After the sentencing of Sam Bankman-Fried to nearly 25 years in prison for his role in FTX’s financial mismanagement, attention shifts to his former associates. The cryptocurrency world eyes the upcoming Bitcoin halving, expected between April 18 to April 22, 2024. Blackrock’s Ishares Bitcoin Trust (IBIT) sees its holdings skyrocket past 252,011 BTC. Ethena announces […]
Bitcoin News
Bitcoin Halving Inches Closer With Less Than 2,900 Blocks Left
The Bitcoin Halving is fast approaching, with less than 2,900 blocks left before miners’ rewards are cut in half. This event, projected to take place sometime in April, is significant as Bitcoin’s price could enjoy a parabolic move to the upside after it takes place.
Bitcoin Halving Set For April 19
Data from Coinwarz shows that the Bitcoin Halving is set to take place on April 19 at Block 840,000. This projection is based on Bitcoin’s current block time average, which means the Halving can come a little earlier or sometime after April 19. However, the main focus remains that miners’ supply will be cut in half.
The Halving event is a deflationary measure that Bitcoin’s founder, Satoshi Nakamoto, encoded in the flagship crypto and takes place after every 210,000 blocks. Three halving events have occurred since the Genesis block in 2009, when Bitcoin’s first block was mined. The first was on November 28, 2012, when miners’ rewards were cut from 50 BTC to 25 BTC.
The next Halving event took place on July 9, 2016, cutting miners’ rewards to 12.5 BTC. The third one happened on May 11, 2020, reducing the reward to 6.25 BTC. Now, Miners’ rewards are set to be cut in half again, reducing them to 3.125 BTC.
This reward is the amount of BTC miners receive for validating each block of new transactions on the blockchain. Although this event mainly affects miners, the crypto community closely monitors it due to the ripple effects it could have on the market. Bitcoin’s supply comes through these miners’ rewards, and a reduction in them usually drives Bitcoin’s value higher.
The Halving has historically always led to a price appreciation for Bitcoin. Ninety days after the first Halving on November 28, 2012, Bitcoin’s price increased to ,000 from at the time of Halving. Subsequently, Bitcoin’s price saw a gain of over 8,000% one year after that Halving.
This parabolic price surge also occurred after the second and third Halving events, with Bitcoin’s price rising from 0 and ,821 (at the time of the Halving) to ,506 and ,612 (90 days after the Halving) in 2016 and 2020 respectively. Bitcoin also gained 284% and 559% one year after the event.
This time isn’t expected to be different as Bitcoin is again predicted to experience a massive move to the upside after April. This bullish sentiment is further strengthened by Bitcoin’s demand, which has continued to skyrocket in the face of a dwindling supply.
At the time of writing, Bitcoin is trading at around ,400, up in the last 24 hours according to data from CoinMarketCap.
Bitcoin Halving Inches Closer With Fewer Than 2,900 Blocks Remaining
The next Bitcoin halving is on the horizon, drawing closer with each passing block and anticipated to take place anywhere between April 18 to April 22, 2024, at the milestone of block 840,000. Following this event, the reward for mining a block will halve from 6.25 bitcoins to 3.125 bitcoins. The following is a thorough […]
Bitcoin News
Ethereum Inches Closer To $3,000 – Will February Deliver A $4,000 Knockout?
Ethereum (ETH), the global runner-up in the cryptocurrency ring, is making serious moves this week, stepping closer to the coveted ,000 mark. Could this be the opening bell for a February knockout, sending it soaring towards a staggering ,000 finish by month’s end?
Ethereum Staking And ETF Surge: Bullish Momentum
Several factors are fueling this bullish sentiment, starting with the surging popularity of ETH staking. As Ethereum 2.0 gathers momentum, more investors are locking their ETH into staking contracts, earning passive income while reducing the readily available supply in the market. This “induced market scarcity,” as experts call it, creates upward pressure on the price.
The numbers are impressive: a whopping 25% of all circulating ETH, or 30.2 million coins, are now locked in staking contracts. This represents a significant surge of 600,000 ETH deposited between February 1st and 15th. And with an annualized reward rate of 4%, the incentive to join the staking party is only growing stronger.
But staking isn’t the only force propelling ETH forward. The potential approval of an Ethereum Exchange-Traded Fund (ETF) has also injected optimism into the market. Such a product would make it easier for institutional investors to enter the crypto space, potentially leading to significant inflows and price appreciation.
Furthermore, the recent Dencun upgrade on the Sepolia testnet, promising improved network performance and lower transaction costs, has been met with positive reactions from stakeholders. This could attract more developers and users to the Ethereum DeFi ecosystem, boosting its utility and ultimately driving demand for ETH.
Obstacles Ahead: ETH’s Journey Towards ,000
However, the path to ,000 isn’t without its obstacles. A major resistance level looms at ,850, where approximately 1.23 million addresses, holding a combined 578,000 ETH, bought in. These holders might be tempted to take profits as the price approaches their break-even point, creating a temporary hurdle.
Additionally, a price dip below ,500 could trigger panic selling among investors who bought at higher prices. While some experts suggest that such a scenario might be mitigated by “frantic last-minute purchases” to avoid losses, it underscores the inherent volatility of the cryptocurrency market.
IntoTheBlock’s global in/out of the money (GIOM) data further emphasizes this point. This data groups all existing ETH holders based on their historical buy-in prices. According to GIOM, the cluster of holders at the ,850 resistance level represents a potential selling pressure. However, if the bulls can overcome this hurdle, another leg-up towards ,000 and beyond becomes more likely.
Ultimately, while the short-term outlook for ETH seems promising, caution remains key. Investors should carefully consider their own risk tolerance and conduct thorough research before making any investment decisions. As with any market, past performance is not necessarily indicative of future results.
The next few days or weeks will be crucial in determining whether ETH can break through the ,850 resistance and continue its ascent towards ,000 and beyond.
Featured image from Adobe Stock, chart from TradingView
Moonland Inches Closer to NFT Airdrop Following Early Access Announcement
PRESS RELEASE. MoonLand, the groundbreaking social multiplayer metaverse game, is set to redefine the gaming industry with its revolutionary play-to-earn mechanism and immersive gameplay experience. By blending blockchain technology, web 3.0 principles, and the economy model of the metaverse, MoonLand aims to captivate a global audience of gaming enthusiasts.
Unlock Early Access with MoonLand’s NFT Airdrop
In a significant announcement, MoonLand unveiled its highly anticipated NFT airdrop. Aspiring players have the exclusive opportunity to sign the whitelist and secure their position among the first to receive coveted free NFTs. These unique tokens will not only grant early access to the game but also make participants eligible for a subsequent airdrop of 42 MTK (MoonLand Tokens).
MTK: The Native Currency Empowering MoonLand
Mooncoin (MTK), the native payment currency of MoonLand, serves as the lifeblood of the game. It enables seamless in-game purchases, incentivizes gameplay, and facilitates a vibrant value exchange ecosystem within the metaverse. By leveraging MTK, players will be able to unlock exclusive features, acquire virtual assets, and shape their digital identities within MoonLand’s vast virtual universe.
Mint MoonLand’s Airdrop NFTs and Embrace the Gaming Revolution
Members who secure a spot on MoonLand’s whitelist will have the unparalleled opportunity to mint the highly sought-after airdrop NFTs before they sell out. This unique collection of NFTs promises to provide early adopters with a distinct advantage, ensuring a thrilling head start in their MoonLand journey.
A Metaverse for the Masses
With over 400 million active metaverse users worldwide, MoonLand is poised to tap into the vast potential of this burgeoning market. By seamlessly integrating blockchain technology, traditional gaming concepts, and the principles of Web 3.0, MoonLand offers a one-of-a-kind gaming experience that will captivate players across the globe.
Embark on Your MoonLand Adventure
In MoonLand, players will immerse themselves in a rich and interactive gameplay environment. From creating and customizing their unique character avatars to owning virtual land and building thriving ventures, players will have endless possibilities to explore. Engage in epic battles, collaborate with friends, and unlock new horizons in the ever-expanding metaverse.
Join the MoonLand Revolution
The future of gaming has arrived, and MoonLand invites gamers and enthusiasts alike to be part of this extraordinary revolution. Secure your spot on the whitelist, claim your free NFTs, and embark on an adventure that will leave an indelible mark on the Web 3.0 gaming sector.
For media inquiries and more information, please see the pages below:
About MoonLand
MoonLand is a groundbreaking social multiplayer metaverse game that seamlessly blends the power of blockchain technology, web 3.0 principles, and the economy model of the metaverse. With a focus on play-to-earn mechanics and immersive gameplay, MoonLand aims to create an unparalleled gaming experience that captivates a global audience of gamers and metaverse enthusiasts. Visit [website] for more information.
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.
Tether’s Market Cap Inches Towards All-Time High as Competitors Struggle With Redemptions
Despite several U.S. dollar-pegged digital tokens experiencing notable redemptions in recent months, the largest stablecoin by market valuation, tether, is on the verge of achieving its highest-ever market capitalization. With a current value of .84 billion, tether is a mere 3 million shy of reaching its all-time high (ATH) set on May 8, 2022.
Stablecoin Tether on Brink of Record Market Capitalization
Approximately 370 days ago, specifically on May 8, 2022, tether’s (USDT) market capitalization soared to an all-time high (ATH) of .279 billion. It was during this period that Terra’s once-stable coin, terrausd (UST), became unpegged from its parity.
Following that event, tether’s market valuation experienced a decline, hitting a low of .36 billion on November 24, 2022, resulting in a loss of 21.51% of its total market capitalization.
Since then, tether’s market capitalization has experienced growth and is now inching closer to the ATH it achieved on May 8. As of the current date, May 13, 2023, tether’s market valuation stands at .84 billion.
Recent data reveals a notable 2.7% surge in the number of USDT in circulation over the past 30 days. Consequently, with the market valuation at .84 billion, the estimated count of circulating tethers on May 13 is approximately 82,797,235,449.
USDT’s competitors have experienced contrasting fortunes in recent months. Take usd coin (USDC), for instance, which has witnessed a decline of 6.5% in its supply over the past month. BUSD has encountered a loss of 17.4%, while Makerdao’s DAI has fallen by 6.9%.
On the other hand, while tether witnessed a modest 2.7% increase, pax dollar (USDP) saw a notable rise of approximately 13.8% within the same timeframe. Leading the pack in terms of supply growth over the past 30 days was GUSD, with the number of tokens soaring by 42.8%.
Although GUSD and USDP have experienced notable growth over the past 30 days, they pale in comparison to the colossal stablecoin giant, tether. Moreover, tether’s market capitalization of .84 billion constitutes a significant 7.09% share of the crypto economy’s total value of .16 trillion in USD.
Furthermore, as of May 13, the entire crypto market boasts a global trade volume of .79 billion, with tether commanding a substantial .41 billion of that volume. Since January 2, 2021, tether’s market valuation has skyrocketed by 290.754% over the last 861 days.
Will tether’s ascent to its all-time high mark a turning point in the stablecoin landscape? We want to hear your thoughts and insights. Share your perspective on the future of stablecoins and their impact on the crypto market in the comments section below.
Shiba Inu Gains 14% In Last 24 Hours As Shibarium Beta Launch Inches Closer
Shiba Inu, popularly known as the “Dogecoin Killer,” has been one cryptocurrency with a constant buzz around it in 2023.
According to data from CoinMarketCap, the second largest meme coin has gained a staggering 74.41% since the start of the new year as the crypto market continues its impressive recovery.
Much of the attention around Shiba Inu has been driven by the impending launch of Shibarium, a layer-2 network designed to reduce Shiba Inu’s reliance on the Ethereum blockchain by processing the larger portion of transactions involving all Shiba Inu-based tokens – SHIB, LEASH, and BONE – thus leading to higher throughput and lower fees.
In the latest development on Shiba Inu, the token has soared by 14% in the last 24 hours, outperforming every other coin in the top 40 crypto cryptocurrencies based on market cap values.
SHIB’s recent price rally occurred a day after the Unification Foundation, Shibarium co-developers, released an update on the layer-2 project, boosting the level of excitement among the “SHIB Army” – SHIB holders and loyal supporters.
At the time of writing, Shiba Inu is changing hands at .00001409, with a daily trading volume of ,138,725,144. Based on more data from CoinMarketCap,SHIB is ranked as the 13th largest cryptocurrency in the market, with a market cap value of ,735,163,773.
SHIB trading at .00001408 | Source: SHIBUSD chart on Tradingview.com
Shibarium Beta Launch Gets Closer
According to a medium blog post on Friday, the Unification Foundation gave a much-needed update on the Shibarium project, in which they stated the beta launch date is quickly approaching.
“Unification has always worked with projects we believe in, as architectural development support, and are proud to do so with our friends on this project. Given the scope, it’s foolish to rush, but work is progressing well, and although the public beta network is yet to be deployed, that day is rapidly moving ever closer,” read the statement.
Although the exact date of Shibarium’s launch date is yet to be mentioned by either the Unification Foundation or the Shiba Inu lead developer Shytoshi Kusama, many of the SHIB army predict it to be February 14.
Such speculations are rampant due to a cryptic tweet posted by Shytoshi, which is now deleted. The tweet read, “Quickly learning to play the flute before putting Shibarium in a heart shaped box with a bow.”
Another Shibarium update mentioned in Unification’s blog post is the successful testing exercise of the Oracle of Oracles (OoO) solution on the Shibarium alpha network.
Shiba Inu (SHIB) Price Prediction For 2023
According to PricePrediction.net, SHIB is expected to show an overall bullish trend in 2023. Based on their price forecasts, the meme coin could trade as high as .00001960, indicating a plausible 39.40% gain on the current market price.
Coincodex also predicts SHIB to maintain its current positive price pattern. By 2024, Coincodex anticipates SHIB could be trading with a market price of .00002005 if the token’s growth is similar to that of the projected internet evolution.
That said, these Shiba Inu price predictions should not be used for investment advice, as the crypto market movement remains subject to numerous forces which could result in heavy losses. However, considering its current market performance and the upcoming launch of Shibarium, Shiba Inu remains one of the most promising tokens of 2023.
Litecoin Basks In Green As LTC Inches Closer To $100 Mark
Litecoin starts February on a lovely note, as the second oldest cryptocurrency is all aglow in green. According to CoinGecko, the token has risen 34% in the monthly time frame with gains also being made in the weekly charts. This shows a gradual and steady climb towards its current resistance level.
The coin is known for being one of the most reliable cryptos in the market. According to BitPay, the oldest crypto payment platform, although Litecoin has not overtaken Bitcoin as a means of payment, LTC has become a must-have for crypto enthusiasts who want to transition from traditional finance to cryptocurrencies.
Collaboration With Major Companies
Litecoin is becoming more ubiquitous as Unbanked and Mastercard teamed up to launch the Litecoin Card. This card will be made available in both Europe and the United Kingdom with the potential to reach over 84% of Europe’s population. This can be a catalyst for widespread adoption of crypto not just in Europe, but in the world.
According to Christian Rau, Senior Vice President of Mastercard Europe’s Fintech and Crypto Enablement arm, the initiative comes as a way of giving customers a choice of how they want to pay or be paid with.
This isn’t Mastercard’s first foray in the world of crypto and DeFi. On Tuesday, news of Mastercard and Binance’s prepaid crypto card hit the market. This prepaid card, touted the “Binance Card”, would be released in the next few weeks.
Considering that Litecoin is now mostly used as a payment method, we might be able to see the coin rise more in fame as a mode of payment.
LTC At .57 – Is 0 Just Around The Corner?
The coin is currently moving upwards steadily, currently trading at .57, and up nearly 12% in the last seven days. LTC is currently sitting above its support. The consolidation of this support is expected to help the coin reach 0 or higher.
The recent development surrounding Litecoin’s new crypto card is also expected to have an effect on its price as it could drive demand upwards. With this in mind, investors and traders could settle long term comfortably.
LTC bulls should also watch the price movement of major cryptocurrencies as this could also have an impact on the coin’s price.
If the bulls are successful in breaking through the current resistance, we can see Litecoin revert back to May 2022 price levels which could give investors and traders more room for upwards growth.
For now, investors and traders can be cozy with their LTC holdings or accumulate as recent developments are showing signals of optimism.
Featured image by DayWallpaper
Crypto Market Cap Inches Closer To $2 Trillion, What To Expect From The Market
Crypto market inches closer to a trillion market cap with each rally. The total market cap had crashed following its peak back in May when the entire market saw a crash across prices. Since then, the movement of the market cap has wavered between slight recoveries and dips. The total crypto market cap had crashed to as low as .2 trillion at some point in June.
The market cap has now resumed its upward climb, seeing the price of top coins post tremendous gains in the market. Getting back up to trillion remains a big point for the market in general. The total crypto market cap has gained over 0 billion in the past three weeks. Culminating in the present market cap value of over .8 trillion.
Related Reading | Bitcoin Accumulation Patterns Shows Rally Might Only Be In Its Early Stages
Price Surge Following Trillion Market Cap
A price surge is sure to follow the crypto market hitting a trillion market cap. The last time the total market cap hit trillion saw the price of bitcoin pass K. With Ethereum shooting past ,000.
Total market cap nears trillion mark | Source: Crypto Total Market Cap from TradingView.com
Market cap numbers are calculated by multiplying the current circulating supply of an asset with the current price of that asset. The total crypto market cap is then gotten by adding up all of the market caps of the active cryptocurrencies in the market. This means that the higher the price of an asset goes, the higher the market cap of that asset.
By extension, this leads to an increase in the total market cap. As coins continue to see increasing prices, the total market cap is going to continue to grow, which, so far, has continued a steady climb towards trillion.
Crypto Getting More Valuable
As inflation rages through countries and wages, interest rates not going up to keep up with the inflation rate, individuals and institutions will continue to look for alternatives that will provide an adequate hedge against growing inflation. Investors have now turned their attention to crypto.
Coins like bitcoin have a deflationary nature which means that they are designed to become more scarce over time. With only 21 million coins programmed to ever go into circulation, bitcoin provides the perfect hedge against inflation. This has sent investors running into the crypto market to own a piece of an asset that will appreciate at a rate faster than the inflation rate.
Related Reading | Here’s What Happens To All Of The Crypto Assets The IRS Seizes
The new EIP-1559 release that sees ETH fees being burned instead of being rewarded to miners also puts Ethereum on a track to become deflationary. This has triggered renewed interest in ETH as one of the cryptocurrencies with the potential to help hedge against inflation over time.
Indicators continue to show that the total market cap will continue to rally following increased interest in the market. trillion continues to be the value target for the market.
Featured image from CoinMarketCap, chart from TradingView.com
NewsBTC
Crypto Market Cap Inches Closer To $2 Trillion, What To Expect From The Market
Crypto market inches closer to a trillion market cap with each rally. The total market cap had crashed following its peak back in May when the entire market saw a crash across prices. Since then, the movement of the market cap has wavered between slight recoveries and dips. The total crypto market cap had crashed to as low as .2 trillion at some point in June.
The market cap has now resumed its upward climb, seeing the price of top coins post tremendous gains in the market. Getting back up to trillion remains a big point for the market in general. The total crypto market cap has gained over 0 billion in the past three weeks. Culminating in the present market cap value of over .8 trillion.
Related Reading | Bitcoin Accumulation Patterns Shows Rally Might Only Be In Its Early Stages
Price Surge Following Trillion Market Cap
A price surge is sure to follow the crypto market hitting a trillion market cap. The last time the total market cap hit trillion saw the price of bitcoin pass K. With Ethereum shooting past ,000.
Total market cap nears trillion mark | Source: Crypto Total Market Cap from TradingView.com
Market cap numbers are calculated by multiplying the current circulating supply of an asset with the current price of that asset. The total crypto market cap is then gotten by adding up all of the market caps of the active cryptocurrencies in the market. This means that the higher the price of an asset goes, the higher the market cap of that asset.
By extension, this leads to an increase in the total market cap. As coins continue to see increasing prices, the total market cap is going to continue to grow, which, so far, has continued a steady climb towards trillion.
Crypto Getting More Valuable
As inflation rages through countries and wages, interest rates not going up to keep up with the inflation rate, individuals and institutions will continue to look for alternatives that will provide an adequate hedge against growing inflation. Investors have now turned their attention to crypto.
Coins like bitcoin have a deflationary nature which means that they are designed to become more scarce over time. With only 21 million coins programmed to ever go into circulation, bitcoin provides the perfect hedge against inflation. This has sent investors running into the crypto market to own a piece of an asset that will appreciate at a rate faster than the inflation rate.
Related Reading | Here’s What Happens To All Of The Crypto Assets The IRS Seizes
The new EIP-1559 release that sees ETH fees being burned instead of being rewarded to miners also puts Ethereum on a track to become deflationary. This has triggered renewed interest in ETH as one of the cryptocurrencies with the potential to help hedge against inflation over time.
Indicators continue to show that the total market cap will continue to rally following increased interest in the market. trillion continues to be the value target for the market.
Featured image from CoinMarketCap, chart from TradingView.com
NewsBTC