The chairman of the Swiss National Bank has expressed reservations about incorporating bitcoin into the central bank’s currency reserves. He stated that no decision has been made yet to invest in bitcoin, underscoring the necessity for currency reserves to be liquid, sustainable, and easily tradable, given their use in international payments. Swiss National Bank on […]
Bitcoin News
AVAX Slips, Adding Tension To $365 Million Avalanche Token Unlock Drama
The price of Avalanche’s AVAX token has dipped by 11% in the past week, bucking the bullish trend in the broader cryptocurrency market. This comes amidst a 5 million unlocking event that increased the token’s circulating supply by 2.6%. Experts suggest both short-term challenges and long-term opportunities for AVAX.
Unlocking Event Triggers AVAX Price Dip
Token.Unlocks data indicates that on Thursday, locked-up tokens valued at approximately 3 million will be released from vesting and put into circulation.
On February 15th, a significant unlocking event saw 9.5 million AVAX tokens, worth roughly 5 million, released from a vesting period. This influx of previously locked-up tokens coincided with a price decline for AVAX, which fell from .32 to its current price or nearly .
This aligns with historical trends, as a 2023 report by The Tie found that large unlocking events often lead to price drops within two weeks due to supply outpacing demand.
Analyst Opinions Diverge
Despite the recent dip, some analysts remain optimistic about AVAX’s future. The Tie’s report, while acknowledging the short-term price pressure, highlights the Avalanche network’s growing activity, fueled by popular NFT collections like Dreamheadz and Dokyoworld. The increased engagement within the NFT space is seen as a positive indicator for long-term adoption and potential price appreciation.
TSM’s @theblitzapp Subnet launched, where all premium subscriptions on the platform now flow on-chain, with more features to come later in Q1 https://t.co/dTb52vkFlw
— Avalanche (@avax) February 5, 2024
Furthermore, analysts point to AVAX’s outperformance compared to specific peers like Celestia and Solana in recent days. This suggests some resilience in the face of the unlocking event and potential buying pressure despite the overall price dip. Some analysts even predict a possible climb to the mark by the end of February, although this remains speculative.
Market Sentiment And Broader Trends
It’s important to remember that the cryptocurrency market is inherently volatile, and AVAX’s price will be influenced by various factors beyond the unlocking event.
The overall market sentiment, regulatory changes, and broader economic trends can all play a significant role. Investors should conduct thorough research and consider their own risk tolerance before making any investment decisions.
The recent unlocking event has undoubtedly impacted AVAX’s price in the short term. However, analysts remain divided on the token’s future trajectory. While some anticipate further price declines due to the increased supply, others highlight positive developments like the network’s growing NFT activity and potential for a rebound.
Featured image from Pixabay, chart from TradingView
Cleanspark Purchases 45,000 Bitcoin Mining Devices, Adding 6.3 EH/s to Current Fleet
On Tuesday, the bitcoin mining company Cleanspark announced that it had purchased 45,000 Antminer S19 XP bitcoin mining devices for a total price of 4.9 million. Cleanspark stated that the new fleet would add 6.3 exahash per second (EH/s) of computational power to the company’s current 6.7 EH/s.
Cleanspark Acquires 45,000 Bitmain Antminers for 4.9 Million
This year, bitcoin mining firms are once again making large purchases of application-specific integrated circuit (ASIC) bitcoin mining rigs after taking a brief break in 2022. On Tuesday, April 11, 2023, the bitcoin mining firm Cleanspark announced that it had purchased 45,000 new Antminer S19 XP machines from the leading ASIC manufacturer, Bitmain. The first delivery of 25,000 ASICs will take place in August, and the remaining 20,000 will be delivered in September.
Cleanspark detailed that all of the new miners would be delivered to the company’s mining facility in Sandersville, Georgia. The site, located in Georgia, is currently in the midst of a 150-megawatt (MW) expansion. Cleanspark further noted that the new miners would add 6.3 EH/s to the firm’s current fleet, which boasts 6.7 EH/s of computational power, and all the new devices are expected to be fully operational by the end of 2023.
“As bitcoin’s halving draws closer, our focus on operational efficiency, our technical expertise, and our treasury management strategy, will all play a crucial role in solidifying Cleanspark’s position among the top bitcoin mining companies in America,” Zach Bradford, the CEO of Cleanspark said in a statement sent to Bitcoin.com News. “This bear market,” Bradford added, “has continued to provide us with opportunities to maximize ROI including the opportunity to purchase the industry’s best miner at an industry-leading price.”
Bitcoin miners had a difficult year in 2022, and 2023 has proven to be a different story so far. Presently, bitcoin (BTC) prices have risen more than 80% higher since the last day of 2022. Bitcoin’s global hashrate has, in turn, jumped higher, surpassing the 400 EH/s range this year, while the network’s difficulty has also reached all-time highs. Cleanspark’s latest acquisition of 45,000 ASIC bitcoin miners follows the company’s purchase of 20,000 Bitmain mining rigs in mid-February. At the time, Cleanspark said it leveraged Bitmain coupons that saved the firm millions.
What do you think about Cleanspark’s latest purchase of 45,000 ASIC Bitcoin miners? Let us know what you think about this subject in the comments section below.
Polygon (MATIC) Leads Gains By Adding Over 14% In A Week
Polygon (MATIC), the Ethereum L2 project, has seen a massive increase in its price over the past seven days. The project has enjoyed much attention from the bulls, gaining over 14% in just one week.
Polygon, currently ranking 11th based on market cap, has had a busy week. The PolygonDAO has been closing deals and partnerships to expand the project’s reach. This might be a major determinant of its more than 14% increase.
Related Reading: Has Bitcoin Price Broken Out Of Downtrend Resistance? BTCUSD Analysis October 6, 2022
However, it’s uncertain if the token will breach its .85 resistance in the coming days. As of writing, MATIC is trading at .83, down 0.66% in the last 24 hours.
Doubts Despite 7-Day Gains
Despite recording a stunning 14% gain in value, there are still doubts surrounding the project’s next price direction. In the early hours of today, the coin strengthened itself against BTC and ETH. MATIC recorded 1.45% and 0.39% gains against both currencies, respectively. It also traded at .8462, a 0.70% gain over its last 24-hour price.
The price of MATIC has moved over both the 9 and 20 Exponential Moving Average (EMA) lines. This is noticeable on the daily chart for the MATIC/USDT pair. Still, on the subject of EMAs, the 9 EMA has just made a bullish crossover above the 20 EMA. This crossover may signal a continuous upward trend for the token.
However, traders must be cautious as the Relative Strength Index (RSI) indicator shows that MATIC’s price has established a local top. The Relative Strength Index line seems to slope downward, indicating that prices have dropped to an oversold level. Another technical indicator is that the coin’s sale volume has recently surpassed the purchase volume. This suggests that the rise beyond the EMAs will be temporary, signaling bearish sentiments.
MATIC’s price is currently trading at .8336. | MATICUSD price chart from TradingView.com
Polygon’s Partnerships Sustaining Its Upward Trend
Polygon has announced several new partnerships in the past few weeks that have helped push its value higher. One of the most notable is its exclusive partnership with RobinHood, a top crypto broker. The partnership saw Polygon become the first blockchain supported in the broker’s newly launched web3 wallet.
Upon launch, 10,000 iOS users were given access to the wallet’s beta version. This number was just 10% of the total number of users who signed up for the waitlist back in May. Robinhood’s main aim for choosing Polygon is to give its users the best possible trading experience. The company cited the technology’s scalability, speed, and cheap network costs as the primary reasons for its decision.
Related Reading: Wash Trading Dominates Bitcoin Volume, What Does This Mean For Price?
Additionally, Polygon recently announced on Twitter that they’d hired Halborn Security to carry out a security audit for them. Halborn Security is a prestigious security firm that undertakes ethical hacking audits for blockchain companies across the globe. The Halborn team will have eight weeks to complete the task. They’ll also work with two seasoned full-time security engineers who are well-versed in advanced smart contract hacking, penetration testing, and blockchain protocols.
Featured image from Pixabay and chart from TradingView.com
NewsBTC
Chiliz (CHZ) Leads The Market By Adding Over 30% A Week In Bear
The outlook of the general crypto market hasn’t been very encouraging in recent times. This week saw most coins losing their daily and weekly price gains. For instance, Bitcoin stayed red in both daily and weekly price gains. Currently, its 24-hour price is showing a drop of 1.83%. But the 7 days movement shows a price loss of 4%. Ethereum has also shown an unimaginable loss in its 7 days price gain.
Related Reading: Polkadot Suffers 10% Weekly Loss On Hawkish Fed – Time To Buy DOT?
As of September 23, ETH hourly gain, 24 hours gain, and 7 days were all red. The crypto lost 0.02% in 24 hours and 11.44% in the 7-day movement.
Chiliz CHZ Not Affected By Bearish Trend
Chiliz (CHZ) is showing a different price movement amid the bearish momentum. Its gains in 7 days have continued to increase. Currently, CHZ is trading at .2685, showing a 5.31% price increase in 24 hours. But this gain is not the most interesting since CHZ’s price in 7 days has increased by around 30%. Since September 16, the coin has continued to climb considerably. It opened the market at .1901 but jumped during the day, reaching .2099. That day marked the beginning of a positive price movement that has lasted till today. CHZ has maintained its hold above .2 and hasn’t dipped below the price since September 16.
CHZ’s price is currently hovering at .2713. | SOurce: CHZUSD price chart from TradingView.com
But What Could Be Pushing Chiliz CHZ Continuously?
The first notable push started with the announcement of CHZ 2.0, Chiliz native chain, last month. The developers informed the community of their intentions about launching the chain for their NFTs and fungible tokens, moving them away from the Ethereum blockchain. The announcement led to a spike in price and trading volume.
After the information, the crypto whales again showed their hands, pushing transactions higher. Data reveal that the transactions reached above 0,000 and caused a rise in CHZ price by 12.5% on the same day. Analysts also predicted last month that CHZ would hit its cup and handle the pattern profit target of .32 by September. The indications were shown on August 14 when the token broke out of its prevailing cup and handle setup.
Will, The Macro Factors Push CHZ Price, Down?
Analysts predicted that CHZ would reach its profit target this month due to its positive movement in August. With the current movement in price, the token might reach the predicted price very soon. Gaining 30% in seven days is not an easy feat amid the ongoing bear trend. If it continues in that trend, CHZ might grow higher before September ends.
Related Reading: PoW Tokens Take A Hit: Ravencoin and Ethereum Classic Crash Over 20%
But then, the bearish market is due to macroeconomic factors, including inflation, a rising level of CPI, and continuous interest rate hikes. These factors contributed to the crash in the crypto market. No one can predict prices. So CHZ has many challenges to face to continue its upward trend.
Featured image from Pixabay and chart from TradingView.com
NewsBTC
XRP Outperforms Many By Adding Over 6% Daily In Bloodbath
The crypto market has recorded many devastating events in recent times. Since the market crash in May, crypto asset prices have behaved differently every week. Sometimes price outlook is positive, but other times, it is worse.
From September 15 to date, the volatility in the market has skyrocketed. Asset prices are more bearish than bullish. The merge brought a series of price fall starting from Bitcoin, which lost 00 a few minutes after the upgrade.
Related Reading: Investors Withdraw ETH Holdings Despite Successful Ethereum Merge
Ethereum and other altcoins also lost their price gains and have continued trading in red till September 21. But amid the bloodbath, Ripple has continued adding instead of losing.
Ripple’s XRP Price Keeps Appreciating
Ripple XRP has continued adding at least 6% every day recently. XRP price history from the time of the market crash to date shows that the coin hasn’t recorded a terrible plunge yet. It has continued trading around a price range of .3733 and .3421 through the months after the crash.
Currently, Ripple XRP price stands at .3968, showing a price decrease of 5.20% in the last 24 hours, adding over 17% in the week. Early on September 21, the coin gained above 6% before settling down. This price gain is marking a continuous addition in three consecutive days.
On September 20, Ripple XRP gained more than 6.38%, pushing its price to .3788. On the same day, its 1-hour gain and 7 days price growth were all green, indicating a positive trend. Following the uptrend, experts predicted that XRP might climb above .40, which occurred today.
Ripple was also affected on the merge day as it dipped to .3256 at the close of the market. But a few days later, on September 20, ripple spiked to .38, kicking off a three-day price gain to September 21.
It is not surprising that Ripple is adding amid the bloodbath in the crypto market. The major event that could spike such positive sentiment remains the upcoming ruling on its case with the Securities and Exchange Commission.
The battle that started in 2020 is seemingly coming to an end. Both Ripple and SEC have called on a Federal Judge for a ruling. The recent event has kicked off a positive market sentiment towards XRP.
Ripple’s XRP price is currently trading around .40. | Source: XRPUSD price chart from TradingView.com
How is The Rate Hike Expectation Affecting the Market?
Today is the long-awaited day for the Feds meeting. The market is anticipating a new interest rate increase after long deliberations. The fear of the outcome has kept many crypto asset prices in the red.
For instance, Bitcoin price continues to struggle around the k level. Currently, BTC is trading at around ,263 on the TredingView price chart. The price has continued to fluctuate since the day broke on September 21.
Notably, the price started in red but has regained a little pushing its 1 hour and 24 hours gain to the green side. But bitcoin 7 days price is still in red, showing 5.17% losses.
Ethereum and other altcoins also started off in the red this morning. But at the time of writing, ETH has added 0.84% and 0.50% to its 1-hour and 24hrs gains, pushing them to the green side. But its 7 days price loss is still red at 15.35%, making it a leader amongst others.
Related Reading: Report Shows Ethereum Might Take Another Hit, Is It Possible?
After the announcement today, crypto prices might plunge or start a slight recovery. If the Feds continue with the 75 bps, the sentiment might be positive.
But a hike to 100 basis points will send the market galloping downhill.
Featured image from Pixabay and chart from TradingView.com
NewsBTC
Golem (GLM) Leads Gain, Adding Over 20% In The Last 24 Hours
Many cryptocurrencies recorded price fall in the past 24 hours. For instance, Bitcoin prices have fallen by 1.65% in the past 24 hours. Even though the 7-day gain shows a 3.23%, the current level is not encouraging.
Ethereum hasn’t fared well, either. Its 1-hour trend shows a 0.99% loss, while the 24 hours level indicates a 1.76% fall. Looking at ETH 7 days price movement, the crypto has lost 7.02%, which is surprising given the hype around the Merge.
Related Reading: Displaced ETH Miners Seek Refuge In Ethereum Classic, Ravencoin
Tether USDT shows all red in 1 hour, 24 hours, and 7 days gain. Many other altcoins also in red include USDC, BNB, XRP, ADA, SOL, Dogecoin, etc.
But amid these recent woes, Golem GLM has pushed past expectations.
Golem GLM Leads in 24 hours Price gains
Golem has seen a price push within the past few days. Currently, GLM price sits at .3583, indicating a 14.76% price gain in 24 hours. Watching its movement on the trading chart today, September 15, the coin has been increasing steadily since the market opened.
Apart from adding more in its 24 hours price growth, Golem GLM is also encouraging investors with its 7 days price gain. It has added more than 20% growth in one week. This growth level is above many altcoins, besides Ravencoin. The coin also has a high 7 days price growth but is in red for both 1-hour and 24 hours growth.
GLM’s price is currently trading at around .36. | Source: GLMUSD price chart from TradingView.com
Golem Price Grows, What Could Be The Reason?
On September 12 and 13, the Golem price pushed higher, showing a 55% price increase in 24 hours. The coin, previously struggling between .276 and .281, spiked to .4054, sending the market into a buying frenzy.
September 14 saw the price move down to .345. But GLM is currently adding more as trading continues on September 15. There’s hope the crypto might reach September 12 and 13 levels again.
This fast growth has made market watchers wonder about the possible reasons. The recent spike in Golem might be linked to the announcement of new hires. According to its Twitter message on September 6, the network is adding developers to its team, indicating expansion.
It also announced that new hires would earn between K and K monthly, plus other priceless life-changing experiences. The community head, Mattias Nystrom, even stated that the developers could choose a currency they want for their payments.
Should Investors Go Bullish?
This announcement might have caught investors’ interest in adding funds to a rapidly expanding network. But some analysts advise waiting a bit before going bullish on the crypto. They expect a 78.6% Fibonacci retracement level, the next level of support that might underpin GLM price at .3275.
Related Reading: AVAX Price Rebound Fails To Breach Resistance Due To High CPI Data
For now, the resistance is at .3746 and .4079. Investors can buy until the .4413 and .4820 price levels if the coin breaks above these levels.
Featured image from Pixabay and chart from TradingView.com
NewsBTC
Unizen Grows Its CeDeFi Exchange, Adding ZCX/USDT Trading Pair Into The Mix
CeDeFi exchange platform Unizen is adding new options for holders of its utility token with the addition of the ZCX/USDT trading pair on its platform.
Unizen is the operator of a smart exchange platform that’s focused on marrying centralized and decentralized exchanges, a concept known as CeDeFi. Its platform operates under customary financial regulations yet also plays nicely with modern innovations within the world of decentralized finance. Through Unizen, traders get to access the liquidity of centralized exchanges and the unique functionality of various DeFi apps, along with the best possible rates when trading different assets.
Besides its advanced trading options, Unizen offers Dynamic Multi-Asset Staking functionality where users can stake their ZCX tokens in an array of liquidity pools to earn rewards in multiple kinds of crypto assets.
ZCX also enables governance, with holders able to vote on various issues affecting the platform that require the community’s consensus. In addition, ZCX holders get to participate in crowdfunding on ZenX Labs, which is Unizen’s accelerator for emerging crypto projects.
Given the versatility of the ZCX token it has seen big demand from Unizen’s community. There will likely be a lot of interest in the ZCX/USDT trading pair, which gives holders the ability to easily swap their tokens with Tether stablecoins.
There is more to come as well, as Unizen has promised that this is the first of many new listings to emerge on its platform. Over the coming weeks and months, Unizen said plans to launch multiple new trading pairs that will provide additional options and opportunities for its users.
As to what those new pairs will be, that hasn’t been revealed. However, Unizen said the forthcoming pairs will include a number of “partner projects” as well as the winners of its “Tournament of the Alt” competition. With so much to look forward too, Unizen believes its platform is all set to become the “destination of choice” for retail and institutional investors looking to explore the emerging world of CeDeFi.
Image source: Unizen
NewsBTC
Blockchain Firm Chainalysis Is Adding Bitcoin To Its Balance Sheet
Chainalysis has announced that it plans to add bitcoin to its balance sheet. The news came as a surprise to crypto investors as it is usually expected that a firm so deeply ingrained in the blockchain technology ecosystem would own some crypto. According to the blog post on its website, the firm had previously not owned any cryptocurrencies and this will be the first time Chainalysis is purchasing BTC.
Bitcoin has been purchased as an investment strategy by companies who are in and out of the blockchain space. The digital asset presents an alternative means of investment for people who want to have total control of their assets. With its recent purchase, Chainalysis joins the ranks of companies who are holding BTC for the long term, according to statements on the post.
Chainalysis Takes The Leap With Bitcoin
Chainalysis revealed in the post that it was buying bitcoin to put on its balance sheet. The company which is valued at .2 billion will put the purchased BTC in its corporate investment portfolio and intends to hold for the long term.
Related Reading | Number Of Bitcoin Whales On The Rise As BTC Chases New All-Time High
The company provides valuable software analysis software that helps exchanges comply with regulations. Its software is also used to assess risk and identify illegal activities that are being carried out on the blockchain, helping law enforcement to track the perpetrators.
Co-founder and CEO of Chainalysis, Michael Gronager, said, “Chainalysis is laser-focused on its commitment to building trust in cryptocurrency as a digital asset and we are thrilled to be adding bitcoin on our corporate investment portfolio.” Speaking on this being the first cryptocurrency purchase on the part of the firm, Gronager added, “This is Chainalysis’ first acquisition of cryptocurrency, and we will continue to pursue other digital assets as potential future investments.”
BTC surges past K | Source: BTCUSD on TradingView.com
Partnership With NYDIG
In order to purchase and custody the bitcoins, Chainalysis had expanded its partnership with bitcoin technology and financial services firm NYDIG. Both firms have been working together since they announced that Chainalysis would be NYDIG’s compliance technology partner in 2018. The BTC was purchased through the financial services firm and NYDIG will custody the digital assets on behalf of Chainalysis.
Related Reading | Strike Launches New Feature To Allow Users Convert Salaries To Bitcoin
“Our expanding partnership with Chainalysis is a mutually beneficial relationship. Chainalysis has long been building trust in the digital asset ecosystem, and this investment shows their belief that bitcoin is a sound investment for the future. We are happy that they trusted our platform to safeguard their assets.” – Nate Conrad, Head of Asset Management, NYDIG
The acquisition highlights Chainalysis’ long-standing faith in BTC as a long-term investment strategy. Bitcoin has been a profitable investment venture for companies that have invested in the digital asset in the past and Chainalysis stands to profit from the asset’s growth in the future.
Featured image from Bitcoin News, chart from TradingView.com
NewsBTC
Why Chinese Banks Are Adding Digital Yuan To Apps? Here’s What You Need To Know
The Chinese Central Bank Digital Currency (CBDC) is progressively spreading out to more users. This can be seen as 35 banks in China include the digital Yuan in their mobile apps.
According to a local report, the digital RMB App reveals a recent addition of more banks to the interface. Before now, the digital app only had 6 state-owned banks.
Furthermore, these added banks now have access to the digital renminbi App to recharge digital RMB wallets. The banks include city commercial banks, joint-stock firms, rural commercial banks, rural credit cooperatives, and others.
Related Reading | Bitcoin Bull Cathie Wood Attracts Big Short Michael Burry To ARK Innovation ETF
Also, the report from Shanghai Securities Journal states that both small and medium-sized banks are embracing digital currency. The state-owned journal explained that these financial firms are striving to avail e-CNY services to their clients.
How The Digital Yuan Testing Has Progressed
From the initial testing of the digital yuan in the country, the process had only the prominent Chinese 6 state-owned banks. Subsequently, as more adoption of cryptocurrency flow into several mainstreams, the testing includes more firms.
As a result, financial organizations such as city banks, joint-stock companies, and rural credit cooperatives constitute the recent 35 banks in the testing.
In the same vein, 94 banks are planning to embed the digital yuan. The local report includes 3 foreign banks,15 private banks, and 76 city commercial banks. They plan to utilize a new clearing platform to access the digital yuan.
Furthermore, the report discloses a private Shanghai-based firm, City Bank, that built the clearing platform. City Bank Clearing is a reputable platform in the financial industry, and it also provides outstanding financial technology.
Related Reading | SushiSwap Narrowly Escaped A 0 Million DeFi Hack, Here’s How
Moreover, the report mentions that JD.com, an e-commerce giant, has successfully undergone CBDC testing on its platform. Before now, the company participated as well as funded trials in readiness for its testing. It’s making a move to meet the demands of its business customers.
The recent activities indicate more expansion of digital yuan trials across the country. Due to the popularity of cryptocurrency, more companies are opting for digital yuan testing. Even the People’s Bank of China has indicated its interest in the test during Beijing Winter Olympics in 2022.
Featured image from Pixabay
NewsBTC