Coingecko experienced a data breach on June 5, compromising the personal information of nearly 2 million users. The breach occurred through its third-party email platform, Getresponse. Third-Party Email Platform Breach Hits Coingecko On June 5, 2024, Coingecko detected unusual activity on its third-party email marketing platform, Getresponse. An attacker had compromised a Getresponse employee’s account, […]
Bitcoin News
Tether (USDT) Cap Approaches $90 Billion: Why This Affects Bitcoin
Data shows that the Tether (USDT) market cap is almost billion. Here’s why this growth could matter for the price of Bitcoin.
Tether Market Cap Has Continued To Observe A Rise Recently
Tether is a cryptocurrency pegged to the US Dollar, meaning its price remains stable around the mark. The asset is the most famous such “stablecoin” in the sector, with its market cap outstripping any other stable’s.
As the market intelligence platform IntoTheBlock pointed out, the largest stablecoin supply has only continued to grow recently. The chart below shows the trend in the market caps of the various stablecoins in the cryptocurrency sector over the past year.
As displayed in the above graph, Tether has observed an overall uptrend during the past year, while USD Coin (USDC), the next largest competitor, has observed outflows as its market cap has fallen.
The chart also puts into perspective how small the other stables are when compared to these two assets, making them perhaps insignificant for the wider market.
What relevance does a large stablecoin like Tether have for Bitcoin and other coins in the sector? The answer to that question lies in what the stablecoins represent.
Generally, investors make use of stables whenever they want to avoid the volatility associated with the other assets in the sector. The holders keeping their capital locked in these fiat-tied tokens usually plan to return towards the volatile side, however, as they would have gone for fiat itself if they wanted to keep away from cryptocurrency altogether.
When such investors finally move back towards coins like Bitcoin, they naturally put buying pressure on their prices. For this reason, the supply of stablecoins could be considered the “potential buying supply” for BTC and others.
There are two ways the USDT market cap grows. The first is an influx of fresh capital directly going to the asset, which is naturally a bullish development as it means the total capital in the sector goes up.
The second is through a swap from another coin like Bitcoin. In this case, the overall capital present in the sector wouldn’t change, as it’s just a reshuffling, but whatever asset is being sold in favor of the stablecoin would naturally see some decline.
The most bullish scenario for the market is, therefore, when both the BTC price and Tether market cap head up, as it implies, a fresh influx of capital is happening towards both the coins.
As analyst James V. Straten explained in a post on X, the correlation between the USDT market cap and BTC has almost hit 100% during this latest rally, as both have shot up.
The USDT market cap continuing to grow in these circumstances is certainly an optimistic sign for the current rally, as it means that all this dry powder that’s accumulating could potentially be deployed into Bitcoin should the surge slow down, helping extend the move further.
BTC Price
Bitcoin had breached the ,000 mark earlier in the past day, but the asset has since seen some pullback as it’s now back around ,800.
Shibarium Network Lull – How It Affects The Future Of BONE
Shibarium, the highly anticipated layer-2 solution for the SHIB army, finally became functional on Aug. 28, following a rocky launch plagued by technical issues that drew scorn from the broader cryptocurrency community. The launch promised a new era of efficiency for SHIB holders who had eagerly awaited this solution for over a year.
However, recent data paints a troubling picture of Shibarium’s current state, with a steep decline in user engagement and network activity levels reminiscent of its early days of operation.
Data from the Shibarium explorer reveals a significant drop in user engagement. On Nov. 6, Shibarium recorded a mere 9,740 transactions, a stark contrast to the network’s peak on Sept. 11, when daily transactions surged to over 202,000. This decline raises concerns about the project’s long-term viability and whether it can deliver on its promises of scalability and efficiency.
Shib Name Service (SNS) Launch
The decline in new address counts on the chain appears to be closely tied to the drop in daily transactions. This trend persists despite the introduction of Shiba Inu’s “Shib Name Service” (SNS) on Oct. 30.
SNS, a decentralized naming service, allows users to create human-readable addresses for their Shibarium wallets. While the SNS launch aimed to enhance user experience and accessibility, it has not been able to reverse the declining user engagement on the network.
Impact On BONE Price
Shibarium’s struggles are not limited to user engagement; they are also affecting the price of the native token, BONE. As of the latest data from CoinGecko, the current price of BONE stands at .734137, with a 4.0% increase in the last 24 hours and a 2.5% rise over the past week.
On the token’s spot market, most participants have been distributing their BONE holdings, which is evident from the momentum indicators on a 24-hour chart. Selling pressure is outweighing accumulation, which is concerning for the token’s future value.
Shibarium’s failure post-launch raise several concerns within the cryptocurrency community. The project’s inability to maintain the initial momentum following a challenging launch is a red flag for investors and enthusiasts. The decline in user engagement, even after introducing user-friendly features like SNS, suggests that the core issues surrounding Shibarium’s technical infrastructure need attention.
@ShytoshiKusama has been selling stuff to shibarmy and amassing their own wallet.
More talk than action, since shib became successful, everything he has done has been a failure (shiboshis, land, Shibarium and sns) Fuk— Mefam (@0xMefam) November 1, 2023
The dwindling user base has a direct impact on the value of BONE, with selling pressure dominating the market. To regain its footing, Shibarium will need to address the technical issues, improve its user experience, and regain the trust and enthusiasm of its user base.
Shibarium, which held significant promise as a layer-2 solution for the SHIB community, is currently facing a critical test of its long-term viability. The decline in user engagement and its effect on BONE’s price indicate that the project has some challenges to overcome. Investors and enthusiasts will be watching closely to see if Shibarium can bounce back and fulfill its potential.
(This site’s content should not be construed as investment advice. Investing involves risk. When you invest, your capital is subject to risk).
Featured image from Taokinesis/Pixabay
Bitcoin Price Update: Profit Taking Affects Current Market Movements
The Bitcoin price range has become significantly more subtle over the last several years as it has grown in popularity as a cryptocurrency. It is currently valued at ,398.83 as of Sunday.
On Saturday, the BTC/USD exchange rate increased by 7.07%. Bitcoin ended the day at 414, up 3.54% from Wednesday’s low.
According to analysts, investors are in profit taking mode this week, rapidly eroding daily gains and capping the market at around the 45K level.
Bitcoin fell to an intraday low of ,917.4 Saturday morning before recovering. Late in the day, a new high of ,598 was set, surpassing the previous high of ,284 set earlier in the day.
Despite concerns about the global economy and rising inflation, investors are attracted to Bitcoin’s (BTC) price movement.
Quick Bitcoin Price Analysis
Bitcoin would have to avoid a break below the pivot level of ,841 in order to activate the first major resistance level at ,765.
The crypto would require broad market support to break out of this new swing high of ,945. Unless there is a sustained crypto rally, any upside is likely to be limited by the first major resistance level at ,000.
If the pivot level at ,841 is breached, the first major support level at ,084 comes into play.
However, barring a prolonged crypto sell-off, Bitcoin should avoid falling below ,000.
BTC/USD price at 258 on the daily chart | Source: TradingView.com
Related Reading | Making Money in Bitcoin Markets? Don’t Forget About Crypto Taxes
The world’s most popular crypto would require broad market support in order to overcome the recent swing high of ,945.
The first critical barrier level and resistance at ,000 is likely to prevent further gains until crypto assets experience a sustained rise.
In the event of a prolonged crypto rally, Bitcoin may test the second major resistance level at ,522. If the pivot point at ,841 is breached, the first significant support level at ,084 will be tested.
On the other hand, unless there is a significant crypto sell-off, Bitcoin should avoid falling below ,000. The ,161 mark is the second significant level of support.
Bitcoin Forecast
Though Bitcoin appears to be recovering, it is still a long way from its November all-time high of ,000. Despite the recent price decline, Bitcoin remains more than twice the value it was just a few years ago.
Meanwhile, despite the volatility and recent price drops, many analysts believe it will eventually surpass the 0,000 mark.
However, there are divergent views on when and how this event would occur. When it comes to bitcoin, experts advise novice investors to exercise caution when deciding whether to invest a percentage of their assets in cryptocurrency.
Bitcoin’s price has risen at a similar rate to that of other cryptocurrencies over the last several years. How much Bitcoin’s value will increase over time is a legitimate concern for investors.
Related Reading | Bitcoin Steadies Above k, US Inflation Comes In At 7.5% Year Over Year
Featured image from TechCrunch, chart from TradingView.com
NewsBTC
Cardano Sees Over 40,000 Smart Contracts Deployed 4 Days After Alonzo HFC, How This Affects The Price
Smart contracts have become a reality on the Cardano network after September 12th. After the Alonzo Hard Fork Combinator launch, developers could now go ahead and start creating smart contracts on the ecosystem. This would aid in developers creating decentralized applications (DApps) to provide decentralized finance (DeFi) services to the users of the blockchain.
With the number of smart contracts that have been created on the network, it is no doubt that we are about to witness an influx of new decentralized apps on the network. The project has said that they are supporting developers in bringing their projects to life on the platform. By making the Cardano ecosystem as safe and developer-friendly as it possibly could. The developers, in turn, have shown their confidence in the network with the number of smart contracts already live on the ecosystem.
Related Reading | Cardano Founder Charles Hoskinson Says He Wants To Eliminate The Need For CEOs And Presidents
Cardano Sees Over 40K Smart Contracts In Four Days
The first day after the launch was completed saw over 100 smart contracts created in the first 24 hours. This number in itself was impressive. But the subsequent days have shown an even accelerated timeline for the creation of these smart contracts. Thursday 16th September marks the fourth day after the Alonzo HFC and the current count for the smart contracts on the network now sits at almost 41K.
While most of these smart contracts are not going into effect now, developers are creating them in a bid to lock their tokens ahead of the release of their decentralized applications. It evidences the number of projects developers are already working on to bring to the Cardano ecosystem. With the rise of decentralized finance still continuing, and as more people move away from other leading smart contracts platforms in favor of a cheaper and faster alternative like Cardano, more protocols are expected to launch their smart contracts on the network.
Related Reading | New To Bitcoin? Learn To Trade Crypto With The NewsBTC Trading Course
Currently, these smart contracts are in a timelock contract, effectively locking them up for a specific period of time until the developers are ready to make use of them. This will provide the developers the time they need to develop their protocols while having secured their smart contracts for their uses ahead of time.
How This Affects This Price
The effect of this many smart contracts being created on the Cardano blockchain may not be apparent immediately. But there is no doubt that the rate at which the smart contracts are being created will have long-term positive effects on the price of its native asset ADA.
ADA price trending around .4 | Source: ADAUSD on TradingView.com
The rise of decentralized finance has been one of the major driving forces behind Ethereum’s success, and most recently, Solana’s success. In the same way, DeFi protocols on the Cardano blockchain will also effectively increase the value of its token. This is because once these decentralized applications are up and running, users will need to use ADA to carry out transactions on the blockchain.
Whereas users do not necessarily need to hold ADA coins, they will need to be purchased to trade and pay for transaction fees. This will create demand for the coin, in the long run, leading to a higher value of the digital asset.
Featured image from Decrypt, chart from TradingView.com
NewsBTC
Number Of Short-Term Bitcoin Holders Hits All-Time Low, How This Affects The Price
Bitcoin has been doing good lately in the market. The digital asset broke the K price point earlier this week, before seeing a slight retracement down to K. This has been driven by a number of factors in the market. Growing interest is at the top of the list. As the price rallies, a number of interesting things have been happening in the Bitcoin space, ranging from holding patterns to the duration of the hold.
Recent data shows that the number of short-term bitcoin holders has declined to new lows. Most investors are now just holding their coins and not moving them out of their wallets. This is happening regardless of where the price of BTC is at any moment. A record of approximately 84% of the total bitcoin supply has not been moved in three months. This timeline coincides with the end of the last bull rally that saw the asset hit a new all-time to the present rally.
Related Reading | South African Man Loses 0,000 Worth Of Bitcoin After Accidentally Deleting Keys
Investors Moving Bitcoin Out Of Exchanges
A bull rally that would usually lead to an accelerated rate of sell-off is now having the opposite effect. Instead of investors clamoring to sell off their coins and take profits as the price goes up, data shows that investors are hoarding their coins. This is apparent in the inflows and outflows from cryptocurrency exchanges.
Related Reading | Crypto Market Goes Into “Extreme Greed,” What This Means For Bitcoin
Mounting buy pressures is now the order of the day as long-term holders have refused to move any of their bitcoin holdings. With over 80% of total supply barely moved, demand has now exceeded supply in the market, which has led to growing BTC prices. The accumulation patterns show that long-term holders are just taking shares from short-term holders to add to their stash.
Short-term BTC holders are down | Source: Twitter
This is leading to scarcity in the digital asset that will see buy pressures continue to go up while sell pressures drop. Outflows from crypto exchanges show that investors are accumulating and consolidating their BTC holdings for the long term.
Tides Are Changing, And So Are Hands
The past couple of years has seen bitcoin investors change their investment strategy in the market. Before, the predominant investing pattern was to buy the asset, hold for a period of time, then sell off during a bull rally. This has been the case for previous rallies. These patterns always plunged the market into a long bear stretch following a bull market.
BTC price corrects down below K | Source: BTCUSD on TradingView.com
But as the market has evolved, investors are evolving with it. The potential of BTC no longer is a short-term profit grab. Instead, coins are being held for the long term. Bitcoin’s growth over the years has shown that the asset is still only in its early stage of growth. So the next couple of years will most likely see the digital asset post bigger gains.
The number of weak hands in crypto is decreasing by the day. More investors are turning towards holding for the long term. Bitcoin now has more diamond hands in the market than there are weak hands.
Featured image from USA Today, chart from TradingView.com
NewsBTC
The Zapier of Blockchain and How It Affects B2C Professionals
Apps have taken over our lives. An average American has over 80 apps on their phone and spends over 2 hours on those apps each day. These apps are impressive. They can do incredible things, making our lives increasingly simpler with each update. They can talk to our cars, our tv’s and even our homes. But they can’t do one important thing. Talk to each other.
Bits and pieces of information are spread out across the 80 various apps that we use. For example, some apps like LinkedIn contain primarily professional experience, including skills, endorsements, and resumes. Other social network apps are better for adding mass numbers of contacts but aren’t synced with LinkedIn. Upwork has professional reviews of your work posted by clients. Then there are the freelancer websites that contain the work you’ve done. Even your email can have valuable information, but it’s only viewable to you.
All of this information is valuable. Especially if you’re a freelancer or anyone trying to drum up more business. Because this information is valuable, too much valuable time is spent managing the information across the multiple platforms when it should be spent actually doing the work that brings in money. Plus, you’re subject to those platforms and how they share and use your information. The user has virtually no control.
One Integrated Platform With All Your Professional Experience
Dock.io, a blockchain based network is providing a solution to these problems. Their solution is simple, connect all these apps through one central network. Through Dock.io, you can update information on any connected website and it will automatically be transferred to every other connected app.
Dock.io helps save time by connecting your information, experience, and reviews from all your apps on a single network. The Dock.io protocol provides all the necessary categories to put your best professional foot forward. The profile feature allows you to sync all of your professional skills, qualification and work experience. You, the owner are given access to modify all of the information. Plus, the information must be verified by a third party, providing complete trust that all of the information is validated and true.
Your reputation is vital in finding new clients, and the Dock.io protocol allows your reviews to be managed and shared across your apps. This makes building and maintaining your reputation easier and more impactful.
The last primary feature of the Dock.io protocol is the network. Connections are everything in business, and Dock.io allows your professional relationships to be imported, accessed and modified across your apps. Best of all, this network is available at your fingertips, through the use of its own mobile application.
How Dock.io Works: The DOCK Token
Dock.io is different from other app connecting networks because it operates on Ethereum’s blockchain. Ethereum (ETH) is the popular cryptocurrency whose blockchain allows decentralized apps (DAPPS) to be built upon it and enables use of its smart contract technology. Dock.io is one such application.
The Dock.io network is powered by its token, DOCK. As a crypto token, DOCK will have a monetary value associated with it, incentivizing users to access and share their data. Users have the ability to vote on new proposals and the future development of the platform. The token is also used when apps want to access data on their platform. Conversely, apps are rewarded with tokens when they create a new point of data on the platform.
The Dock.io platform is also secure and trustworthy. To ensure this, the token is only transferred when a third party app accepts the data that is created. This ensures that users aren’t exaggerating or lying about their professional history, which would give them an unfair edge in the hiring process.
Dock.io can change the way freelance workers find business. It saves valuable time by integrating all your professional information from multiple apps into a single platform. It allows a running resume to be maintained and continually updated, providing potential clients the most up to date information on your work. This, along with its trustworthy validation process provide a new way for freelancers to find work.
The post The Zapier of Blockchain and How It Affects B2C Professionals appeared first on NewsBTC.