Digital asset investment products have experienced unprecedented inflows, totaling .05 billion this past week alone, pushing the year-to-date figures to a record .9 billion. This surge, highlighted in a recent Coinshares flows report, marks a continuous three-week rise, signaling strong investor confidence and a landmark year for digital assets. Bitcoin Leads Digital Asset Inflows Coinshares‘ […]
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Bitcoin Miner Cleanspark’s Net Income Tops $126.7 Million in ‘Record-Breaking’ Quarter
In the first quarter of 2024, Cleanspark, a U.S. bitcoin mining company listed on the stock market, reported revenues exceeding 1.8 million. The company’s net income for the same period was 6.7 million. Gary A. Vecchiarelli, the CFO of Cleanspark, partially attributes the company’s “record-breaking” performance to the surge in bitcoin prices. Impact of Bitcoin […]
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Record-Breaking Q1 For Polkadot: Daily Active Addresses Hit 514,000 As DOT Price Surges 7%
According to a Messari report, the Polkadot (DOT) blockchain protocol made significant progress in the first quarter (Q1) of the year in terms of market capitalization, revenue, and Cross-Consensus Message Format (XCM) activity, as well as a record increase in daily active addresses.
DOT’s Market Cap Surges 16% QoQ
During Q4 2023, Polkadot’s market capitalization experienced a notable 111% quarter-on-quarter (QoQ) increase, reaching .4 billion. Building on this momentum, Q1 2024 witnessed a further 16% QoQ rise, elevating the circulating market cap to .7 billion.
Despite these gains, DOT’s market capitalization remains 80% below its all-time high of .5 billion, set on November 8, 2021.
In Q4 2023, Polkadot’s revenue also skyrocketed by 2,880% QoQ, amounting to .8 million. Per the report, this surge was primarily attributed to an exponential increase in extrinsics, driven by the Polkadot Inscriptions.
However, revenue metrics for Q1 2024 declined significantly on a QoQ basis, with revenue in USD dropping by 91% to 1,000 and revenue in DOT decreasing by 92% to 28,800. It is worth noting that Polkadot’s revenue tends to be relatively lower compared to its competitors due to the network’s structural design.
Polkadot’s XCM activity continued to show growth in Q1 2024. Daily XCM transfers surged by 89% QoQ to reach 2,700, while non-asset transfer use cases, known as “XCM other,” witnessed a 214% QoQ increase, averaging 185 daily transfers.
The total number of daily XCM messages grew 94% QoQ to 2,800, demonstrating the network’s dynamic ecosystem. In addition, the number of active XCM channels grew 13% QoQ to a total of 230.
Polkadot’s Parachain Network Soars To New Heights
Q1 2024 marked a significant kick-off to the year for Polkadot’s parachains, with active addresses reaching an all-time high of 514,000, representing a substantial 48% QoQ growth.
Moonbeam emerged as the leading parachain with 217,000 monthly active addresses, a solid 110% QoQ increase. Nodle followed closely with 54,000 monthly active addresses, doubling from the previous quarter.
Astar on the other hand, experienced a modest 8% QoQ growth to reach 26,000 active addresses, while Bifrost Finance grew slightly by 2% QoQ to 10,000 addresses. However, Acala experienced a decline, with monthly active addresses falling to 13,000, down 16% QoQ.
Notably, the Manta Network stood out among parachains in Q1 2024, with a significant surge in daily active addresses, reaching 15,000. According to Messari, this increase was fueled by the successful launch of the MANTA token TGE and subsequent listing on Binance, propelling Manta’s Total Value Locked (TVL) to over 0 million.
Polkadot Price Sees Upside Potential Ahead
In terms of price action, Polkadot’s native token DOT has regained bullish momentum following a sharp drop to the .8 price mark after reaching a yearly high of on March 14.
Currently, DOT has regained the .25 level, up 7% over the past week. However, DOT’s trading volume decreased slightly by 4.7% compared to the previous trading session, amounting to 0 million over the past 24 hours, according to CoinGecko data.
If the bullish momentum persists, Polkadot faces its first resistance at the .4 zone, which serves as the last threshold before a potential retest of the resistance wall.
On the other hand, the .4 support floor has proven to be successful after being tested for two consecutive days this week, highlighting its significance as a key level to watch for the token’s upward movement prospects.
Featured image from Shuttestock, chart from TradingView.com
Record-Breaking GBTC Outflows Send Bitcoin Down 14% To $62,000
As reported by Fortune Magazine, the cryptocurrency market has been experiencing significant volatility as Bitcoin (BTC) has experienced a sharp decline that has had a domino impact on other cryptocurrencies. The recent drop in the price of Bitcoin, coupled with outflows from Grayscale’s GBTC, has raised concerns among investors.
Bitcoin Sees 14% Correction From ATH
Bitcoin suffered a 14% drop since reaching its all-time high (ATH) of ,700 last week, briefly touching ,483 on Tuesday morning. However, it recovered and stabilized around ,900, just below the ,000 mark.
The decline was attributed to record outflows of over 0 million from Grayscale’s Bitcoin Trust (GBTC). In comparison, other spot Bitcoin ETFs saw inflows of less than 0 million, resulting in a net outflow of million on Monday, according to Bloomberg ETF expert James Seyffart.
This outflow from GBTC, combined with the cautious sentiment surrounding the Federal Open Market Committee (FOMC) meeting in the US, has had a significant impact on Bitcoin’s performance.
As recently reported by NewsBTC, investors exhibited caution ahead of the FOMC meeting, closely monitoring the potential changes in interest rates. Recent higher-than-expected inflation data, as indicated by the US Consumer Price Index (CPI) and Producer Price Index (PPI), dampened expectations of interest rate cuts.
According to Fortune, the CME FedWatch Tool projected a 99% likelihood of rates remaining unchanged, further affecting market sentiment. Per the report, investors were keen to gauge the Federal Reserve’s stance on monetary policy, contributing to the cautious trading environment.
In the same context, the Bank of Japan raised its key interest rate from -0.1% to 0% to 0.1% in response to rising consumer prices. This was the first rate increase in 17 years.
Crypto Futures Traders Take A Hit
The drop in Bitcoin’s price had a cascading effect on other cryptocurrencies. Major altcoins like Ethereum (ETH) and Solana (SOL) experienced significant declines of 8.1% and 12.5% over the past 24 hours, respectively.
Meme coins, including Floki Inu (FLOKI), Bonk Inu (Bonk), and Dogecoin (DOGE), also suffered losses of 34%, 28.5%, and 24.8%, respectively, during the past week.
The decline in cryptocurrency prices resulted in over 0 million worth of liquidations for traders of crypto futures. Traders who had leveraged positions betting on higher prices faced significant losses. Most of these liquidations occurred on Binance, totaling 2 million, followed by OKX at 0 million.
Despite its price correction, BTC retains substantial gains of over 26% and 132% in the past thirty days and year-to-date timeframe, respectively.
Featured image from Shutterstock, chart from TradingView.com
Real.Casino Celebrates Bitcoin’s Record-Breaking Rally with a $5,000 Giveaway: Your Chance to Shine in the Crypto Spotlight
In the wake of Bitcoin’s exhilarating climb to surpass ,000, marking a new milestone in its storied journey, Real.Casino announces a celebratory ,000 giveaway. This event is not just a celebration of Bitcoin’s latest achievement but also an invitation to the broader community to engage with the cryptocurrency ecosystem in a meaningful way. As the […]
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Marathon Mines Record-Breaking 4 MB Bitcoin Block Linked to Runestone Airdrop
During bitcoin’s extraordinary price peaks in March, this week saw the mining of the biggest block by byte size, with Marathon’s mining pool producing a 3.99 megabyte (MB) block. This block, labeled as 832,849, carried a message linked to the Runestone airdrop. Bitcoin Blockchain Witnesses Unprecedented 4 MB Block Over the recent weekend, Marathon, a […]
Bitcoin News
Bitcoin Dips Are For Buying: BTC Sees Record-Breaking Accumulation
Bitcoin is currently experiencing a retracement after rising to as high as ,000 on February 20. This recent dip has, however, not deterred Bitcoin whales, with these investors rather seeing it as an opportunity to accumulate more of the flagship crypto token.
Inflows To Accumulation Addresses Hit All-Time High
Ki Young Ju, the founder and CEO of the on-chain analytics platform Crypto Quant, revealed in an X (formerly Twitter) post that inflows into accumulation addresses have reached an all-time high (ATH) of 25,300 BTC. Young then highlighted the significance of this occurrence as he elaborated on what accumulation addresses are.
These accumulation addresses are said to have no outgoing transactions and have a balance that exceeds 10 BTC. Accounts belonging to centralized exchanges (CEXs) or miners are also excluded from this category of wallet addresses. Meanwhile, these addresses have received more than two incoming transactions, with the most recent occurring within the last 7 years.
Simply put, these addresses are the most bullish on Bitcoin and can be regarded as the ultimate ‘Bitcoin Diamond Hands.’ This development further highlights the growing accumulation trend as more investors continue to stack up their BTC holdings ahead of the next bull run, which is projected to begin after the Halving event.
Interestingly, inflows into accumulation addresses hitting an ATH coincides with Michael Saylor’s statement that he doesn’t plan on selling any of his company’s Bitcoin anytime soon. According to the tech executive, “Bitcoin is the exit strategy.” Saylor’s MicroStrategy is reported to hold 190,000 BTC BTC at the moment.
Spot Bitcoin ETFs Also See Record-Breaking Day
Bloomberg analyst Eric Balchunas noted in an X post that the newly listed Spot Bitcoin ETFs (referred to as ‘The Nine’) recorded their biggest volume day since Day one of launch. These funds are said to have seen about billion in combined trading volume.
Balchunas further mentioned that this achievement was largely thanks to “big contributions” from VanEck ($HODL), WisdomTree ($BTCW), and Bitwise’s ($BITB) Bitcoin ETFs, which all broke their personal records. VanEck’s Bitcoin ETF, in particular, saw more than a 14x increase in its daily average.
Highlighting how explosive this was, Balchunas revealed that VanEck Bitcoin Trust ETF recorded 50,000 trades on February 20. Meanwhile, this same fund had only seen just 500 trades on February 16. Interestingly, the Bloomberg analyst noted that these trades were more likely from retail investors rather than a single “big investor.”
At the time of writing, Bitcoin is trading at around ,500, down in the last 24 hours, according to data from CoinMarketCap.
Tether’s ‘Record-Breaking’ Q4 Profit Partly Attributed to Gold and BTC Price Appreciation
In the last quarter of 2023, Tether Holdings Limited registered a “record-breaking net profit of .85 billion.” Overall, the stablecoin issuer’s net profit in 2023 topped .2 billion. Tether’s secured loans (.8 billion), which are collateralized by highly liquid assets, were “fully covered by the undistributed accumulated profits known as excess reserves (.4 billion).”
Bitcoin and Gold Price Appreciation Contribute to Tether’s Record Profit
According to Tether Holdings Limited’s latest consolidated reserves report (CRR), the stablecoin issuer recorded a record-breaking net profit of .85 billion in the fourth quarter of 2023. Of this, billion was generated from interest on Tether’s U.S. treasuries holdings, while the remainder was primarily from the appreciation of gold and bitcoin reserves.
Overall, Tether’s net profit in 2023 was .2 billion, with approximately billion representing the net operating profits generated by U.S. Treasuries, Reverse Repo, and Money market funds. The remaining .2 billion was generated by other asset classes.
In addition to the positive financial performance, Tether Holdings Limited also experienced an all-time-high increase in excess reserves, which rose by .2 billion to close at .4 billion. As a result, Tether’s secured loans (.8 billion), which are collateralized by highly liquid assets, are “fully covered by the undistributed accumulated profits known as excess reserves (.4 billion).”
Commenting on the stablecoin issuer’s financial performance and the latest BDO attestation, Paolo Ardoino, the CEO of Tether, said:
Tether’s Q4 attestation underscores our commitment to transparency, stability, and responsible financial management. Achieving the highest percentage of reserves in Cash and Cash Equivalents reflects our dedication to liquidity and stability. The substantial net profits generated not only in the last quarter of the year but throughout the year, amounting to .2 billion, showcases our financial strength.
Ardoino also touted Tether’s investment in sustainable energy, bitcoin (BTC) mining, artificial intelligence (AI), and peer-to-peer technology as evidence of his firm commitment to an inclusive financial future.
What are your thoughts on Tether Holdings’ latest financial performance? Let us know what you think in the comments section below.
Hedera (HBAR) Shines: Record-Breaking 164 Million Daily Transactions, Market Cap Reaches $2.9 Billion
Hedera (HBAR), the open-source Proof-of-Stake (PoS) blockchain network, has made significant strides in the fourth quarter (Q4) of 2023, according to a recent report by Messari. The network’s performance showcased notable growth in key metrics, outpacing the crypto market.
Hedera Outpaces Crypto Market With 78% QoQ Increase
During Q4 2023, Hedera’s circulating market cap experienced a 78% quarter-over-quarter (QoQ) increase, reaching .9 billion. This growth surpassed the overall crypto market’s growth rate of 54%, signifying Hedera’s growing influence. The year-on-year (YoY) change for HBAR stood at 211%, reflecting the network’s progress and adoption.
In the same line, Hedera Network’s revenue witnessed a substantial 59% QoQ increase, amounting to .6 million in Q4 2023, primarily driven by a 66% QoQ surge in transactions, notably propelled by the Hedera Consensus Service.
Furthermore, the revenue generated from Token and Smart Contract Services contributed approximately 14% of the total revenue, exemplifying a healthy distribution in Hedera’s revenue streams.
With a fixed total supply of 50 billion HBAR, Q4 2023 saw 33.6 billion HBAR, or 67% of the total supply, in circulation.
The quarterly distribution of HBAR, reported through the Hedera Treasury Management Report, anticipates an additional 10% of the total supply to be unlocked in Q1 2024, including new ecosystem grants.
While the number of addresses experienced a decline in Q4 2023, with average daily active addresses decreasing by 22% QoQ to 6,600 and average daily new addresses dropping by 39% QoQ to 5,200, there was still substantial YoY growth. Active addresses were up 90% YoY, and new addresses witnessed a 123% YoY increase.
Hedera Network achieved a new record in transaction volume for the sixth consecutive quarter, with an impressive daily average of 164 million transactions in Q4 2023, marking a 66% QoQ surge. The Hedera Consensus Service remained the primary driver of this activity, accounting for 99% of all transactions on the network.
DEX Trading Volume Skyrockets 164% QoQ
In Q4 2023, the Hedera network reported 28 billion HBAR staked, representing 85% of the circulating and 56% of the total supply.
Entities such as Swirlds and Swirlds Labs played a significant role in staking their HBAR allocations, and the Hedera Treasury supported validators in meeting the minimum staking threshold for network consensus.
The Hedera network’s Total Value Locked (TVL) demonstrated positive growth, reaching million by the end of 2023, reflecting a significant YoY increase of 169%. The TVL denominated in HBAR reached 733 million, indicating a 16% QoQ and YoY increase. Interestingly, Hedera’s TVL ranked among the top 40 blockchain networks.
Moreover, Hedera Network experienced a 164% QoQ increase in average daily decentralized exchange (DEX) trading volume, reaching .3 million, an all-time high. SaucerSwap dominated DEX trading volume on the Hedera network, accounting for most of the trading activity, as seen in the chart below.
Lastly, the stablecoin market cap on the Hedera network grew by an impressive 73% QoQ, culminating in a year-end total of .3 million. Circle’s USDC stood as the sole stablecoin available on Hedera.
The network’s rank in the stablecoin market cap among blockchain networks improved by four spots QoQ, solidifying Hedera’s position in the stablecoin market.
Under current market conditions, the price of HBAR stands at .0736, showcasing substantial growth in the past 24 hours, with a 5% increase.
Featured image from Shutterstock, chart from TradingView.com
Bitcoin Reigns Supreme in NFT Market With Record-Breaking $853 Million in December Sales
In November, Bitcoin clinched the leading position in monthly non-fungible token (NFT) sales, and interestingly, this month Bitcoin continued to retain its top status, amassing a total of 3 million in sales.
NFT Sales Surge: Bitcoin Holds Top Spot With Unprecedented December Rise
Although NFT sales have declined in the past week, falling over 35% from the previous week, December witnessed a record-breaking .7 billion in NFT transactions. This marked an increase of more than 69% compared to November’s figures, with Bitcoin continuing to dominate NFT sales across blockchains. Moreover, BTC-based NFT sales soared 127.63% above the chain’s November totals, according to cryptoslam.io statistics.
In December, Bitcoin’s NFT sales reached 3 million, while Ethereum’s NFT sales totaled 4.79 million. BTC-focused NFT sales outpaced ETH’s, being 2.34 times greater in December. Solana secured the third spot with about 5.14 million in NFT sales, experiencing a 312% increase from November’s Solana-centric NFT figures. Following the top three, Polygon and Arbitrum were the subsequent leading blockchains in NFT sales.
The highest-valued NFT transaction of December featured a digital copy of Vincent Van Gogh’s Self-portrait, 1888 (Van Gogh’s painting #216), which commanded a price of .19 million. Ethereum hosted the sale of Frxethredemption Ticket #33, bringing in 8,433 this month. Additionally, Cardano’s Deep Vision #05128 fetched 1,750, while BNB’s Lockdealnft #91 garnered 9,824. Completing the list of December’s five most costly NFTs was Solana’s Boogle #009, selling for 4,209.
Out of the top ten NFT collections in terms of sales, seven of them derive from the Bitcoin blockchain. Solana’s Tensorians took the fifth position in terms of sales and the chain’s Mad Lads collection held the eighth spot. Arbitrum’s Sentry Node collection took the ninth position this past month. In December there were 11,290,812 NFT transactions between 469,389 sellers and 600,744 NFT buyers.
As Bitcoin secures the top spot in NFT sales for November and December, amassing impressive figures, the crypto community watches with bated breath. Will this be a sustaining trend or a fleeting moment of dominance in the NFT world? Only time will tell if Bitcoin can maintain its lead or if the tides will turn, reshaping the landscape of NFT sales in the blockchain world.
What do you think about the NFT sales in December? Share your thoughts and opinions about this subject in the comments section below.