At 8:12 p.m. ET on Friday, April 19, 2024, the Bitcoin network marked its fourth block reward halving at block height 840,000. Block 840,000 was mined by Viabtc, securing the notable ‘epic satoshi’ for the fortunate mining pool and a 3.125 BTC reward. The Halving Is Now Complete Bitcoin’s latest halving event occurred at block […]
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October’s NFT Market Contracts Over 21%, With Ethereum’s Share Shrinking by $35 Million
October proved to be a beneficial period for the broader crypto asset landscape; however, it cast a shadow on the non-fungible token (NFT) sector, witnessing a 21.64% dip in sales. Ethereum’s NFTs took the lion’s share, amassing 1 million out of the 3 million total, despite experiencing a 17.26% decrease in sales volume over the course of the month.
NFT Market Contracts in October
The non-fungible token (NFT) market has experienced a substantial decrease in value from its peak, paralleled by a considerable slump in sales. Data gathered by cryptoslam.io highlights a pronounced downward trend in sales starting from February 2023.
In the span of a month, from the close of September to the end of October 2023, the market saw 3.37 million in NFT sales. Nonetheless, the previous month’s sales stood at roughly 7 million, marking a decline exceeding 21% in just a month’s time.
Ethereum positioned itself at the forefront of NFT sales, amassing 1 million in October, which represented 54.63% of the entire month’s sales. Despite this lead, ETH-based NFT sales witnessed a 17.26% decrease compared to the previous month.
Mythos Chain emerged as the second most dominant blockchain in October’s NFT sales, experiencing a 10.76% increase from September, with sales totaling .90 million or 11.78% of the month’s aggregate.
Solana (SOL) contributed to 9.23% of the 3 million total with .91 million in sales. Ethereum, Mythos, and Solana were followed by Polygon with .26 million, Bitcoin with .75 million, and Immutable X with .12 million in NFT sales for October.
Polygon’s sales plummeted by 59.94% in comparison to September, whereas Bitcoin’s NFT sales rose by 11.72%. In contrast, Immutable X witnessed a 28.40% downturn in its October NFT sales relative to the previous month.
In terms of NFT collections, the largest in sales was Mythos’ Dmarket with .65 million, up 10.99% higher than September. Ethereum’s Bored Ape Yacht Club (BAYC) took the second spot with .44 million, an improvement of 50.77% higher than the previous month.
Coming in third is Immutable X’s Gods Unchained as it accrued .26 million in sales in October. However, Gods’ sales dropped 22.72% lower in October in comparison to September’s sales.
The Winds of Yawana NFT collection distinguished itself with the largest sales surge among the top ten collections in the previous month, boasting a 249.55% increase in October.
The most substantial transaction of the month took place on the Blur marketplace, featuring the sale of a Mutant Ape Yacht Club “Mega Zombie” for 9K. Following closely behind was the Immutable X-based NFT, Cross The Ages #223963, fetching 1K.
The trio of most expensive NFT sales in the concluding month stemmed from Bitcoin, Polygon, and Ronin. October showcased its priciest floor values from Cryptopunks, Nouns, and BAYC. Cryptopunks wrapped up the month with a floor value hovering around 46.87 ETH, while Nouns concluded October at approximately 37 ETH.
BAYC, enduring a downward trend for several months, finalized the month with a floor value near 30.48 ETH, equivalent to ,891, based on the prevailing ether exchange rates. Close on the heels of BAYC’s floor value, GEN1 Pass Holders occupied the fourth rank in terms of floor value, standing at 16 ether.
What do you think about the NFT sales in October? Share your thoughts and opinions about this subject in the comments section below.
Defi TVL Dips Below $40B Amidst Market Turbulence and Shrinking Confidence
After remaining above billion for much of 2023, the total value locked in decentralized finance, or defi, fell below the threshold on August 17, reaching .9 billion by August 22. Additionally, from August 13, the top 100 DeFi tokens have decreased by .74 billion in value over nine days.
Defi’s Rocky August: Value Retreats as Major Tokens and Platforms Face Declines
Five days back, when bitcoin (BTC) tumbled below the ,000 mark, numerous alternative cryptocurrencies witnessed substantial declines. This shook the defi sector, causing the total value locked (TVL) to retreat under the billion range, touching .965 billion. Since Aug. 17, it has remained under this benchmark and shed 0.92% in the past day.
Come Tuesday, Lido Finance remains the predominant defi protocol, boasting a TVL of approximately .916 billion. This represents 36.65% of the sum spanning 2,845 defi protocols. Yet, Lido’s TVL experienced a 7.78% contraction this week, mirroring a trend seen across the top 16 defi protocols by TVL. Compound Finance faced the steepest decline, with a 15.02% drop in a week, closely trailed by Makerdao’s 14.20% setback.
Assessing TVL by chains, Ethereum dominates, holding 57.75% market share, which translates to .823 billion spread over 892 distinct defi protocols. Tron chases Ethereum with its .20 billion, accounting for 13.77% of the collective .9 billion, distributed among 25 Tron-centric defi platforms. Binance Smart Chain (BSC) secures the third spot with .817 billion or 7.45%, succeeded in order by Arbitrum, Polygon, Optimism, and Avalanche.
A contrast from nine days prior shows the top 100 defi tokens, gauged by market cap, had a valuation of .08 billion. Today, that figure has dwindled to .34 billion. About .74 billion vanished from this top defi token bracket, with notable downturns observed in uniswap (-23.7%), the graph (-14.3%), aave (-14.9%), and synthetix network (-14.8%).
Linear and sushi encountered even sharper falls, with linear (LINA) plummeting 29.8% and sushi (SUSHI) dropping 25.5%. Tuesday, the combined global trade volume for these 100 Defi tokens is roughly .12 billion. Defi has grappled with instability for a stretch, witnessing a sharp erosion in both value and investor trust, especially post the Terra ecosystem collapse.
The downturn of FTX and the billions pilfered in defi breaches, scams, rug pulls, and hacks have further tainted its appeal, painting it as perilous and less enticing to many. Nonetheless, defi proponents are unwavering, asserting that defi’s potential to revolutionize the digital financial landscape by democratizing access and redistributing authority from centralized structures to individuals remains intact.
What do you think about the state of the decentralized finance economy today? Do you expect it to drop more or do you envision a rebound soon? Share your thoughts and opinions about this subject in the comments section below.
Circle Strategic Defense: $1 Billion War Chest Shields Against Shrinking Market Share
According to a Bloomberg report, Circle, a prominent player in the stablecoin market, strategically leverages its substantial cash reserves of over billion to weather fresh competition from non-crypto giants like PayPal.
The company’s market share of the second-largest stablecoin, USD Coin (USDC), has been declining, mainly due to factors such as Binance’s decision to reduce its usage of USDC.
However, per the report, Circle remains optimistic about the future of stablecoins and aims to stem the decline while exploring new revenue streams and global expansion.
Circle Relies On Billion Cash Cushion
The circulation of Circle’s USDC has witnessed a significant drop from billion to approximately billion this year, while Tether, the leading stablecoin, has experienced growth during the same period.
Circle attributes part of this decline to Binance’s reduced utilization of USDC to promote its native token. Increasing competition from non-crypto companies like PayPal further intensifies the challenges for Circle.
The company’s over billion cash cushion provides a significant hedge against market headwinds. The company generates revenue primarily from interest income on assets backing the USDC, including dollar deposits and short-term Treasuries.
According to Bloomberg, Circle’s strong financial performance is “evident,” with revenues exceeding 9 million in the year’s first half.
Adjusted earnings before interest, taxes, depreciation, and amortization (EBITDA) reached 9 million in the same period, exceeding the 2022 full-year figure of 0 million.
Circle’s CEO Remains Bullish On Stablecoins
While acknowledging the impact of “tail-risk events” on USDC adoption, Circle’s CEO, Jeremy Allaire, remains optimistic about stablecoins’ mainstream potential. Allaire believes that increasing competition, such as PayPal’s recent entry into the market, will drive more financial services and internet payment firms to embrace stablecoins.
Circle is actively pursuing partnerships to promote the broader adoption of USDC and plans to enhance transparency by regularly sharing financial reports. Moreover, the company has engaged Deloitte as its auditor.
Allaire anticipates that stablecoin issuers will face greater scrutiny and regulatory standards in the coming years. With regulators tightening control over stablecoins globally, he predicts that entities unable to meet these standards will be crowded out of the mainstream market.
Nevertheless, Circle remains confident in its ability to adapt and benefit from the evolving regulatory environment. Despite potential interest rate declines, Circle expects increased crypto activity, positioning the company for further growth.
Circle is leveraging its substantial cash reserves to navigate market challenges and competition from non-crypto players. Despite declining market share, Circle remains focused on expanding revenue streams, promoting wider adoption of USDC, and embracing transparent financial reporting.
With the regulatory landscape evolving, Circle aims to meet the highest standards and thrive in the stablecoin market, positioning itself for long-term success.
Conversely, USDC currently boasts a market capitalization of approximately .17 billion, securing its place as the sixth-largest cryptocurrency by market cap, according to CoinMarketCap data.
This figure represents a minute 0.37% of the total cryptocurrency market, indicating the stablecoin’s steady performance despite the highly dynamic nature of the crypto space. With a circulating supply of 26.17 billion USDC tokens, the stablecoin has established a robust presence in the market.
Furthermore, USDC’s trading volume has surged, reaching an impressive .03 billion in the past 24 hours. This substantial trading activity positions USDC as the fourth most actively traded cryptocurrency, evidencing its liquidity and attractiveness to market participants.
The 24-hour trading volume to market cap ratio stands at 11.59%, reflecting the strong liquidity and market depth of USDC, which further contributes to its stability and utility.
Featured image from Unsplash, chart from TradingView.com
How Shrinking Short-Term Supply Of Bitcoin Is Affecting The Asset’s Price
This year has been marked by numerous lows for bitcoin. The digital asset has seen yearly lows in the exchange reserves, transaction fees, and now, the short-term supply of bitcoin is down. The short-term supply has been shrinking for the past year. With declining volumes showing trends that have not been seen in the past five years. Given the low volume of bitcoin transactions, which has led to low transaction fees, only few bitcoins are moving around the network.
One And Three-Month Lows Show Shrinkage
Bitcoin is no longer being spent as it was in the past. One of the leading ideas behind the creation of the digital asset was so it could double as a currency, one which was not controlled by any one person or entity. Early adopters stuck to this initial vision. Using BTC for purchases where they can. Metrics show that in the past month, 6.8% of the asset’s total supply has been spent. While the three-month trend shows that only 15.8% of the total supply has been spent by investors.
Related Reading | Bitcoin Suffers As Mid Caps Cryptos Establish Market Dominance With Wide Margin
The three-month lows show the short-term supply of bitcoin is shrinking to 2015 lows. In the month of August, short-term supply hit a low of 6.75%. With a slight increase that only happened after the asset had recovered back towards the ,000 mark. But this did not last long. The supply per month is in a declining trend, indicating that subsequent months will also see shrinking short-term supply.
BTC supply has continually shrunk for the past three months | Source: Arcane Research
How Short-Term Supply Affects Bitcoin Price
Although low, the declining short-term supply of bitcoin does spell good news for the asset. It indicates that investors are still holding on to their coins, showing bullish sentiment amongst the investor community. It also shows that bitcoin’s recent gains have motivated investors to hold their funds. Instead of moving it onto exchanges to sell and cash out their gains.
Related Reading | New To Bitcoin? Learn To Trade Crypto With The NewsBTC Trading Course
With hold sentiment on the rise, it will play into the favor of BTC. The asset’s value is likely to rise with more investors holding their BTC bags. Increased sell pressure also motivates new investors to buy into the coins. Simultaneously motivating old investors to stay and ride out the low periods in wait for the bull markets.
BTC price trading above ,000 | Source: BTCUSD on TradingView.com
The current trends show declining short-term supply has happened when the asset has witnessed a crash or dip in its price. It is obvious that investors are taking advantage of these price dips to top up their bags. Panic selling has also dropped dramatically in the market with more understanding of price movements. Leading to more diamond hands in the market. Bitcoin, it seems, has entered the era of holding.
Featured image from Master The Crypto, chart from TradingView.com
NewsBTC
How a Shrinking Bitmain Could Destabilize Crypto Market Further
Bitmain Technology, the world’s largest crypto mining equipment manufacturing firm, is going to replace its chief operating officers Jihan Wu and Ketuan Zhan with a new appointee, reported the South China Morning Post.
The news follows months of speculation about Bitmain losing billions in the final quarter of 2018. Earlier in December 2018, the Beijing firm reportedly fired more than half of its staff, including a team which was working on the next Bitcoin Cash client. It also closed its blockchain research and development center in Tel Aviv, which it had launched in July 2018.
Bitmain has quietly laid off their entire Copernicus team (#Bcash GO client). Only 1 week notice. Some had just joined the company. Layoffs just in time for Christmas. #BitmainIPO @HKEXGroup @SCMPNews pic.twitter.com/Kt2Ce90sBW
— Samson Mow (@Excellion) December 23, 2018
In September, Bitmain had applied to list publicly in Hong Kong publicly. The state regulators reportedly rejected the billion IPO registration citing lack of regulatory guidance for the crypto companies.
Bitmain Bitcoin Wallet
Bitmain, as a bitcoin mining company, was doing reasonably well when the crypto market was bullish. When bitcoin price surged from ,000 to ,000, Bitmain started holding what they mined, according to their wallet report available at BitInfoCharts.com. Between February 2018 and April 2018, when Bitcoin had begun its descent, the company sold as much as 8,000 BTC. Since April, Bitmain BTC wallet maintained its balance, which also means that the company was selling coins soon upon mining.
As of January 11, 2019, Bitmain had .09 million worth of bitcoins in its wallet.
The wallet balance revealed that the world’s biggest bitcoin miner sold bitcoins when its price was falling and held it when it was rising.
Electron Cash, a Bitcoin SV wallet, also revealed a Bitcoin wallet address whose balance turned zero on the date of Bitcoin Cash hard fork. The company claimed that Bitmain owned the concerned wallet. Bitmain had announced that it would allocate a large amount of its hash power to support one of the Bitcoin Cash blockchains – Bitcoin Cash ABC – led by Roger Ver.
![](https://www.newsbtc.com/wp-content/uploads/2019/01/chart-2.png)
Bitcoin price started crashing on November 14 | Source: TradingView.com
By then, media reports had already revealed that Bitmain was facing financial losses up to 0 million. The crash in the crypto market had choked Bitmain’s source of revenue. If Bitmain wanted to support the Bitcoin ABC camp, then it would need fiat in its hands to pay for the mining resources. It was then the balance in the bitcoin wallet address mentioned above went to zero.
Bitmain Holds 8,490.61140142 Bitcoins
As Bitmain’s fiat balances shrink further, in the worst case scenario, the company could withdraw more of its digital currency assets to keep its fiat balances afloat. It currently holds a total of 8,490.61140142 BTC, which is 0.049% of the total mined coins. The bitcoin balance could be more, depending if Bitmain has other bitcoin wallets.
Bitmain’s earlier trading sentiments make it an investor that sells Bitcoin on the first sign of trouble. With its IPO rejection, the company is now more likely to explore newer funding options. But for a company which has control over 70% of the mining industry, their implosion is not good news for an average bitcoin investor.
The post How a Shrinking Bitmain Could Destabilize Crypto Market Further appeared first on NewsBTC.
Crypto Market Update: Tether Climbs The Table Amid Shrinking Market Caps
FOMO Moments
Crypto markets are sliding again; Bitcoin SV, EOS, Monero and Tezos getting hit.
Crypto markets are turning south again as minor gains get wiped out. Total market capitalization dropped below 0 billion during the morning’s Asian trading session as red dominates the charts at the moment.
Dropping a further 2.5% on the day Bitcoin is heading towards the next predicted support level around ,000. This will be absolutely crucial and a fall below it will spell a lot of pain. At the time of writing BTC had fallen to ,490 in a steady downward slide that has lasted almost two days.
Ethereum is back at and looking weaker by the moment as it too dumps almost 2% since the same time yesterday. ETH is back at May 2017 prices but heading down instead of up; further declines could see it get to very quickly.
Altcoins are all dumping again and the only winner in the top ten is Tether which has climbed the chart to fifth spot as market caps crumble. Bitcoin SV is dumping the most at the moment with a 7% slide back towards . EOS has also fallen over 5% as it jostles for position with BCH which has sunk back towards 0.
The top twenty five is equally as bleak with over 6% losses for Monero and Tezos. Iota and Ethereum Classic are the only altcoins not falling at the moment as they remain in the green, but only just.
Only one big fomo pump is occurring at the moment, the top performing coin in the top one hundred at the time of writing is WAX surging 30%. Bitcoin Private is not doing too badly with a gain of nearly 9%. There are quite a few at the painful end of the table dropping double figures right now and they include MOAC, Decentraland, Factom, and Decred.
Total crypto market capitalization has declined a further 3% on the day and is currently just above 0 billion. Since last Tuesday markets have dumped 12%, losing billion. There seems to be no end of new lows being made and the next one will be below 0 billion.
FOMO Moments is a section that takes a daily look at the top 20 altcoins during the current trading session and analyses the best performing ones, looking for trends and possible fundamentals.
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Bitcoin Price Analysis: High Volumes and Shrinking BTC/USD Trade Range Positive for Price
It’s not what maximalists want to see but for institutions to flock in then regulators must be in the picture. This is part of the reason why the launch of Bakkt Daily Bitcoin futures has been put off to Jan 24, 2019. Hopefully, if all requirements are met and goes live in Jan 2019 then BTC/USD prices would print higher recouping this year’s losses.
Latest Bitcoin News
Even in a system that is meant to thrive without oversight or government intervention, regulatory involvement is to some degree necessary as the technology steady. It is more so important when money is involved.
Interesting Read: Is CoinBase Trying to Disrupt Bitcoin’s Reserve Asset Status by Listing New USDC Pairs
Investors were expecting Bakkt Bitcoin Daily Futures to roll out in the next two weeks but with the regulators at play, ICE is now pushing their formal launch to Jan 24, 2019. Citing sharp interests from companies and the infrastructure needed for smooth execution, the CEO of Bakkt Kelly Loeffler said this delay shall “provide additional time for customer and clearing member on-boarding prior to the start of trading and warehousing of the new contract”.
Also Read: BlackRock to Wait Until Crypto Market is Legitimate before Offering ETF
ICE through Bakkt have ambitious plan to ensure that institutions as well as approved retail investors have a robust, compliant and transparent platform leveraging Microsoft’s cloud that can easily handle all pre-and post trade requirements. By extension this mean once operation kick-off, there shall be no margin trading. Buying and selling of cryptocurrencies shall be collateralized.
BTC/USD Price Analysis
Weekly Chart
Though BTC/USD prices are struggling against waves of sell pressure dropping 30 percent and 15 percent in the last week and day, prices could stabilize today. Notice that we have a small, lower wick indicating bulls in lower time frame.
But since prices are trading within a bear breakout pattern of last week, traders need a lot of convincing for them to change their bear preview. It is also likely that the capitulation of the last two days did cause an imbalance and bulls might work towards correcting that.
Nevertheless, from candlestick alignment, it is highly likely that BTC/USD bulls will thrust prices back towards the ,000–,500 zone before bears pick up driving back price lower. However, if we see prices rocketing past ,800 or this week closing with a long lower wick then we would most likely have a solid bottom in place.
Daily Chart
Cementing our brief bullish skew are yesterday’s high volumes—92k against 72k of Sep 19 and tight trading ranges–0 versus 0. With a visible lower wick, it is likely that buyers will shore prices and lead to a consolidation in coming days as equilibrium is struck. Because of this we recommend both set of traders to take a neutral stand and even buy in on every dip with first targets at ,000.
All Charts Courtesy of Trading View
Disclaimer: Views and opinions expressed are those of the author and aren’t investment advice. Trading of any form involves risk and so do your due diligence before making a trading decision.
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