DeFI News by Thebittimes.Com

Bitcoin’s network difficulty hits a record high of 90.67 trillion as of August 2, 2024. Bitcoin’s hash rate reached a record 677 EH/s on July 27th, boosting network security. Bitcoin’s RSI at 44 suggests potentially oversold conditions; the price may test $58,000 Bitcoin has set a new record for network difficulty , reaching 90.67 trillion on August 2, 2024 according to data on CoinWarz. This milestone represents a significant rebound following three months of declining difficulty, signalling renewed confidence among miners in the cryptocurrency’s network. The increased difficulty implies that mining new Bitcoin blocks now requires more computational power, potentially driving up operational costs and influencing Bitcoin’s future supply and pricing dynamics. Bitcoin’s hashrate also hit an all-time high On July 27th, Bitcoin’s hashrate surged to a record 677 EH/s, reflecting a robust and secure network infrastruc...

Cryptocurrency prices have surged to the highest point in more than a year. Bitcoin and Ethereum prices have risen to the highest point since May 2022. Memeinator has already raised over $1.2 million from investors. The cryptocurrency market has made a strong comeback in the past few months.  Bitcoin has surged from last year’s low of $15,500 to over $37,000. Ethereum has surged to over $2,000. Other coins like Bonk, Solana, Cardano, and Internet Computer have continued soaring. Why are cryptocurrencies soaring? There are three main reasons why cryptocurrencies are jumping. First, cryptocurrencies have roared back because of the ongoing adoption of digital coins by institutional investors. Several mainstream companies like Franklin Templeton, Blackrock, Invesco, and Ark Invest. These companies have all applied for  spot Bitcoin ETF . And this week, Blackrock unveiled that it was considering launching a spot Ethereum ETF. Analysts beli...

James Butterfill expects Bitcoin to rally if the U.S. government shuts down. BTC has a history of performing quite well in times of uncertainty. The world’s largest cryptocurrency is already up close to 4.0% today. Bitcoin will likely rally if the U.S. government does indeed shut down on October 1 st , says James Butterfill – the Head of Research at CoinShares. Why may BTC rally on shutdown? The world’s largest cryptocurrency by market cap is already up close to 4.0% on Thursday as the U.S. government started sending out notifications to federal employees that a shutdown may be imminent. And that rally may extend when the shutdown actually begins, as per CoinShares’ Butterfill.  Because the investors could read the funding lapse as a sign of instability and turn to Bitcoin for refuge. This scenario bears resemblance to the debt ceiling stalemate experienced earlier this year, which ended up bolstering Bitcoin prices. Bitcoi...

Bitcoin mining is at the heart of the digital gold rush and it is a critical process that underpins the entire cryptocurrency ecosystem. Bitcoin miners validate transactions, secure the network, and, in the process, earn newly minted Bitcoin. The World Digital Mining Summit (WDMS) stands as a beacon of innovation and collaboration within this dynamic space. The recent World Digital Mining Summit (WDMS) witnessed a groundbreaking moment for the Bitcoin mining industry as Bitmain, a prominent player, unveiled its highly anticipated Antminer S21 and S21 Hydro ASIC miners . These state-of-the-art mining machines have set new industry standards for both performance and energy efficiency . The Antminer S21 boasts an impressive hashrate of 200 TH/s and an extraordinary efficiency rating of 17.5 J/T (joules per terahash), while the S21 Hydro delivers a remarkable hashrate of 335 TH/s with an efficiency of 16 J/T. These statistics mark a significant departure from t...

Key takeaways BitGo and Swan will work together to launch a new trust company. The Bitcoin-only trust company will offer custody without exposure to the other cryptocurrencies. BitGo and Swan to launch a new trust company Crypto custodian BitGo and bitcoin financial services firm Swan have announced plans to launch a Bitcoin-only trust company .  According to the  press release published on Thursday, the Bitcoin-only trust company will offer custody without exposure to other digital currencies. The trust , which will be launch ed following regulatory approval, will combine BitGo’s custody capabilities with Swan’s expertise in fraud prevention and onboarding.  The companies said it would be the first Bitcoin-only trust company in the United States. BitGo CEO Mike Belshe said,  “We believe the best model for the Bitcoin industry is the same battle-tested model that has been part of the US financial industry for ...

The prediction for the price of Bitcoin has become bearish, as BTC has fallen below an upward channel. If BTC closes outside of this channel, it is likely to drop to $16,775.  The US session saw further selling in BTC after worse-than-expected US Flash Services PMI on Friday, disappointed market participants. Traders appear to be anticipating further rate hikes from the Federal Reserve and the European Central Bank. US Economic Events Drive Price Action  According to a report released by the Labor Department on November 15, the cost of wholesale products, excluding food and energy, has decreased. This trend may be due to improved supply chains and reduced demand resulting from higher borrowing rates. It supports the claims of economists that commodity prices have started to decline.  The producer price index (PPI) also indicated a slowdown in inflation. The 0.6% increase in the cost of final-demand items was reportedly responsible for the increase in P...

Bitcoin is trading at $17,765 during the Asian session on December 14, as investors appear to price in weaker-than-expected US CPI figures. Similarly, Ethereum has risen above the $1,300 mark, as the weakening of the US dollar has increased demand for cryptocurrencies. Major cryptocurrencies were trading in the green early on December 14, as the global crypto market value increased by 2.52% to $870.79 billion on the previous day. Over the last 24 hours, the overall crypto market volume has increased by 52.60 percent to $53.51 billion. DeFi's total volume is currently $2.94 billion, accounting for 5.49 percent of the entire 24-hour volume in the crypto market. The overall volume of all stablecoins is now $53.26 billion, accounting for 99.53 percent of the total 24-hour volume of the crypto market. Let's take a look at the top 24-hour altcoin gainers and losers. Today's US FOMC and FED Expectations At the end of its two-day policy meeting on Wednesday, the...

On December 12, Bitcoin broke through the upward channel at $17,000, allowing for more selling on the downside. Similarly, Ethereum has followed suit, emerging from an ascending triangle pattern on the downside to close below the $1,260 support level. Major cryptocurrencies were trading in the green early on December 12 as the global cryptocurrency market cap fell 1.07% to $846.24 billion on the previous day. Over the last 24 hours, the total crypto market volume increased 14.17% to $27.09 billion. Let's take a look at the top 24-hour altcoin gainers and losers. Top Altcoin Gainers and Losers Stacks (STX), Toncoin (TON), and Trust Wallet Token (TWT) are three of the top 100 coins that have gained value in the last 24 hours. STX's price has risen nearly 6% to $0.30; TON's price has risen more than 8% to $2; and TWT's price has risen nearly 2.5%. Top Altcoin Gainers and Losers - Source: Coin360  Three of the top 100 coins that have lost value in the la...

On Sunday, Bitcoin is trading sideways, maintaining a narrow range of $17,000 to $17,350 level. Similarly, Ethereum has risen above the $1,250 level, a support level that's extended by an ascending triangle pattern.  Major cryptocurrencies were trading in the red early on December 11 as the global crypto market cap increased 0.9% to $855.49 billion on the previous day. Over the last 24 hours, the total crypto market volume has decreased by 31.20 percent to $23.76 billion. Let's take a look at the top 24-hour altcoin gainers and losers. Top Altcoin Gainers and Losers Osmosis (OSMO),  ApeCoin (APE), and Stacks (STX) are three of the top 100 coins that have gained value in the last 24 hours. OSMO's price has risen nearly 12% to $1.01; APE's price has risen more than 7% to $4.23; STX's price has risen nearly 4.65%. Top Altcoin Gainers and Losers - Source: Coin360  Three of the top 100 coins that have lost value in the last 24 hours include Chain (XCN...

Source: Noteworthy Get your daily, bite-sized digest of cryptoasset and blockchain-related news – investigating the stories flying under the radar of today’s crypto news. __________   Bitcoin news Noteworthy , a designer of physical cryptonotes, announced the sale of its 5 millibit (mBTC) note, a small-denomination, fully fungible bitcoin banknote. According to a press release, this new bill equates to BTC 0.005, and it “makes buying crypto more familiar for people of all ages and backgrounds through its cash format.” All Noteworthy cryptonotes are printed with a QR code, they added. Legal news US hedge fund Fir Tree Capital Management filed a lawsuit against digital asset manager Grayscale Investments over “potential mismanagement and conflicts of interest” at the Grayscale Bitcoin Trust (GBTC), according to Bloomberg. Fir Tree, which manages $3 billion, claimed that around 850,000 retail investors had been “harmed b...

Source: Celt Studio/Adobe South Korean experts have predicted that the crypto market’s capitalization will rise from around $800 billion to some $1.5 trillion next year. And, they claim, that “stabilizing” inflation figures “during the first half of next year” will whet investors’ appetites for bitcoin (BTC) and other tokens. The claims were made in a study named “2023 Cryptoasset Market Prospect Report” by the research wing of the South Korean crypto exchange Korbit, and reported by Edaily. The bitcoin market cap is currently down over 65% from a year ago, but some appear hopeful of a recovery. One-year BTC market cap figures . (Source: YCharts) The Korbit researchers claimed that while central banks like the United States’ Federal Reserve have “strengthened risk asset avoidance,” there are signs that the Fed will back away from 2022 policies next year – sparking a “recovery” in the ...

Source: Adobe Stock As many as 1,200 old bitcoins from dormant addresses have moved in the days since the collapse of FTX, with activity picking up further in the past few days. Among the many old wallets that have moved coins in the days since FTX went down were two that spent a combined 348 BTC on November 29 – a stash that was once worth just $348,000. It’s tough to say exactly what the owners did with the coins, and it remains unknown if they were sold or just moved to another wallet, for example for cold storage. The 348 BTC that moved on this day is now worth around $5.8m, a huge increase in value compared to what they were acquired for. The news was first reported by Bitcoin.com, using blockchain data and compilations from btcparser.com. A second noteworthy transaction on the same day was a 173.61 BTC transaction from an address that have been dormant since June 14, 2017, as well as a 100 BTC transaction from an address from April 12, 2014. Out of ...

On Sunday, Bitcoin price prediction remains neutral, as BTC has failed to break out of a narrow range of $16,850 to $17,250. Bitcoin miners appear to have given up on the long-term profitability of holding any significant amount of the pioneer crypto and are instead selling off enormous quantities of Bitcoin. CryptoQuant has revealed that on December 1st, Bitcoin miners dropped 10,000 BTC. Compared to the 2,569 units that entered the market and were subsequently sold by miners on November 26th, this amount is much lower. Joaowedson, a CryptoQuant analyst, weighed in on the subject, citing the high cost of Bitcoin mining and the precipitous decline in value of the crypto asset as causes. Joaowedson added: "Miners are being compelled to sell their stakes because of the present price of Bitcoin and the high cost of mining in various countries." The "makers" of the largest cryptocurrency by market cap and the asset itself are both doomed in their cur...

On November 30, the Bitcoin price prediction was bullish as BTC crossed the triple-top resistance level of $16,680. Bitcoin (BTC), the world's largest and most popular digital token, has extended its previous winning streak and reached an intra-day high above the $17,000 mark. After beginning the week at a low of $16,054, Bitcoin BTC has risen nearly $17,000 in the last 24 hours. If the price rises further, more bulls may enter the market, pushing BTC above $17,500 in the near future. Meanwhile, Ethereum, the second-largest cryptocurrency, has risen and is now trading above the $1,270 mark. However, the reason for its upward rally could be attributed to the positive cryptocurrency market sentiment, which tends to underpin many cryptocurrencies, including Bitcoin. The global cryptocurrency market cap was $852.17 billion, up 2% in the last 24 hours. Upbeat Crypto Market The global cryptocurrency market has performed admirably and has received assistance from ...