Based on a report by the National Post, Canada’s Revenue Agency (CRA) is actively searching for uncollected taxes on cryptocurrencies. The agency estimates that there is nearly million in undeclared taxes related to digital currencies. Concurrently, Prime Minister Justin Trudeau is proposing an increase in capital gains taxes from 50% to 66% for any […]
Bitcoin News
Potential Reprieve for Bitcoin Miners With Upcoming Difficulty Adjustment Following Record Hike
Bitcoin miners are set for a potential reprieve in three days, with the difficulty anticipated to decrease on Feb. 29. This follows the year’s most significant difficulty escalation of 8.24%, which occurred on Feb. 15. The upcoming adjustment is predicted to record a reduction of 2.5% to 3%, as block time intervals extend beyond the […]
Bitcoin News
Whales Go Wild: Cardano Transactions Surge 11% – Price Hike Incoming?
Cardano (ADA) staged a remarkable performance today, defying prevailing expectations and orchestrating a meteoric rise that propelled it from a relatively unassuming position to a prominent spot within the top 10 cryptocurrencies by market capitalization, courtesy of an impressive 3.6% rally.
While stalwarts like Bitcoin and Ethereum made incremental movements, Cardano distinguished itself with an unparalleled surge, surpassing its heavyweight counterparts and setting ablaze a bullish sentiment that swept across the crypto community.
Cardano Transactions Soaring
The unforeseen ascent of Cardano has left analysts scrambling for explanations, and a prevailing theory points to an upswing in whale activity. Insights gleaned from IntoTheBlock’s data reveal a staggering 11% surge in cumulative whale volume over the preceding 24 hours.
Whale Transaction Numbers Tell A Story
This surge translates to an astronomical .34 billion worth of Cardano changing hands among the titans of the crypto realm, dwarfing the transactional activity witnessed in other leading digital assets. In comparison, Ethereum recorded a comparatively modest .21 billion in whale transactions, and Dogecoin struggled to breach the billion mark, further underscoring the dominance of Cardano’s surge in whale participation.
The surge in Cardano’s whale activity not only fueled its impressive rally but also underscored the growing influence of large-scale investors within the cryptocurrency market. This unexpected turn of events has prompted speculation and discussions within the crypto community regarding the potential catalysts behind such substantial whale engagement.
These numbers tell a clear story: big bucks are betting big on Cardano. The number of whale transactions went from a respectable 5,080 on January 17th to a jaw-dropping 7,910 by the 19th. This sudden influx of institutional interest from deep-pocketed investors suggests a surge of confidence in Cardano’s future, propelling its price upwards and leaving other altcoins in its wake.
However, amidst the celebratory champagne showers, whispers of caution linger. Cardano’s price remains deeply tethered to Bitcoin, meaning a sudden BTC dip could drag ADA down with it. Additionally, with short-term profit-taking a constant threat, especially near the psychologically important .67 resistance level, a temporary pullback isn’t off the table.
But beyond the immediate price action, a bedrock of optimism underpins Cardano’s ascent. The development team continues to churn out impressive updates, with major advancements promised for the Proof-of-Stake network this year. From upcoming hard forks to innovative dApp implementations, these technological leaps could solidify Cardano’s long-term value proposition and attract even more whales to its welcoming shores.
Featured image from Pexels
Astar Makes History, Investors Celebrate 16% Price Hike – Here’s More
Astar ( ASTR), a parachain on the Polkadot ecosystem, has been making waves recently, not with flamboyant pronouncements, but with solid numbers and genuine growth.
Astar: A Community Blossoming
Astar has made a historic achievement, boasting an impressive 650,000-strong community of ASTR enthusiasts, showcasing its growing appeal within the Web3 space. This isn’t just passive fandom; a staggering 3.4 billion ASTR tokens, over 63% of the circulating supply, are staked within the ecosystem, demonstrating remarkable faith in the network’s future.
Astar isn’t chasing fleeting trends; its focus is firmly on tangible applications. Partnerships with industry giants like Toyota and the Japanese Railway operator are concrete steps towards integratingblockchain into real-world systems.
We’ve surpassed 650K Holders!
With over 3.4 billion ASTR staked to projects!
What are the key drivers to our growth, you ask?
Easy! Various teams being incentivized to build on Astar have introduced some exciting new products, as well as activities for their supporters… pic.twitter.com/TxjrzhZYT0
— Astar Network (@AstarNetwork) January 17, 2024
DeStore Network revamps customer branding, SFY Labs crafts immersive gaming experiences, and Kekkai bolsters Web3 security – these are just a few examples of Astar’s dApps actively bridging the gap between the theoretical and the practical.
Steady Growth
While ASTR enjoyed a 3.4% rise in the past 24 hours and a 15% surge over the week, its growth narrative isn’t one of manic swings. Astar’s price appreciation finds roots in consistent user adoption and ecosystem development, not speculative hype.
Astar 2.0: A Future-Proofing Play
The upcoming Astar 2.0 upgrade isn’t just marketing jargon; it’s a carefully planned evolution. Enhanced network functionalities aim to attract more developers and foster further user engagement, paving the way for ASTR’s long-term aspirations.
Astar’s narrative isn’t about pronouncements or promises. It’s about a network diligently carving its path in the Web3 landscape, one developer, one dApp, one staked token at a time.
The numbers speak for themselves – 650,000 community members, 3.4 billion staked tokens, and strategic real-world collaborations. Astar’s journey is far from over, but the groundwork for sustained success is undeniably being laid.
Featured image from iStock
Ethereum Whales Scoop Up $230 Million In ETH In One Week – Price Hike Next?
In the past week, some of the biggest Ethereum whales, those with holdings ranging from 1 million to 10 million ETH, have accumulated an impressive 100,000 ETH, valued at a staggering 0 million.
This active buying stance by influential investors highlights their unwavering belief in the long-term potential of Ethereum, even in the face of recent price corrections.
Despite the recent downtrend in prices, indications from recent Ethereum whale activities suggest a persistent confidence in a bullish market continuation.
Wealthy Traders Accumulate Millions In Ethereum
Subsequent to the promising start in the initial days of December 2023, various cryptocurrency assets, notably Ethereum, displayed robust performance.
Crypto whales have reportedly devoured hundreds of millions of dollars’ worth of Ether, the leading altcoin, during the past seven days, according to a well respected expert.
Some of the largest #Ethereum whales have been on a buying spree, scooping up over 100,000 $ETH in just the past week – that’s a whopping 0 million! pic.twitter.com/jWHY6MXDgs
— Ali (@ali_charts) December 16, 2023
On the social networking site X, cryptocurrency strategist Ali Martinez informs his 36,100 followers in a new thread that wealthy traders have amassed tens of thousands of Ethereum during the previous seven days.
Price rallies are usually the result of heavy purchasing demand from wealthy investors, and the recent whale accumulation indicates that this is the case.
On December 7, Santiment Feed connected a whale accumulation pattern to ETH’s surge, which culminated in a 19-month high over the ,350 price point.
As a rule, whale activity affects cryptocurrency asset prices. Recent activity among ETH whales indicates that a price rally may be approaching.
Although there is a lot of buying pressure in the market right now, caution is advised because the bottom could not have yet been achieved.
RSI And Stochastic Neutral, Ethereum Uncertainty
Relative Strength Index (RSI) and stochastic are both currently in neutral territory, according to data from CryptoQyant. There is still uncertainty regarding the market’s genuine bottom notwithstanding the buying activity.
We looked at the liquidation heatmap to try and estimate Ethereum’s possible support levels. Based on the analysis, there was a rise in liquidations in the ,140–,170 range.
This implies that before Ethereum’s price initiates its next bullish rebound, it is likely to drop below these levels. But in the event of a rally, Ethereum would have to overcome a significant resistance level close to ,380.
Ethereum’s near-term price changes are difficult to forecast because to the complex interaction of market indicators and liquidation data.
Meanwhile, the ,148 price mark appears to be the asset’s short-term support, according to an analysis of the ETH daily price chart. In order to increase the likelihood of one more rise before the end of 2023, bulls will hope that this level holds.
If there is a break below, it may indicate the construction of a more intricate bullish continuation chart pattern, similar to a bull flag. On smaller time frames, this pattern may resemble a descending channel and undermine expectations for another significant rise in 2023.
Ether and other cryptocurrency values are sensitive to a number of external variables, including generalized macroeconomic sentiment. Ethereum has already risen 81% year-to-date at its current price.
Featured image from Shutterstock
Injective (INJ) Rules Weekend Top 50 Crypto Ranking With 60% Hike – Here’s Why
The cryptocurrency known as Injective (INJ) has exhibited a remarkable increase in price, exceeding 900% since the commencement of the year, even in the face of a general downward trend in the digital currency market.
The price of INJ has remained unaffected by the extensive consolidation observed in the cryptocurrency market since Thursday.
On Friday, it had a 10% increase, reaching a trading value of .15. The current market valuation of the coin stands at over billion. This places the cryptocurrency at the 44th position in terms of rankings based on market capitalization.
Injective Nears Historical Peak Amidst Strong Partnerships
The interoperable Layer-1 blockchain, which facilitates the operation of decentralized finance apps (DApps) in the future generation, is approaching its historical peak value of .40, positioning it as one of the top-performing cryptocurrencies in the current year.
Prominent blockchain protocol Injective has the support of Dallas Mavericks owner and billionaire Mark Cuban.
At the time of writing, INJ was trading at .55, and registered a solid 59% increase in the last week, according to figures by crypto market tracker Coingecko.
The price range of Injective hit a peak value of nearly .8 during a 24-hour period. This represents the highest value observed in almost two years. The rise in the value of the token cannot be attributed entirely to the recent surge in Bitcoin prices.
The increase is also influenced by Injective’s efforts to strengthen its position in the market through its relationship with Google and the introduction of a new product by Helix exchange.
Unlike other blockchains like Ethereum, Solana, and Cardano, Injective’s focus is entirely on the financial industry. Provides developers with the tools they need to build dApps for a wide range of financial use cases, from lending and savings to derivatives trading and even oracles.
The Injective network is notable for its lightning-fast processing speeds and low transaction fees.
1/ Introducing Injective Nexus: Injective’s official data integration & availability on Google Cloud.
Now core chain data from the Injective network will be accessible in BigQuery through the Analytics Hub, Google Cloud’s exclusive data sharing platform.https://t.co/V5gOyvAQe2
— Injective
(@Injective_) October 24, 2023
Nexus Integration With Google Cloud Expands Accessibility For Users
The Injective development team made an announcement last week regarding the integration of “Injective Nexus” with Google Cloud. This integration signifies a major development, as it enables the larger mainstream world to access core chain data through the Analytics Hub in BigQuery.
The Google team said via a blog post:
“Google Cloud to date has only offered BigQuery datasets for major blockchain networks like Bitcoin and Ethereum […] now, Injective will become part of this prominent group of Layer-1 chains.”
Meanwhile, a bullish trend in the near and medium term is confirmed by a golden confluence in the Exponential Moving Averages (EMAs) on the daily chart. Moreover, the bullish crossover of the MACD lines supports this optimistic feeling and improves the picture.
Over 0 Million in $INJ is now staked making Injective one of the largest L1 networks by staked value
— Injective
(@Injective_) October 22, 2023
Moreover, the implementation of pre-launch futures for forthcoming tokens by Helix DEX, a decentralized exchange on Injective, has sparked considerable attention.
Injective witnessed a significant surge in staked INJ, surpassing the 0 million mark on Monday.
(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 Kate Trysh/Unsplash
Fed’s Powell Hints at Continued Elevated Rates; Fedwatch Tool Indicates Near-Certain Hike Next Month
Federal Reserve Chair Jerome Powell stressed on Thursday the U.S. central bank remains committed to bringing down inflation and will maintain restrictive monetary policy until prices cool. Speaking at the Economic Club of New York, Powell hinted that further interest rate hikes may be appropriate if price pressures persist.
Powell Signals for More Monetary Tightening as Fed Remains Focused on Inflation
In his remarks, Jerome Powell said inflation is still too high despite recent moderation. While headline and core PCE inflation have come down from their peaks earlier this year, the Fed chair said it is too early to be confident inflation will stay near the Fed’s 2% target.
“While the path is likely to be bumpy and take some time, my colleagues and I are united in our commitment to bringing inflation down sustainably to 2 percent,” Powell explained at the luncheon.
He further noted tightening financial conditions are putting downward pressure on inflation. But Powell warned persistent economic growth or tight labor markets could necessitate further policy tightening.
“Additional evidence of persistently above-trend growth, or that tightness in the labor market is no longer easing, could put further progress on inflation at risk and could warrant further tightening of monetary policy,” Powell told attendees.
The Fed chair stressed longer-term Treasury yields have risen sharply, tightening financial conditions. He said the central bank is monitoring these developments closely. “We remain attentive to these developments because persistent changes in financial conditions can have implications for the path of monetary policy,” Powell remarked.
The 10-year Treasury yield jumped to a 4.9% high this week hitting its highest level in 16 years. Since Powell’s statements, the CME Fedwatch tool shows a 99% chance a rate hike will occur next month. Investors expect the Fed will deliver another 0.25 percentage point rate increase at its November meeting.
Powell underscored the Fed’s unwavering commitment to reining in inflation, aiming for the central bank’s 2% target over the long haul. In essence, Powell conveyed that the Fed would be “policy restrictive until we are confident that inflation is on a path to that objective.”
Following his remarks, all four U.S. benchmark stock indices took a downturn. On the other hand, precious metals saw a modest uptick, while the crypto markets remained largely unfazed by the Fed chair’s pronouncements. The drop in U.S. equities was attributed to Powell’s speech in New York.
What do you think about Powell’s recent statements at the Economic Club of New York? Share your thoughts and opinions about this subject in the comments section below.
US Inflation Rises Beyond Projections: Markets Jittery, Rate Hike in Question
In September, U.S. inflation surpassed expectations, with the U.S. Bureau of Labor Statistics revealing a 3.7% year-on-year surge in the consumer price index (CPI), as per the latest data. While core inflation slightly decreased from 4.3% to 4.1%, market pundits anticipate that the U.S. Federal Reserve might hike the federal funds rate, given the persistent inflation trend.
Rising U.S. Inflation Sends Ripples Through Markets
The recent CPI data from the U.S. Bureau of Labor Statistics indicates that September’s inflation exceeded projections. The labor department noted, “The consumer price index for all urban consumers (CPI-U) rose 0.4 percent in September on a seasonally adjusted basis, after increasing 0.6 percent in August.” The U.S. agency added:
The index for shelter was the largest contributor to the monthly all items increase, accounting for over half of the increase. An increase in the gasoline index was also a major contributor to the all items monthly rise.
All four major U.S. stock indices took a hit on Thursday, with the crypto market shrinking 1.34% to settle at .04 trillion. Bitcoin (BTC) is now hovering below the K mark, shedding 4.4% in just a week. Meanwhile, gold and silver didn’t fare much better, tumbling after the U.S. Labor Department released its latest inflation data. Speculations are rife that the persistent inflation might prompt the U.S. central bank to hike up the benchmark interest rate.
Yet, there are skeptics in the mix. Andrew Hunter, Capital Economics’ deputy chief U.S. economist, shared his perspective with CBS, predicting a decrease in inflation. “There is nothing here that will convince Fed officials to hike rates at the next FOMC meeting, and we continue to expect a more rapid decline in inflation and weaker economic growth to result in rates being cut more aggressively next year than markets are pricing in,” Hunter said.
At precisely 10:00 a.m. Eastern Time on October 12, 2023, the CME Fedwatch Tool gave its forecast: the odds are stacked against a rate hike in the looming meeting, just 20 days away. An overwhelming 87.4% probability suggests the Fed will hold steady, while a mere 12.6% chance indicates a potential uptick of 25 basis points.
What do you think about the rise in U.S. inflation? Share your thoughts and opinions about this subject in the comments section below.
‘Soft Landing Is a Primary Objective’ — Federal Reserve Signals One More Rate Hike in 2023
Based on the U.S. Federal Reserve’s forecasts, it appears that the central bank is poised to enact an additional hike to the federal funds rate by the end of 2023. The news comes in the wake of the Federal Reserve’s decision to leave the interest rate unchanged during its recent gathering of the Federal Open Market Committee (FOMC). Jerome Powell, the chairman of the Federal Reserve, emphasized this week that the central bank’s strategy entails supporting “the policy rate and await further data.” He underlined the importance of maintaining a “restrictive policy” to achieve the desired goal of curbing inflation.
Powell: A Soft Landing Is What ‘We’ve Been Trying to Achieve for All This Time’
During the recent FOMC gathering, the U.S. central bank opted to maintain the status quo on interest rates. The FOMC’s official statement underlined the “sound and resilient” nature of the U.S. banking system, even in the face of tightened credit conditions affecting businesses and households nationwide. The central bank remarked, “Recent indicators suggest that economic activity has been expanding at a solid pace.”
Following the meeting, Jerome Powell, the Federal Reserve chairman, engaged with the media in a press conference to discuss the state of the U.S. economy. In a dialogue with numerous reporters representing various news outlets, Powell articulated his long-held belief in the feasibility of a “soft landing,” a conviction he has held since the emergence of inflation pressures. Powell further emphasized:
A soft landing is a primary objective. And I did not say otherwise. I mean, that’s what we’ve been trying to achieve for all this time. The real point, though, is the worst thing we can do is to fail to restore price stability, because the record is clear on that.
The U.S. central bank has unveiled its forward-looking projections, and Federal Reserve members have underscored the likelihood of the federal funds rate climbing to 5.6% by year-end. While approximately seven Fed officials voiced reservations about this rate hike, a consensus of twelve members is firmly in favor. Currently, the CME Fedwatch tool indicates that investors are foreseeing this increase materializing in December.
As of September 21, 2023, the Fedwatch tool registers a 68.6% probability of the rate holding steady, with a 31.4% chance of an upward adjustment at the forthcoming FOMC meeting in November. Two more Fed gatherings are scheduled for this year. Furthermore, following the Federal Reserve’s deliberations, the Bank of England and the Swiss National Bank have also elected to maintain the status quo on their interest rates. On Thursday, all four primary U.S. indices closed in negative territory, while the cryptocurrency market experienced a 1.4% dip over the course of 24 hours.
In the realm of precious metals, such as gold and silver, relative stability has prevailed following the FOMC meeting. Concurrently, lending rates in the United States have been facing substantial pressure, as reported by The Kobeissi Letter on Thursday, which noted that the “average interest rate on a 30-year mortgage rises to 7.59%, its highest since December 2000.”
“With interest rate cuts now no longer expected until September 2024, it is likely we see 8% mortgages soon,” Kobeissi posted to the social media platform X. “On top of the Fed holding rates higher for longer, US deficit spending is so large that .9 trillion in bonds are being issued over 2 quarters. This is flooding bond markets with supply and driving interest rates even higher. Currently, the median payment on a new home is nearing a record ,900/month. What’s the long-term plan here?”
What do you think about the Fed raising the federal funds rate one more time before the end of 2023? Share your thoughts and opinions about this subject in the comments section below.
Bitcoin Miners Navigate Record Challenges and August’s Dual Difficulty Hike
Bitcoin miners faced another uphill battle this month, marking the second straight increase in mining difficulty. On August 22, at block height 804,384, the difficulty surged by 6.17%. This fresh peak in Bitcoin’s difficulty sets a new record, intensifying the challenge for miners in securing block rewards.
Bitcoin Difficulty Jumps More Than 6% Higher
On August 22, 2023, Bitcoin’s network difficulty surged by 6.17%, setting a record at 55.62 trillion. This spike signals that miners will have to exert significantly more computational muscle to discover blocks. So far in August, there have been two notable shifts: a modest 0.12% increase on August 9, 2023, and the substantial 6.17% climb. Coupled with the recent dip in BTC’s value, miners are grappling with heightened challenges.
Yet, the network’s hashrate remains robust, hovering just above the 400 exahash per second (EH/s) mark. An average of 403.6 EH/s was recorded across the last 2,016 blocks, and the preceding epoch’s block time averaged 9:20 minutes. Impressively, as of Wednesday, blocks are being generated even faster, in 8 minutes, 52 seconds, suggesting that miners remain undeterred by the current turbulence. The network’s next anticipated difficulty adjustment is around September 4, 2023.
Recent data reveals that 459 blocks were produced over three days, all filled with transactions and zero empty blocks. Foundry USA leads the pack with a dominant 30.94% hashrate share, equating to 124.72 EH/s, and 142 blocks mined. Hot on the pool’s heels are Antpool and F2pool, commanding hashrate shares of 21.79% and 19.39% respectively. Average block sizes typically range between 1.6 and 1.7 million bytes among these pools. Additionally, transaction fees, as a slice of block rewards, remain consistent, floating between 1.4% and 1.91% across pools.
What do you think about the Bitcoin network’s latest difficulty increase? Share your thoughts and opinions about this subject in the comments section below.