) to allow public engagement on this critical issue. Beyond the jurisdictional challenge, the Association criticizes several aspects of the proposal, recommending that its scope be confined to transactions involving fiat currency only, citing the absence of a thorough impact analysis on digital assets, especially those used for non-financial purposes like NFTs. They also question the proposed threshold of 5 million transactions for platforms to fall under the regulation, labeling it as arbitrary and lacking justification. Concerns are also raised about the proposal’s vague terms regarding non-custodial wallets and the challenges digital asset wallet developers face in tracking the nature of transactions. The group calls for a more detailed cost-benefit analysis, concluding that the current proposal fails to meet APA standards and risks being “arbitrary and capricious.” In the end of a thread on X, the Blockchain Association’s Head of Legal, Marisa Coppel, recommends, “the CFPB to consider the implications of the Proposal’s application to digital assets and recognize the Proposal’s deficiencies in light of APA requirements.” Do you think the CFPB is attempting to expand its power through this proposal? Share your thoughts and opinions about this subject in the comments section below. View the full article

Decentralized finance projects and their respective ecosystems potentially offer both promising opportunities and risks to the U.S. financial system, a Commodities Futures Trading Commission (CFTC) study has found. The CFTC study report recommends conducting a gap analysis against current capabilities and capacity and addressing critical gaps with more funding, personnel, and tools. Decentralized Finance Can Help Narrow the Financial Exclusion Gap According to a study conducted by the Commodities Futures Trading Commission, decentralized finance (defi) potentially brings with it both promising opportunities as well as risks “to the U.S. financial system, consumers, and national security.” Regarding the benefits, the Commission’s study report states that defi can offer opportunities ranging from greater transparency and efficiency to expanded access to basic financial products. Decentralized finance projects or ecosystems can leverage their open technological architecture to provide financial products and services to virtually anyone, especially in jurisdictions where large populations are excluded from the financial system. The study also found that decentralized finance can help strengthen the United States’ leadership in technology and the provision of financial services. According to the findings, strengthening the United States leadership is especially important now when countries like China have invested in technologies that not only seek to diminish their reliance on the dollar-based financial system but to challenge it. However, the report also concluded that in the absence of “effective” regulation, enforcement, and compliance, decentralized finance projects and ecosystems will remain “vulnerable to fraud, mismanagement, and serious regulatory violations.” Also compounding matters are what the CFTC calls periods of extremely high market volatility which ultimately expose users and stakeholders to significant losses. Many Defi Platforms are Neither Fully Decentralized nor Fully Centralized Meanwhile, in her remarks accompanying the study report, CFTC Commissioner Christy Goldsmith Romero stated that the findings provide regulators with a foundational understanding of defi. In addition to outlining the benefits and risks of decentralized finance, the study report also notes that many defi platforms are neither fully decentralized nor fully centralized. According to Goldsmith, an understanding of these aspects of decentralized finance and the defi ecosystem should help both regulators and industry players find common ground. “I hope that this report can serve as a first step to facilitate a dialogue between policymakers and industry particularly because defi remains at the center of illicit finance risks, cyber hacks and theft,” the CFTC Commissioner said. Besides identifying the benefits and risks posed by defi, the study report also recommends steps stakeholders should take to mitigate risks to investors, market integrity, and financial stability. One of the recommendations calls for increased technical capacity and understanding of defi as well as mapping the existing landscape to measure and highlight interconnections and threat vectors. The report also recommends conducting a gap analysis against current capabilities and capacity and addressing critical gaps with more funding, personnel, and tools. What are your views on the CFTC’s decentralized finance recommendations? Let us know what you think in the comments section below. View the full article

Composable and Picasso are the team leading the extension of IBC to all ecosystems in order to bring to life secure and chain-agnostic interoperability for users and builders. Picasso currently powers cross-ecosystem IBC across Polkadot, Kusama, Cosmos with 20+ connected chains and soon Ethereum, Solana, and NEAR will also be connected. Composable will leverage the various IBC connections with the addition of Composable’s CVM & MANTIS to bring to life seamless, secure, and cost-efficient intent execution across all connected chains. Omar ‘brainjar’ Zaki is the founder of Composable and Picasso. He recently joined the Bitcoin.com News Podcast to talk about the technology: Omar is a seasoned researcher and innovator in the blockchain industry. His deep understanding of the space complemented by an encompassing perspective on the vision of cross-chain DeFi has established him as a thought leader and valuable pioneer. His current focus entails the investigation and research of blockchain infrastructure and trends, providing valuable insights that guide Composable’s development. Additionally, Omar is actively involved in the design of products that optimally utilize the technological capabilities offered by the Composable tech stack. Brainjar shares and communicates the research and development (R&D) activities at Composable through his posts on Twitter and Medium and the Composable Research forum. The Bitcoin.com News podcast features interviews with the most interesting leaders, founders and investors in the world of Cryptocurrency, Decentralized Finance (DeFi), NFTs and the Metaverse. Follow us on iTunes, Spotify and Google Play. This is a sponsored podcast. Learn how to reach our audience here. Read disclaimer below. View the full article

As of Jan. 9, 2024, fewer than 15,000 blocks remain before the fourth Bitcoin halving event. This milestone will halve the block reward from 6.25 to 3.125 bitcoins per block. Expected to occur in April 2024, this event will render bitcoin increasingly scarce. However, it may exert considerable pressure on miners, seeing their earnings cut by 50% following the halving. 2 Key Trends Buoy Miners Ahead of 2024 Milestone The Bitcoin halving event is approaching and is estimated to be just over 100 days away, assuming block times maintain their average of ten minutes. Current statistics, as of this writing, indicate that 14,981 blocks remain until the halving. This upcoming event marks the fourth halving; the first occurred on Nov. 28, 2012, followed by the second on July 9, 2016, and the third on May 11, 2020. Before these halving epochs, especially preceding the 2016 and 2020 events, certain skeptics of bitcoin predicted a ‘mining death spiral’ accompanied by substantial miner capitulation. In the past, bitcoin detractors have claimed that a mining death spiral could occur post-halving due to reduced block rewards. They argue that this decrease in profitability may lead to miners exiting the network en masse, resulting in a drop in hashing power, slower transaction times, and potential security vulnerabilities, thus destabilizing the entire Bitcoin network. However, a 2020 research study by Coinshares dismissed these concerns as “highly theoretical edge cases without any historical real-world precedent.” As the 2024 halving nears, these once-prominent theoretical concerns have significantly diminished. Up to this point, two key developments have enhanced the earnings of bitcoin miners: the anticipation of a U.S. spot bitcoin exchange-traded fund (ETF) approval and the burgeoning Ordinal inscription trend. Mining revenue saw a substantial rise throughout 2023 and this trend has persisted into the new year. The positive sentiment surrounding the potential approval of a spot bitcoin ETF has boosted BTC’s value, consequently increasing the network’s hash price. The surge in activity, coupled with the popularity of Ordinal inscription minting, has significantly raised transaction fees. If these trends persist, miners might not experience a significant impact from these changes. Although current fees are lower than last month, they remain notably higher than the same period last year. The potential approval of an ETF has led crypto enthusiasts to anticipate significant demand for bitcoin from these publicly traded funds, potentially maintaining BTC’s high price for an extended period. As with previous halvings, the outcome remains uncertain, and bitcoin miners have historically operated under tight conditions. However, major mining operations with substantial capital are scaling up their hashrate significantly by acquiring thousands of advanced mining rigs. With these more efficient miners and increased hashrate outputs, coupled with the potential price support from an ETF and higher fees due to inscriptions, bitcoin miners are expected to remain resilient, similar to their experience during the past three halving events. What do you think about the upcoming Bitcoin halving event? Share your thoughts and opinions about this subject in the comments section below. View the full article

On Jan. 8, 2024, a New Scientist article sparked debate by questioning whether nations ought to consider banning bitcoin due to its environmental footprint. The editorial has drawn significant criticism from numerous bitcoin supporters. Environmental, social, and governance (ESG) expert Daniel Batten sharply lambasted the article, labeling it as “bad science, not new science” and accusing it of using “widely discredited methodologies.” Experts Criticize New Scientist Editorial for Misrepresenting Bitcoin’s Environmental Impact Numerous bitcoin enthusiasts expressed dissatisfaction with the recent New Scientist editorial released on Monday. The piece, written by Matthew Sparkes, debates whether countries should outlaw bitcoin (BTC) due to its energy-intensive mining practices. Sparkes alleges that BTC miners are “unwilling to take action to curb the cryptocurrency’s energy and water use,” despite many miners utilizing renewable energy sources and reducing flare gas emissions to mine the digital currency. Sparkes notes that “some campaigners” advocate for governmental intervention in this matter. The writer also mentions efforts to contact seven different bitcoin mining companies and the Bitcoin Mining Council for their perspectives, stating that none of these entities responded to requests for an interview. However, Sparkes did succeed in engaging with some “campaigners” who support government involvement, including Alex de Vries. De Vries, formerly associated with De Nederlandsche Bank NV (DNB), the central bank of the Netherlands, is often viewed by bitcoin advocates as having data that carries extreme bias and inaccuracies toward the Bitcoin network’s use of energy. The New Scientist article did not fare well on the social media platform X (formerly known as Twitter), where crypto advocates shared their opinions on the topic. “This is false just as a heads up,” Nic Carter wrote to the New Scientist social media account. Carter shared another tweet that touched upon the article when he remarked: Community note crowd – this is false. [The real] number is 50 bps, not 70 (not a huge [difference] but still [a] 40% overestimate). Bitcoin consumption: 153TWh/year (CBECI); 157TWh/year (CM). Electricity generation worldwide 2022: 29k TWh. 153/29000 = 0.53%. ESG analyst Daniel Batten also chimed in. “This is bad science, not new science,” Batten said. “Using widely discredited methodologies, 2-year-old data that has since changed fundamentally, [and] not looking at positive externalities. You have adopted a throwback position that even 25 out of 26 branches of Greenpeace have not taken” Another person responded to Batten’s comment and said, “Precisely. Shockingly bad article. Sparkes is demonstrably disingenuous and the article is anti-scientific.” The article from New Scientist, much like a significant portion of contemporary science, has ignited skepticism regarding how modern scientists and the academic elite have tarnished the reputation of science, attempting to persuade the general public that 2+2 equals 5. One bitcoiner revealed that they were blocked by the author of the New Scientist piece, Sparkes, for simply making inquiries about the subject. Reportedly, the New Scientist author deleted his X account and at the time of writing, the account does not exist on X. What do you think about the critique of the New Scientist article? Share your thoughts and opinions about this subject in the comments section below. View the full article

The city of Prospera in Honduras has recently adopted bitcoin as a unit of account, allowing companies to pay taxes and determine obligations in bitcoin. The measure could incentivize the development of a circular economy, given that bitcoin has been legal tender in the city since 2022. Prospera Adopts Bitcoin as Unit of Account The city of Propera has taken the first steps for the development of a pure bitcoin-based economy. The zone announced it approved using bitcoin as a unit of account on January 5, allowing for prices and taxes to be denominated and paid using bitcoin. Jorge Colindres, General Secretary of Prospera, supported this decision. He stated: At Prospera, we believe in the right to financial freedom and monetary freedom. People should be free to carry out transactions, do their accounting, and report taxes in the currency of their free choice. Adopting BTC as a unit of account brings possibilities for establishing a bitcoin circular economy in the city, given that BTC has been approved as a legal tender since 2022. In this sense, the city declared that this move “presents an exciting opportunity for residents and businesses at Prospera, paving the way for a modern, efficient economic ecosystem in this pioneering city.” However, the payment of taxes with BTC is still on hold due to external regulatory issues and technical limitations involving the adopted electronic tax payment system. This means that tax duties will be declared in BTC but will be reported to authorities in U.S. dollars or Honduran lempiras. While at one time there were rumors about Honduras adopting bitcoin as legal tender in 2022, the central bank of the country quickly put the rumors to rest, stating that it was not a regulated currency and had no status of legal tender, later warning on the dangers of cryptocurrencies due to the rising popularity of these assets. Nonetheless, Prospera has self-regulation faculties under the Development and Employment Zone (ZEDE) designation, allowing it to make independent decisions. This, however, has spurred criticism from part of the Honduran society that considers the existence of these zones a violation of its constitution and sovereignty over the territories they occupy. To follow all the latest developments in crypto and the economy in Latin America, sign up for our Latam newsletter below. What do you think about adopting bitcoin as a unit of account in Prospera? Tell us in the comments section below. View the full article

The bitcoin mining firm Cleanspark, listed on Nasdaq, recently revealed the acquisition of 60,000 S21 miners produced by Bitmain. Scheduled for delivery in the next quarter, this purchase represents approximately 12 exahash per second (EH/s) of hashing power. Moreover, Cleanspark has secured the option to purchase up to an additional 100,000 S21 Antminers at a fixed price of $16 per terahash. Nasdaq-Listed Cleanspark Aggressively Expands With Massive S21 Miner Purchase Cleanspark (Nasdaq: CLSK) disclosed its procurement of mining hardware capable of 12 EH/s, a transaction valued at $193 million. The recently unveiled S21 bitcoin miners stand out for their high hashrate output and enhanced energy efficiency, measured in joules per terahash (J/T). According to Cleanspark’s announcement on Monday, the delivery of the 60,000 Antminer S21s is scheduled between April and June 2024 “We are ready to expand into the next bull market,” Zach Bradford, the CEO of Cleanspark stated. The acquisition of 12 EH/s of hashing capacity is anticipated to elevate Cleanspark’s total production beyond 20 EH/s. Additionally, Cleanspark maintains the opportunity to acquire up to 100,000 more miners from Bitmain at a consistent rate of $16 per terahash until the year’s end. Should Cleanspark exercise its call option, its hashing capacity could rise to 50 EH/s, marking a 400% surge from its present capacity. The company said it chose the Antminer S21 units over the newer T21 models due to the S21’s superior performance. “After receiving initial units, and performing real-world testing, we have determined that the S21 is more efficient and better suited for our operations,” Bradford clarified on Monday. Cleanspark’s strategic move to acquire new hardware is part of an industry-wide rush for cutting-edge machines in anticipation of the forthcoming Bitcoin halving event. Industry peers like Hive Digital Technologies, Cipher Mining, and Iris Energy have also ramped up their arsenal, procuring thousands of next-generation mining rigs. Last month, the bitcoin mining giant Riot Platforms disclosed its acquisition of 66,560 units of Microbt’s latest Whatsminer M66S models. Additionally, Riot has entered an agreement similar to Cleanspark’s with Bitmain, securing a call option for an additional 75 EH/s of mining equipment from Microbt. Cleanspark, too, is gearing up for the impending bull market and halving event. “This strategic agreement enhances our operational efficiency, provides massive optionality, and positions us to maximize opportunities that we expect on the horizon,” stated Bradford in the company’s announcement. What do you think about Cleanspark acquiring 60,000 new bitcoin miners from Bitmain? Share your thoughts and opinions about this subject in the comments section below View the full article

The Cameroonian fintech startup Koree recently secured $200,000 in pre-seed funding which was led by the co-founder of the Nigerian payments company Duplo. The fintech said it will use the funds raised to launch a marketplace that rewards users for the purchases they make. Users Rewards The Cameroonian fintech startup Koree recently announced that it had raised $200,000 in pre-seed funding to expand its merchant network and bolster its customer base. Tunde Akinnuwa, the co-founder of the Nigerian payments company Duplo, led the funding round. Other participants in the round included the Cameroon Angels Network, Catalytic Africa, and Digital Africa. According to a report, Koree plans to use the funds raised to start a new marketplace that enables users to get rewards for their purchases. Magalie Gauze-Sanga, the founder of the fintech startup, said that users will be able to earn a certain percentage of the amount they have spent across the Koree app’s 14 categories. “They shop as usual and earn a certain percentage of the amount they have spent. The money Koree users earn in their wallet is hard cash, which they can redeem directly into their mobile money account,” the founder reportedly said. Since its launch in 2022, the Cameroonian fintech startup has reportedly amassed over 13,000 users and processed more than 50,000 transactions. Besides securing capital via the pre-seed round, the fintech startup won the Orange Fab Cameroon 2023 Challenge, which aims to serve as a bridge between startups and Orange’s resource network. Koree also won the Ecobank Fintech Challenge and has used the prize money to hire key personnel in development and engineering. Meanwhile, Gauze-Sanga revealed that the fintech startup, which already has team members in Cameroon, Côte d’Ivoire, Togo, Nigeria, and Senegal, is hoping to open a physical office in Douala. Register your email here to get a weekly update on African news sent to your inbox: What are your thoughts on this story? Let us know what you think in the comments section below. View the full article

The sector of crypto economy dedicated to artificial intelligence (AI) has been expanding steadily, and in the past 34 days, since Nov. 29, 2023, the market capitalization of AI-focused crypto assets has surged by $1.75 billion. A majority of the leading ten AI tokens experienced substantial growth, with more than half recording gains in the double digits. Notably, the graph (GRT) emerged as the frontrunner, boasting a significant 40.73% increase over the previous month. AI Crypto Market Cap Surges to $7 Billion Amidst Record 30-Day Gains The previous year marked a significant phase for AI-driven cryptocurrency assets, and as we move into 2024, the market cap of the AI-centric crypto industry has reached $7.04 billion. This is a substantial climb from its valuation of $1.1 billion on January 9, 2023. The figures reveal that, in under a year, the AI cryptocurrency market expanded by an impressive 540%, with about $1.75 billion of this growth occurring in the last 34 days since November 29, 2023. Leading the pack in the AI-focused token space is the graph (GRT), boasting a market valuation of $2 billion. It has seen a 10% increase just in the past day. Over the previous month, GRT surged 40.73% against the greenback, ranking it as the top performer among the ten leading tokens. Fetch (FET) also witnessed significant growth, climbing 34.29% over the month. Meanwhile, AGIX and OCEAN increased by 5.85% and 4.45%, respectively, over the last 30 days. Conversely, Bittensor (TAO) experienced a 21% decline last month, but it has recently rebounded by 3% in the past 24 hours and still maintains an impressive 791% rise from its record low in May. Covalent (CQT) enjoyed a 20.93% hike this past month, and a newcomer, PAAL, is up 8.9% for the month and has soared 52.48% over the past week. However, not all AI tokens fared well, as IMGNAI plunged 45.77% in 30 days, and BBANK decreased 38.9% against the greenback. In 2023, nearly everything associated with AI technologies seemingly turned to gold, marking an era of prosperity within the crypto economy. As we approach 2024, it remains to be seen how this momentum will continue or shift. The AI crypto sector, notably one of the most rapidly growing areas in the space, presents both intrigue and potential as it evolves in the ever-changing landscape of digital assets. What do you think about the growth of AI tokens over the last year and in the past 30 days? Share your thoughts and opinions about this subject in the comments section below. View the full article

The leading stablecoins, in terms of market capitalization, concluded 2023 with a combined value of around $131.69 billion, yet only two of the top ten experienced increases in 30-day supply. Data reveals that tether, the leading U.S. dollar-pegged crypto asset, observed a 2.5% uptick in its supply, while the newcomer, first digital usd, enjoyed a substantial 85.7% rise. Stablecoin Market Sees Varied Performances Last Month Although the stablecoin market significantly declined since 2022, it ascended once more towards the close of 2023, reaching heights unseen since last May. Yet, among the top ten stablecoins by market capitalization, only two witnessed an uptick in supply over the last 30 days. From Dec. 1, 2023, to Jan. 1, 2024, tether (USDT), the largest stablecoin by market valuation, experienced a 2.5% boost in supply. Presently, USDT holds a market capitalization of $91.86 billion. USDC experienced a slight 0.2% dip, while DAI encountered a 1.7% decline. The greenback-pegged trueusd (TUSD) underwent a 22% contraction in its supply during December. In contrast, the fifth-ranked stablecoin, first digital usd (FDUSD), surged by 85.7%, currently boasting a market valuation of $1.8 billion. BUSD noted a supply reduction of approximately 39% last month, with its market cap now hovering at just over $1 billion. Additionally, Tron’s USDD also saw a downtick, with 1.3% of its total supply diminishing in the past 30 days. FRAX and USDP experienced respective declines ranging from 3.2% to 16.7%. Meanwhile, Paypal’s new stablecoin PYUSD notched a significant 68.8% increase, surpassing liquity usd (LUSD) this month. As of Jan. 1, PYUSD’s total supply exceeded 264 million units. In the last 24 hours, the global trade volume has hovered around $64 billion, with stablecoins making up over $42 billion of that activity. This implies that for every ten trades, stablecoins are used in more than six. In the past month, numerous stablecoin supplies have seen a contraction, yet others have marked considerable growth, forging new paths in the crypto economy. PYUSD, introduced by a behemoth in the payments sector Paypal, stands in contrast to the emerging yet rapidly growing FDUSD, which has swelled impressively in size throughout the end of 2023. Additionally, even after shedding a notable portion of its supply over the preceding year, BUSD continues to maintain strong daily trading volumes. What do you think about the stablecoin market action in December? Share your thoughts and opinions about this subject in the comments section below. View the full article

The digital currency market has surged to a valuation of $1.74 trillion in the past 24 hours, with bitcoin climbing above the $45K threshold. Over the recent day, the market experienced a 4.65% increase in comparison to the U.S. dollar, and global trading volume saw a substantial 20% rise from Monday. Crypto Economy Climbs to $1.74 Trillion; Bitcoin Hits $45K in ETF Speculation and Pre-Halving Optimism Fueled by the anticipation of a potential approval for a spot bitcoin exchange-traded fund (ETF) this week, the crypto sector has seen a 4.65% growth in the last 24 hours. Bitcoin (BTC) achieved a peak of $45,922 during the day but has since receded to the vicinity of the $45,500 range after reaching that peak. The entire lot of top ten crypto assets have witnessed gains with solana (SOL) leading the pack by more than 8%. Bitcoin chart by TradingView Bitcoin has risen 6.4% while ethereum (ETH) spiked 4% higher on Tuesday at 8 a.m. Eastern Time (ET). Bitcoin’s market valuation dominates the market by 50.8%, while ether’s market cap accounts for 16.5% of the $1.74 trillion crypto economy. Bitcoin’s rise above the $45K range caused a tidal wave of nearly $84 million in short liquidations according to coinglass.com statistics. Ethereum chart by TradingView Ethereum shorts saw $25.96 million wiped out and solana (SOL) short positions witnessed $10 million erased. Tuesday’s jump further saw double-digit gains from sei (SEI), astar (ASTR) and ordi (ORDI) recording gains between 15% to 22% over the past day. All three are also up between 24% to 55% against the greenback over the past seven days. The three biggest losers today, despite the broad market rise, were bitcoinsv (BSV), helium (HNT), and maker (MKR) shedding between 2.8% to 6.3%. As the market awaits the anticipated approval of a spot bitcoin ETF in the United States, optimism fuels the recent market surge. With bitcoin breaching the $45K mark, the upcoming halving in April looms, promising to bolster its value further. This event, coupled with regulatory and technological advancements, paints a bullish picture for crypto’s future. What do you think about the crypto economy’s market action this week? Share your thoughts and opinions about this subject in the comments section below. View the full article

Stelian Balta, the billionaire and co-founder of the digital asset management firm Hyperchain Capital, has said that while bitcoin is indeed a volatile asset it nonetheless helps to diversify and align an investment portfolio with digital trends. The top crypto asset’s high-return possibilities also “makes it an intriguing option for national and corporate financial portfolios,” Balta asserted. Embracing BTC Enhances a Corporation’s Image In his written answers sent to Bitcoin.com News, the billionaire also argued that as regulations around crypto assets become clearer, the top crypto asset’s perceived risks will slowly dissipate thus “making it a more viable option.” Furthermore, when corporations embrace BTC, this enhances their respective images as “modern and innovative” organizations. Balta suggested that this alone may be enough to attract new customers or “investors interested in advanced technologies.” Meanwhile, the Hyperchain Capital founder has characterized some institutional investors’ bet on digital assets as a mutually beneficial move. For institutional investors, digital assets create growth opportunities while the Web3 industry benefits by way of more credibility and legitimacy. Overall, institutional investors’ dabbling with digital assets potentially helps hasten the development of new technologies and Web3 apps. This, in turn, could also result in more people and businesses embracing Web3 technologies, Balta added. In his answers sent to Bitcoin.com News via Telegram, the billionaire also explained why he sees the blockchain as a technology that will reshape finance. He also offered advice on how budding entrepreneurs can emulate him and become equally successful. Below are all of Balta’s answers to the questions sent. Bitcoin.com News (BCN): Are traditional finance (Tradfi) and decentralized finance (defi) converging and in what ways could blockchain technology help Tradfi and reshape the future of finance? Stelian Balta (SB): I think Tradfi and defi are starting to blend together, thanks to the enticing features of blockchain technology. This merger is making financial transactions quicker and more transparent, while also boosting security against fraud and cyber threats. However, this integration faces challenges, like navigating complex regulations and the need for traditional financial institutions to adapt both culturally and operationally to these new technologies. In short, blockchain is paving the way for a more efficient, secure, and inclusive financial future. BCN: What makes you believe that nations and corporations would integrate Bitcoin into their financial strategies, especially considering it’s still a highly volatile asset? SB: Nations and corporations are already considering adding bitcoin into their financial strategies for several reasons. Bitcoin offers a way to diversify assets, which can help manage risks differently from traditional financial markets. It’s often seen as a hedge, similar to digital gold, which can be appealing for protecting value in uncertain economic times. Bitcoin, though historically volatile, has also demonstrated a capacity for significant returns in the past. The growing interest in blockchain technology and the shift towards digital finance also make bitcoin an attractive option. It aligns with the evolution towards more digital, innovative financial solutions. There’s also increasing consumer and investor interest in bitcoin, and by integrating it, countries and companies can meet this demand and stay competitive. As regulations around cryptocurrencies become clearer and more established, the risks associated with bitcoin might reduce, making it a more viable option. Additionally, embracing bitcoin can enhance a corporation’s image as modern and innovative, potentially attracting new customers or investors interested in advanced technologies. While bitcoin is indeed volatile, its potential for diversification, alignment with digital trends, and high-return possibilities make it an intriguing option for national and corporate financial portfolios. However, I believe it’s important to carefully weigh these benefits against the risks and evolving regulatory landscape. BCN: After what is undoubtedly a brutal bear market, it now appears like the industry is on the cusp of a bull run as reflected by investor sentiment and crypto prices. Can you talk about your investment thesis for 2024 and beyond? SB: Our focus has always been on long-term investments. Our investment thesis for 2024 and beyond centers on identifying and supporting big-vision projects with strong fundamentals and innovative technology. We don’t chase narratives and trends. Looking back at our experience since 2013, we’ve seen the crypto market go through lots of ups and downs, with losses as big as 98% and gains up to 40,000%. This has really shown us how important it is to think long-term through multiple cycles. Our early investments in Ethereum, Cosmos, Fantom, and many more, starting from 2016, 2017, and 2018 respectively, prove that we’re dedicated to sticking with this long-term strategy. In summary, our investment thesis is rooted in a long-term approach, focusing on high-quality projects that demonstrate potential for enduring value. This strategy, we believe, will allow us to navigate future market cycles effectively and capitalize on the growth opportunities that the evolving crypto landscape presents. Moving forward, our focus will be on investing in projects led by teams that are not only strong and loyal but also have a clear vision and mission. BCN: You have been a vocal supporter of the Fantom network, which recently launched the Sonic Labs accelerator program and is anticipated to introduce the Sonic tech stack upgrade in 2024. What unique attributes of Fantom strengthen your conviction in the project? SB: A core aspect of the Fantom ecosystem is its dedication to supporting its endemic creators across gamefi, defi, and more. One of the distinctive features for builders within Fantom is the direct monetization avenues such as gas monetization, which gives dApps a share of the gas fees they generate. This empowers Fantom-based builders to earn more compared to deploying on any other network, offering them a key edge over their competition. Another unique feature of Fantom is its growing, grassroots community of creators. They are at the forefront of engaging experiences for users to jump into gaming with Estfor Kingdom, or explore within Fantom’s defi ecosystem with Beethoven-X, Equalizer, and more. BCN: What factors are driving institutional investors to explore the digital asset space, and how would the growing institutional adoption impact the Web3 industry? SB: I think institutional investors are diving into the digital asset space mainly because it’s a new and evolving area with lots of potential. They’re attracted by the opportunity to diversify their investments with something different from traditional stocks and bonds. Plus, the digital asset market is growing rapidly, offering exciting opportunities for growth. The improvement in how these assets are managed and clearer rules around them also make it easier and safer for these big investors to get involved. As more and more institutional investors get into digital assets, I believe it’s going to have a big impact on the industry. Their involvement adds a level of credibility and might lead to a more stable and mature market. With more money flowing in, we can expect to see faster development of new technologies and applications in the Web3 space. This could also encourage more people and businesses to start using Web3 technologies. In short, the growing interest from big investors is set to really shape and boost the world of Web3. BCN: It is said that you began your entrepreneurial journey with nothing at the age of 16 and became a millionaire at 24. What would be your advice to Web3 builders starting their entrepreneurial journey in 2024? SB: Embarking on an entrepreneurial journey in the Web3 space in 2024, my key advice, drawn from my own tough journey filled with countless failures, revolves around three fundamental principles: obsessive hard work, persistent curiosity, and being consistently driven by a clear vision. Firstly, embrace obsessive hard work. Success in the rapidly evolving world of Web3 demands more than just effort, it requires an all-consuming passion for your work. My path was filled with challenges, teaching me the importance of dedication. Be prepared to dedicate countless hours, often at the expense of other pursuits, because in this field, the difference between success and failure often hinges on the extra mile you’re willing to go. Secondly, nurture your curiosity relentlessly. The landscape of Web3 is ever-changing, with new technologies and possibilities emerging constantly. Stay hungry for knowledge and new experiences. This insatiable curiosity, which I maintained despite numerous setbacks, will not only keep you informed but also inspire innovative ideas and solutions that can set you apart in a crowded market. Lastly, always be driven by a strong, clear vision. In the world of startups and especially in Web3, bear or bull markets, distractions and challenges will be plentiful. It’s your vision that will guide you, keep you focused, and motivate you during tough times. This vision should be the beacon that lights your path and the anchor that keeps you grounded, as it was for me through my difficult journey. In summary, as you step into the entrepreneurial arena, let obsessive hard work be your daily mantra, curiosity your constant companion, and a clear vision your guiding star. What are your thoughts about this interview? Let us know what you think in the comments section below. View the full article

Orbit Bridge, an inter-blockchain bridging protocol, has confirmed that it was recently exploited, losing over $81.5 million in several assets, including USDT, DAI, USDC, WBTC, and ETH. Orbit Chain is trying to communicate with the group responsible for the attack and has asked cryptocurrency exchanges to freeze stolen assets. Orbit Bridge Hacked, Losses Registered for Over $81.5 Million In one of the first hacks of 2024, Orbit Bridge, an interoperability blockchain solution, faced an attack that drained over $81.5 million in cryptocurrency assets. First detected by X user Kgjr, who alerted about a possible asset drain, the incident allowed hackers to withdraw $30 million in USDT, $10 million in USDC and DAI, in addition to almost 231 WBTC and 9,500 ETH, to five different fresh wallets. Orbit Chain’s team has acknowledged the incident and is trying to contact the attackers, sending two messages with undisclosed intentions. In the same way, Orbit announced that it requested the help of all major exchanges to freeze these funds. On X, Orbit declared: We are in close contact with law enforcement agencies, and we are working diligently to track down and freeze the assets that have been stolen. Due to the method used, X sleuth Tay has linked this hack with the work of North Korean hackers, alerting that 2024 might be a year of billion of dollars in incidents linked to these groups. Orbit has acknowledged the possibility of this link, explaining that “following a thorough review of the claim, an appropriate response plan will be developed.” Orbit also called for users to be vigilant against scams that promise to refund and reimburse any losses caused by the hack, clarifying that any new information regarding this incident will be shared through appropriate channels. Recent reports revealed that at least $1.7 billion was lost in this kind of incident during 2023. What do you think about the Orbit Bridge hack and its possible relation with North Korean groups? Tell us in the comments section below. View the full article

Presidential candidate Vivek Ramaswamy has outlined his plan to shut down the Federal Bureau of Investigation (FBI) if he is elected President of the United States. “56% of the bureau that are professional bureaucrats should be fired immediately,” he stressed, adding that 44% of FBI employees are special agents and intelligence analysts who “should be reassigned to serve under the narrow focus of other federal law enforcement agencies doing the same specialist work.” ’This Is Much More Practical Than It Sounds’ U.S. presidential candidate Vivek Ramaswamy outlined how he would shut down the Federal Bureau of Investigation (FBI) if he is elected President of the United States in several posts on social media platform X. “We need to cure the cancer that is the administrative-police state,” the presidential hopeful explained, adding that the FBI is among the “toxic” government agencies that he will shut down. Emphasizing that the bureau cannot be reformed, he wrote on X Saturday: Shut down the FBI. And yes, this is much more practical than it sounds. The FBI can’t be “reformed.” The right answer is: Shut It Down. Yes, the President can do it. I will. — Vivek Ramaswamy (@VivekGRamaswamy) December 31, 2023 Noting that the FBI has about 35,842 employees, the presidential hopeful stated that “56% of the bureau that are professional bureaucrats should be fired immediately.” He added: “Just 44% of FBI employees are special agents and intelligence analysts — these 15,770 specialists should be reassigned to serve under the narrow focus of other federal law enforcement agencies doing the same specialist work.” Ramaswamy then highlighted where some FBI specialists and analysts should be transferred to. Firstly, he said 821 should be reassigned to the U.S. Marshals Service to fight crimes against children, and 4,159 should be transferred to work at the Department of Defense’s Intelligence Agency. Moreover, 4,663 should be transferred to the Department of Homeland Security to focus on national security and terrorism while 856 should be reassigned to the U.S. Secret Service to fight “political corruption,” the presidential candidate stated. Furthermore, 2,555 FBI specialists and analysts should be transferred to the Department of Justice, “within a specialized sub-agency rather than a sprawling investigative bureaucracy,” the presidential candidate emphasized. They should be reassigned to focus on “civil rights, organized crime, violent crime, science and technology, including crime laboratory analysis across agencies,” Ramaswamy described. Lastly, 856 should join the Department of the Treasury and the Financial Crimes Enforcement Network (FinCEN) to fight “white collar crime,” he noted. Ramaswamy recently unveiled his crypto policy. He has promised that if he is elected President of the U.S., he will ensure that innovative sectors, including crypto, are “liberated from the shackles of the unconstitutional shadow government.” He expects to rescind most, if not all, of the U.S. Securities and Exchange Commission (SEC) regulations that apply to cryptocurrencies. Do you think the FBI should be shut down? Let us know in the comments section below. View the full article

Congressman Tom Emmer’s CBDC Anti-Surveillance State Act now has 75 cosponsors. “A central bank digital currency is government-controlled programmable money that, if not designed to emulate cash, could give the federal government the ability to surveil and restrict Americans’ transactions,” the lawmaker cautioned. CBDC Anti-Surveillance Bill Gains Support in Congress Seventy-five U.S. lawmakers now support the CBDC (central bank digital currency) Anti-Surveillance State Act. Congressman Tom Emmer (R-MN), who introduced the bill, shared on social media platform X Saturday: My bill to protect Americans’ right to financial privacy, the CBDC Anti-Surveillance State Act, is up to 75 cosponsors, and we will keep growing support. This bill limits the Fed’s ability to provide direct services to individuals and use a central bank digital currency. “Specifically, the bill prohibits the Federal Reserve and the Federal Open Market Committee from using any central bank digital currency to implement monetary policy. In addition, a Federal Reserve bank is prohibited from offering products or services directly to an individual, maintaining an account on behalf of an individual, or issuing a central bank digital currency directly to an individual,” according to the bill’s text. The CBDC Anti-Surveillance State Act was first introduced in January 2022. Congressman Emmer reintroduced the bill in early September 2023 with the support of 50 lawmakers. On Sept. 20, 2023, he announced that the House Financial Services Committee passed his bill with the support of 60 lawmakers. “Unlike decentralized cryptocurrencies, a central bank digital currency is a digital form of sovereign currency that is designed and issued by a government and transacts on a digital ledger that is controlled by that government,” Emmer described, emphasizing: In short, a central bank digital currency is government-controlled programmable money that, if not designed to emulate cash, could give the federal government the ability to surveil and restrict Americans’ transactions. Do you think Congress should pass the CBDC Anti-Surveillance bill? Let us know in the comments section below. View the full article

Vaneck’s director of digital assets strategy has explained why people tend to underestimate the long-term impact of spot bitcoin exchange-traded funds (ETFs). He believes that upon the approval of a U.S. spot bitcoin ETF by the Securities and Exchange Commission (SEC), “bitcoin’s price trajectory could follow gold’s blueprint from 2004 and the years after, just much faster.” Market Impact of Spot Bitcoin ETFs Vaneck’s director of digital assets strategy, Gabor Gurbacs, shared his predictions regarding the long-term impact of U.S. spot bitcoin exchange-traded funds (ETFs) on social media platform X Sunday. Vaneck is among the asset management firms that have applied to launch a spot bitcoin ETF with the U.S. Securities and Exchange Commission (SEC). While noting that in his view, “people tend to overestimate the initial impact of U.S. bitcoin ETFs,” which he expects to be only a few hundred million dollars in mainly recycled funds, the Vaneck director said: Long term, people tend to underestimate the impact of spot bitcoin ETFs. “People tend to hype the current thing but remain myopic about the big picture. Bitcoin is forcing its own capital markets systems and products well beyond the ETF and that’s not priced in. The question is not what Blackrock adopts, but what Bitcoin company is the next Blackrock,” he opined in a follow-up post. “If history is any guide, gold is worth studying as a parallel,” Gurbacs continued. He then referenced his post made on Dec. 6 which details why the approval of a U.S. spot bitcoin ETF may create trillions of dollars in value for bitcoin. He explained that the SPDR Gold Shares ETF (GLD) was introduced on Nov. 18, 2004, noting: “In the subsequent 8 years gold’s price quadrupled+ from $400 to $1,800 adding ~$8 trillion in market cap going from ~$2 trillion to ~$10 trillion.” The Vaneck director emphasized: Bitcoin’s market cap is ~$750 billion today, less than 1/3rd of what gold was in 2004. In my view, upon the approval of a U.S. spot bitcoin ETF, bitcoin’s price trajectory could follow gold’s blueprint from 2004 and the years after, just much faster. “I also believe that only a few $10 billion will come from bitcoin ETP [exchange-traded products] adoption and it won’t come all at once,” he added. Nonetheless, Gurbacs pointed out that “the boost will be significant,” given “a relatively low bitcoin float (strong hands/long-term holders)” and “systematic scarcity via halving schedules.” In addition, he stressed that “the ETF itself will legitimize and destigmatize bitcoin’s place in portfolios leading to further adoption outside the ETF.” The Vaneck director further predicts that “nation states and sovereign wealth funds will hold their bitcoin directly and secure optionality for mining and their own bitcoin-based capital markets.” He noted that “central bank gold adoption outside of ETPs drove a good chunk of gold’s price increase, but the ETPs were quintessential to get comfortable with gold.)” Do you agree with the Vaneck director about the impact of spot bitcoin ETFs on bitcoin? Let us know in the comments section below. View the full article

Former U.S. President Donald Trump has warned that the U.S. could face a stock market crash worse than that of 1929 and a Great Depression if he doesn’t win the upcoming presidential election. He stressed that the U.S. economy is “terrible” and inflation over the past three years “has totally destroyed the buying power of the consumer.” Trump’s Market Crash and Depression Warnings Donald Trump, the 45th President of the United States, has sounded the alarm regarding the U.S. economy if he doesn’t win the presidential election this year. The former U.S. president posted on his social media platform Truth Social on Friday: “The economy is terrible & inflation, which by some accounts is more than 30% over the last three years, has totally destroyed the buying power of the consumer. The only thing that is keeping the economy ‘alive’ is the fumes of what we accomplished during the Trump administration.” Trump added: “The stock market is only high because people, & institutions, believe & expect me to win the presidential election of 2024.” He warned: If I don’t win, it is my prediction that we will have a stock market ‘crash’ worse than that of 1929 — a Great Depression. Official Bureau of Labor Statistics (BLS) data show a 17% price increase since President Joe Biden took office. However, an alternative inflation measure, applying the same methodology used in the 1980s, estimates this figure to be roughly double, exceeding 30%. Trump’s path to the 2024 Republican nomination faces roadblocks, with ongoing legal battles. He is presently barred from the primary ballot in Colorado and Maine. The Supreme Court is expected to rule whether states have the authority to prevent from running for president. This isn’t Trump’s first warning about economic calamity if he loses the 2024 presidential election. In July, he predicted an economic depression. In April, he fretted over a crashing U.S. dollar and our proximity to World War III. He also stressed that the U.S. is losing the currency war against China, noting that the Chinese government is attempting to dethrone the USD as the world’s dominant currency. Meanwhile, some have predicted that Trump’s presidential victory would send bitcoin soaring. Asset manager Vaneck, for instance, anticipates an all-time high for BTC after Trump wins the election. John Reed Stark, former internet enforcement chief at the U.S. Securities and Exchange Commission (SEC), even suggested that Trump may change his anti-crypto stance dramatically. In addition, the former U.S. president recently launched his third non-fungible token (NFT) collection and reportedly sold millions of dollars in ether (ETH) he received from NFT sales. What do you think about former U.S. President Donald Trump’s warnings? Let us know in the comments section below. View the full article

Throughout the past year, enthusiasm and speculation around bitcoin and other crypto assets have surged, particularly as the year drew to a conclusion. The Motley Fool’s forecasts for 2024 strike a pessimistic tone, anticipating a “buy the rumor, sell the news” scenario related to the spot bitcoin exchange-traded fund (ETF) and further projecting that the crypto market will not decouple from the traditional stock market. In contrast, bitcoin advocates maintain a more optimistic outlook for the upcoming year, estimating the value of bitcoin to range from $80,000 to $120,000. Dueling Visions Set Stage for 2024’s Crypto Saga On the final day of 2023, The Motley Fool, a well known provider of financial and investing advice, released four projections relating to the crypto economy. The writer comments that the “phenomenal 2023” BTC experienced may prove challenging, perhaps even unattainable, to replicate. Regarding the spot bitcoin ETF, the author remarks that it might result in a “buy the rumor, sell the news” scenario, especially given BTC’s impressive 160% increase in 2023. Additionally, The Motley Fool predicts that the highly favored ‘dog’ coins are expected to continue their lackluster performance. The author adds: With nothing more than enthusiastic social media banter holding up the valuations of DOGE and SHIB, I’d expect another underperforming year for both ‘dog’ coins. The analysis extends, with the author expressing skepticism that the crypto market can successfully separate from leading benchmark indices such as Nasdaq and the S&P 500. Furthermore, the author forecasts that the crypto world is on the cusp of another “major failure” that will prove to be “game-changing.” Notably, Sean Williams of The Motley Fool also hints at rumors surrounding tether (USDT) potentially decoupling from the U.S. dollar. The Other Side of the Crystal Ball While these insights offer an external perspective, it’s beneficial to consider a range of predictions, including those from more informed sources within the industry. Bitcoin advocate Nic Carter foresees numerous beneficial shifts in 2024, including the expansion of the stablecoin market from its current $135 billion to an impressive $200 billion. Carter anticipates that spot bitcoin ETFs will garner “at least $20b of flows in year 1” and maintains that BTC’s value will be flat upon the approval of an ETF. Nevertheless, Carter holds the view that BTC might achieve a value of $80,000 per unit within the year. On Dec. 31, the well-known figure ‘Whale Panda,’ whose real name is Stefan Jespers, unveiled his expectations for BTC’s trajectory in 2024. He described the year’s uptick as “just [a] normal market cycle behavior after capitulation,” asserting that it wasn’t solely attributable to the ETF. “Who has been buying all the bitcoin you sold at $20K expecting it to go to $12K? Saylor and Tether are [two] big players but data shows it’s also just regular people stacking,” Whale Panda remarked. “ETF approval spikes us to $50K-ish, then depending on how long it takes for the ETFs to launch it will start selling off, maybe to low $40k-ish if it takes a month before they launch … [I] don’t see us go below $38K.” Whale Panda added: After that just a steady rise like a normal bitcoin bull market passing $70K in April-May with some stalling in the summer and then end the year at around $100K-120K. The divergent views between the likes of The Motley Fuel and BTC advocates paint a vivid picture of the crypto market’s unpredictability. From cautious pessimism to buoyant optimism, industry experts and enthusiasts alike await 2024, a year poised for potential expansion, regulatory shifts, and continued innovation in the crypto sphere. Only time will reveal the accuracy of these predictions, marking 2024 as just another chapter in the ever-evolving narrative of digital currencies. What do you think about the 2024 crypto and bitcoin predictions? Share your thoughts and opinions about this subject in the comments section below. View the full article

According to recent statistics on non-fungible tokens (NFTs) for the past year, sales hit $8.70 billion in 2023. This figure represents a $15.04 billion or 63.35% decrease in NFT sales compared to the previous year. 2023’s NFT Sales Volume Declined Sharply, but Year-End Market Dynamics Hint at Diversity and Growth Throughout 2023, despite an uptick in demand towards the year’s end, the annual total still reflected a significant drop from 2022’s $23.74 billion in NFT sales. The year marked about $8.70 billion in sales, the lowest since 2019’s $3.75 billion. However, the quantity of NFT transactions in 2023 soared to 90,607,554, surpassing the 54,857,850 recorded in 2022. Data from cryptoslam.io indicates that there were 4.16 million sellers and 4.97 million buyers of NFTs in 2023. While the year saw an increase in sellers from 2022, it didn’t surpass the 5,420,925 buyers recorded in the previous year. Despite Ethereum’s predominance in the market, Bitcoin and Solana saw a substantial increase in NFT sales towards the end of 2023, with Bitcoin outperforming Ethereum in November and December. In the grand scheme, Bitcoin-focused NFT sales have climbed to the fourth rank with $1.83 billion in total sales. Ethereum continues to lead at a staggering $42.12 billion, followed by Solana at $4.62 billion and the Ronin blockchain, known for hosting Axie Infinity, at $4.25 billion. Despite the late surge in BTC-related NFTs, the Axie Infinity collection maintains its position as the top seller overall. Axie precedes other notable collections like Bored Ape Yacht Club (BAYC) and Cryptopunks. Nevertheless, the past year saw a significant decrease in the base value of both BAYC and Cryptopunks. On Jan. 1, 2023, the BAYC floor value stood at 69.49 ether, with ETH priced at $1,195, totaling approximately $84K. However, as of Jan. 1, 2024, the BAYC floor has dropped to 26.17 ETH, and with ether now at $2,325 per coin, the value equates to about $60K. Despite a notable dip in overall NFT sales, the increased activity and diversification of platforms and collections underscore a resilient and evolving sector. The shifting tides of buyer and seller demographics, coupled with the rise of Bitcoin-centric NFTs, hint at a market that is far from stagnant. While Ethereum continues to lead, the emergence of new contenders signals a broadening horizon for the NFT ecosystem. What do you think about NFT sales dipping 63% in 2023 compared to 2022’s sales? Share your thoughts and opinions about this subject in the comments section below. View the full article

As 2023 drew to a close on New Year’s Eve, the Bitcoin network eclipsed yet another record by verifying a significant 731,351 transactions in a single day. This achievement outstripped the previous high set on Dec. 24, 2023, or Christmas Eve, where miners confirmed a total of 723,459 transactions. Bitcoin Ends 2023 With Record-Breaking 731K Transactions The year 2023 saw a series of benchmarks surpassed in Bitcoin’s network and onchain activities as both the mining difficulty and hashrate soared to unprecedented levels, alongside a daily increase in transaction confirmations. On the cusp of the new year, miners cemented a record with 731,351 transactions verified on Dec. 31, 2023, largely propelled by Ordinal inscriptions. On the same day, 314,003 inscriptions were processed, making up roughly 42.93% of the total transactions confirmed on Sunday. Meanwhile, bitcoin miners experienced a notably lucrative fee market in December. Despite breaking the daily onchain transfer record on New Year’s Eve, around 351,000 transactions remain in the backlog on Jan. 1, 2024. Over the preceding 30 days, miners authenticated a staggering 16,704,699 transactions, averaging 6.7 transactions per second. With this latest milestone, the network managed an impressive rate of 8.10 transactions every second on Sunday, translating to about 30,000 transactions each hour. On Dec. 31, an average of 4,600 transactions were documented per block. As of Jan. 1, 2024, the intervals between block confirmations have ranged from 9 minutes and 39 seconds to 8 minutes and 55 seconds, with miners having validated a grand total of 946,371,028 transactions up to block height 823,890. As 2023 gave way to 2024, the Bitcoin network not only celebrated a historic feat on New Year’s Eve but also showcased the unwavering momentum of its expansion. Nearly 43% of that day’s transactions were fueled by the rapidly growing trend of Ordinal inscriptions, reflecting the network’s ongoing evolution and its enduring capacity to accommodate new and diverse demands. What do you think about the Bitcoin network’s latest feat on Dec. 31, 2023? Share your thoughts and opinions about this subject in the comments section below. View the full article

As the clock turned to 2024, bitcoin’s price danced between $42,094 and $42,781 per unit. On Jan. 1, amid the holiday’s quiet, bitcoin’s current technical indicators offer a mixed bag of signals, setting a contemplative stage for the year ahead. Bitcoin Jan. 1, 2024, saw bitcoin (BTC) with a modest 24-hour trading range and a market capitalization holding strong at $834 billion. The day’s trade volume has been low, typical of New Year’s Day, signaling a cautious sentiment in the market and people enjoying their holidays. Traders are keeping a keen eye on the oscillators and moving averages, which present a nuanced picture of the market’s direction. Oscillators, key to gauging market momentum, are predominantly neutral on Monday. The relative strength index (RSI) lingered at 53, suggesting a balanced market sentiment. Notably, the momentum indicator leaned towards bullish sentiment, indicating potential upward price movement. In contrast, the moving average convergence/divergence (MACD) level currently points toward bearish market sentiment, highlighting the underlying market conflicts and the need for cautious interpretation. Bitcoin chart by TradingView Moving averages (MAs), pivotal in identifying trends, displayed a divergence in action signals. Short-term averages, like the 10-day simple (SMA) and exponential moving averages (EMA), highlight negativity. Conversely, longer-term averages from the 30-day onwards signal optimism in the market. The signals suggest underlying strength and a possible resurgence in price, albeit with caution due to mixed shorter-term signals. The daily chart analysis reveals a recent consolidation phase, marked by a small period of dips and decreasing trading volume. This indicates a market in contemplation, weighing bullish runs leading into December against selling pressure at higher levels. Furthermore, the holiday doldrums may be affecting market sentiment. Traders are advised to watch for a breakout from this consolidation to gauge the market’s next big move. A closer inspection of the 4-hour chart highlights short-term volatility. The chart shows a slight recovery post-dip, yet the presence of considerable red and oscillating prices reflects a market without a clear direction. Key levels to watch are the short-term resistance near $43,812 and support around $41,306, which could dictate the near-term market trajectory. As we step into 2024, Bitcoin’s technical landscape is complex and varied. Investors should consider both bullish and bearish signals across different time frames, alongside volume and market sentiment, to make informed decisions. The interplay of oscillators and moving averages, coupled with key price levels, will be crucial in navigating the crypto market’s first steps in the new year. Bull Verdict: Despite the mixed signals from oscillators and moving averages, the underlying strength suggested by the longer-term moving averages and the bullish signals from certain momentum indicators provides a cautiously optimistic outlook. If the market can break past the current consolidation and move above key resistance levels, it could signal the beginning of a bullish trend for bitcoin (BTC) as it enters 2024. Bear Verdict: The bear verdict points toward a more cautious and potentially downward trajectory for bitcoin. The bearish signals from the short-term moving averages and the conflicting indicators from the MACD and other oscillators suggest that the market might not have enough bullish momentum to sustain an upward trend. The presence of strong resistance levels and the recent price dips might lead to further bearish movement, especially if the consolidation phase resolves downwards. Register your email here to get weekly price analysis updates sent to your inbox: What do you think about bitcoin’s market action on New Year’s Day? Share your thoughts and opinions about this subject in the comments section below. View the full article

In a definitive ruling, U.S. District Judge Jed Rakoff favored the Securities and Exchange Commission (SEC) in the multi-billion-dollar fraud case involving Terraform Labs and its founder, Do Kwon. Rakoff noted that the Howey test criteria were satisfied for a range of Terra-related assets and additionally stated that there is “no genuine dispute that UST, LUNA, WLUNA, and MIR are securities because they are investment contracts.” Judge Determines Terra-Related Crypto Assets Are Securities, Satisfying Howey Test Nine months after the Terra blockchain’s implosion, the U.S. securities regulator charged Terraform Labs and its CEO, Do Hyeong Kwon, with fraud. The SEC accused Terraform Labs and Kwon of orchestrating a vast fraud involving the sale of various crypto assets, including unregistered securities and deceptive security-based swaps. Central to the controversy was the SEC’s claim that Terraform’s UST crypto asset was falsely marketed as being pegged to $1 through a self-stabilizing algorithm, hiding the reality of third-party intervention. Additionally, Terraform was accused of falsely claiming a Korean mobile payment application, Chai, processed transactions using its blockchain, a claim later reportedly found to be replicated and not genuine. Both parties presented expert witnesses to bolster their cases. The SEC’s experts, Dr. Bruce Mizrach and Dr. Matthew Edman, faced the defendants’ experts including Dr. Terrence Hendershott, Mr. Raj Unny, and Dr. Christine Parlour. After a comprehensive Daubert hearing, the court rejected the defendants’ experts, Mr. Unny and Dr. Parlour, but allowed Dr. Mizrach and Dr. Edman to testify. Judge Rakoff provided a clear verdict, granting summary judgment in favor of the SEC on the critical issue of unregistered securities offered and sold by the defendants. Rakoff, however, granted judgment for the defendants on transactions involving unregistered security-based swaps, leaving a nuanced perspective of the situation. To some, Rakoff’s decision signifies a pivotal juncture at the crossroads of legal frameworks and cryptocurrency. The announcement comes after the SEC and the involved parties settled on confidential submissions. Rakoff sanctioned the protective order, thereby classifying certain documents in the legal action as confidential. What do you think Rakoff’s decision in the SEC case against Terraform Labs and Do Kwon? Share your thoughts and opinions about this subject in the comments section below. View the full article

PRESS RELEASE. To empower the BTC and ETH ecosystems, the ZKSpace team has rebranded and upgraded to ZKBase. As an infrastructure protocol based on ZK (Zero Knowledge) proof technology, ZKBase is dedicated to providing scalability solutions for mainstream blockchains such as Ethereum and Bitcoin, and building decentralized cross-chain and Layer2 ecosystems. Our new official website, zkbase.org, is now live. We are about to launch ZKSwap(Bitcoin), catering to BRC20 and other Bitcoin ecosystem token trading. This marks the first step in our exploration of BTC Layer2 solutions. ZKS tokens will be exchanged for ZKB tokens at a 1:1 ratio. ZKB will also be upgraded to serve as the governance token of the ZKBase protocol. We will provide ERC20-BRC20 cross-chain solutions, allowing ZKB holders to enjoy the benefits of both Ethereum and Bitcoin ecosystems. While maintaining existing benefits, 100% of the transaction fees generated by ZKSwap(Bitcoin) will continue to be used for the repurchase and burn of ZKB tokens, empowering ZKB holders. On December 30th, we will conduct the final ZKS token burn and simultaneously issue ZKB tokens with a total supply of 600 million. Starting from January 2nd, 8:00 AM UTC, users can exchange any amount of ZKS tokens for ZKB tokens through a smart contract. More detailed instructions will be announced in subsequent updates. Furthermore, we will continue to explore the programmability of the Bitcoin network and ZK cross-chain bridge, enabling secure and convenient cross-chain transactions of BRC20 and other Bitcoin network assets on other public chains. The ZKBase team will actively develop and apply a complete Layer2 ecosystem on the Bitcoin network, creating more use cases for user assets and providing greater composability. ZKBase Team bd@zkbase.org https://twitter.com/ZKSpaceOfficial/status/1740678651903971508 This is a press release. Readers should do their own due diligence before taking any actions related to the promoted company or any of its affiliates or services. Bitcoin.com is not responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in the press release. View the full article

The decentralized finance platform Levana Protocol confirmed on Dec. 27 that unknown attackers had drained approximately $1.14 million from the liquidity pool. The Levana team however insisted that the issue has “been fixed and opening positions will relaunch next week.” ‘Precognition Oracle Attacks’ The decentralized finance (defi) platform, Levana Protocol, recently confirmed that it was a victim of an oracle attack, in which approximately 10% or $1.14 million was drained from the liquidity pool (LP). However, in an update shared via X on Dec. 27, the Levana team insisted that the issue has already “been fixed and opening positions will relaunch next week.” According to the update, the attack occurred 14 days earlier, and over 12 days, the hackers were able to drain approximately 4% off the LP. However, the attack increased significantly during Osmosis congestion on Dec. 26, resulting in an additional 5% drain. Initially, the Levana team attributed the resulting change in the profit and loss (PNL) to “organic trader profits and lack of effective cash.” There have been 7 wallets identified as performing precognition oracle attacks on Levana during times of network congestion, it is assumed these are from one bad actor. Read the report here: https://t.co/hqVZU8CpWS Read below for more details: — Levana Protocol (@Levana_protocol) December 27, 2023 At the time of writing, seven wallets, which are presumed to belong to a bad actor, were said to have performed “precognition oracle attacks” on the protocol during times of network congestion. Impacted LPs to Receive Airdrop Commenting on fears that hackers will continue to drain the LPs, the Levana team said: “Existing LPs are not at risk of further exploit since opening new positions was paused yesterday morning. Impacted LPs will be compensated through future airdrops and protocol fees collected at the time of the exploit.” Meanwhile, in a Medium post, the Levana team insisted that the protocol’s recent issues had “nothing to do with Osmosis as a chain itself.” Rather, the issues seem to stem from the limitations of the Cosmos software development kit (SDK) and Tendermint. The team also revealed that, in addition to fixing the vulnerability, Levana will grant an airdrop to LPs impacted by the exploit. Furthermore, the affected LPs will receive a share of the fees collected during the attack window. What are your thoughts on this story? Let us know what you think in the comments section below. View the full article