According to a house listing from Dallas, Texas, a crypto mining house is for sale in a residential neighborhood. The brick home is equipped with all the necessary supplies to start a data center, including a fully integrated liquid immersion system. High-Tech Crypto Mining Home for Sale in Dallas Neighborhood A newly listed home on […]
Bitcoin News
Join Bitcoin BuildCon: Problems to Be Solved Next Week for Unique Insights on Development in Bitcoin
PRESS RELEASE. Date: 18th June, 2024 Time: 13:00 UTC Location: Online Bitcoin BuildCon by Fibration Network is back with a new entry. This time, the event is focused on bringing together the fragmented Bitcoin community, connecting key BTC players in the US and Asia, and finding out what the industry needs today. Bitcoin BuildCon is […]
Bitcoin News
JayX Launches Unique LK Trading Contest: Win Big Even with Losses
PRESS RELEASE. JayX, a leader in blockchain innovation, is thrilled to announce the LK Trading Contest, a novel event designed to engage traders of all levels with its unique dual prize structure. Running from May 20, 2024, 10:00 UTC to June 20, 2024, 9:59 UTC, this competition celebrates both high performers and those who face […]
Bitcoin News
Ark Invest’s ETF Holds Unique ‘Bitcoin Puppet’ NFT Worth Over $27,000
According to onchain metrics, Ark Invest’s holdings in its spot bitcoin exchange-traded fund (ETF) include several inscriptions, among them an Ordinal inscription from the “Bitcoin Puppet” digital collectible series, valued at ,900. Similarly, Blackrock’s IBIT possesses an Ordinal inscription from the “Speculum Aeternum” non-fungible token (NFT) collection. Spot Bitcoin ETFs Are Holding Unique NFT Inscriptions […]
Bitcoin News
Report: Ethereum and Solana Showcase Unique Market Dynamics in Recent Altcoin Trends
In the dynamic world of crypto markets, recent trends have illuminated intriguing divergences in the altcoin market, particularly between ethereum and solana, relative to bitcoin. A comprehensive report published by Glassnode, an onchain analytics firm, delves into this phenomenon.
Altcoin Dynamics Altered: Ethereum and Solana Lead Post-ETF Era
In the latest edition of Glassnode’s “The Week Onchain,” Alice Kohn’s research, published on Jan. 23, 2024, highlights ethereum’s (ETH) standout performance, marked by a notable surge in derivatives market activity, and the impressive journey of solana (SOL), especially post-bitcoin exchange-traded fund (ETF) approval. Ether has recently outshone bitcoin, recording its strongest performance since late 2022. Kohn’s report notes a surge of over 20% in ethereum’s value relative to bitcoin, coinciding with a revitalized interest in ethereum’s derivatives market.
This resurgence, signaling a potential shift in capital flows, has led to increased speculation about a forthcoming spot-based ethereum ETF. However, despite these gains, ethereum still trails behind the broader altcoin market in terms of momentum, underperforming by 17%. Solana, on the other hand, has charted a different course, Glassnode’s report details. SOL witnessed exceptional price performance last year, despite setbacks linked to its association with FTX.
SOL has significantly outperformed ETH in this period, with the SOL/BTC ratio increasing by 290% since October 2023. Interestingly, unlike ETH, solana’s price did not experience a significant revaluation following the BTC ETF approvals, as Glassnode’s Kohn suggests a divergent market response to broader sector movements. The broader altcoin market, as a whole, has seen nearly a 69% increase in market cap since the filing of the Blackrock Bitcoin ETF.
On Jan. 14, 2024, Bitcoin.com News highlighted that blockchaincenter.net’s Altcoin Season Index indicated the commencement of altseason. The index continues to declare it is “altcoin season,” with the leading 50 coins outperforming BTC in the previous season (90 days). Glassnode’s Kohn emphasized that the trend is primarily driven by tokens related to ethereum scaling solutions such as Optimism, Arbitrum, and Polygon. Staking and Gamefi tokens also outperformed BTC in the early stages of 2023, indicating a varied appetite for risk across different altcoin sectors.
Kohn’s research stresses the importance of these developments: “The approval of the new bitcoin ETFs has become a classic sell-the-news event, leading to a tumultuous few weeks in the market.” Glassnode says that ethereum has emerged as the short-term winner, with investors recording a multi-year high in net realized profits. This suggests a growing willingness to engage in speculative activities, particularly concerning an ETH ETF and capital rotation.
What do you think about Glassnode’s report concerning altered altcoin dynamics in the crypto market? Let us know what you think about this subject in the comments section below.
Spot Bitcoin ETFs Wage Fee War as Bitwise Charts Unique Path
In a strategic bid to dominate the emerging spot Bitcoin ETF market, financial giants like Blackrock and Invesco/Galaxy unveil aggressive fee cuts, while Bitwise takes an innovative philanthropic approach.
Spot Bitcoin ETFs Gear Up for Fierce Competition With Low Fees, Teaser Rates, and More
Leading up to the SEC approval deadline, spot Bitcoin ETFs, including industry giants Blackrock and Fidelity, began disclosing competitive fee structures, signaling the intensifying race to attract investors.
Blackrock said in its Jan. 8 S-1 filing that it will start with a 0.2% fee for its initial billion assets in the first year, rising to 0.3% thereafter. In contrast, Fidelity opted for a slightly higher fee of 0.39%. Bitwise, which first filed for a spot bitcoin ETF five years ago, has the lowest normal fee among the current group of ETFs at 0.24%. Others are pushing the envelope with extreme teaser rates.
Invesco/Galaxy announced a deal to charge 0% for the first billion for six months, followed by a regular fee of 0.59%. Similarly, ARK and its custodian 21Shares is offering a 0% fee for the first six months or until it reaches billion in assets, with its regular fee rising to 0.25%. These competitive rates are indicative of the sector’s high stakes, where early advantages could determine long-term market dominance.
Grayscale has taken a very different approach. Grayscale, converting its bitcoin trust (GBTC) into an ETF, disclosed a planned 1.5% annual fee, a reduction from its current 2% but still 100 basis points higher than its competitors. This positioning, which seems uncompetitive given the aggressive fee strategies of its rivals, appears to be relying on Grayscale’s volume and liquidity.
Experts in the field, such as Nate Geraci of The ETF Store and James Seyffart at Bloomberg, view these developments as a victory for investors. Geraci, President of The ETF Store, highlighted the benefits for investors with fees below the 40 basis points threshold. In an X post, Seyffart exclaimed:
Honestly. These fees are sooo low and the ETFs will trade ABSURDLY tight (penny wide bid-ask spreads) and without any commissions on most platforms. Don’t be surprised when the fee war leaks out beyond just the ETFs
While most ETFs have thus far focused solely on fee competition, Bitwise is doing something to distinguish itself. While their ETF boasts the lowest normal fee, their newest strategy involves announcing they will contribute 10% of the Bitwise Bitcoin ETF’s profits to support Bitcoin open-source development. Beneficiaries include Brink, Opensats, and the Human Rights Foundation.
Bitwise will donate 10% of the profits of the Bitwise Bitcoin ETF (ticker: BITB) to bitcoin open-source development.
Recipient orgs:
– @BitcoinBrink
– @OpenSats
– @HRFBitcoin is important to the future. We’re excited for $BITB to support its foundation
pic.twitter.com/JMzd4bMOB9
— Bitwise (@BitwiseInvest) January 10, 2024
Bitwise’s strategy will likely appeal to people who care about bitcoin as an important new asset, but it seems less effective at attracting speculators. It will be interesting to see if a substantive number of investors in traditional finance are persuaded by this, or if they will overwhelmingly seek out more familiar names, such as Blackrock and Fidelity.
If you were to invest in one of these ETFs, would Bitwise’s pledge to bitcoin open-source development persuade you to invest with them? Share your thoughts and opinions about this subject in the comments section below.
Unique Fair Pricing Model Puts XRP Price Higher Than Bitcoin, Here’s How Much
New research from financial analysts at Valhil Capital suggests the XRP price is far undervalued than what it should be. Analysts have developed pricing models that put the value of XRP way higher than its current price of .5853, possibly even surpassing Bitcoin.
According to the research paper from Valhil Capital, which evaluated six distinct pricing models, XRP’s price should not be trading for less than a dollar but somewhere between .81 and 3,000.
Research on XRP’s Fair Value
It’s been well established that the XRP price has been held back over the past few years in large part due to the ongoing lawsuit between Ripple Labs, the company behind the cryptocurrency, and the SEC. This legal uncertainty made many crypto exchanges and investors hesitant to buy and trade XRP, leading to the cryptocurrency being left behind during the 2021 crypto market bull run.
Unlike most cryptocurrencies, which aim to replace the traditional method of banking, XRP was designed by Ripple to help banks move money quicker and cheaper than current methods. Using this transaction function of XRP and its use as a store of value, Valhil Capital created six different valuation models to determine XRP’s fair market value.
The first model, called the Pipeline Flow Model, considered XRP’s function as a mode of transaction as well as a store of value, putting its fair value in this case at ,541. The second model called the Athey and Mitchnick Model, also used the transaction and store of value function to put XRP’s current fair price at ,813.
The next two models looked at the transaction function alone. These models, named the 99-Year Golden Eagle Model and the Discounted Cash Flow Model, determined XRP’s fair market price to be ,368 and ,036, respectively.
Using XRP’s function as a store of value, the last two models, called the Collaterization Model and Quantum Liquidity Model, determined XRP’s current fair market price to be far above the price of Bitcoin, putting it at 2,580 and 3,518 respectively.
Current State Of The XRP Price
XRP trading has since resumed on US-based crypto exchanges, as the cryptocurrency has been deemed not to be a security by a federal judge. Despite its challenges with the SEC since 2020, the cryptocurrency has grown to become the 5th-largest in terms of market cap.
Some of XRP’s fair market prices determined by Valhil Capital might seem extravagant, but some of them resonate with current predictions and sentiment in the XRP community. On-chain data has shown that whale and shark investors have increased their holdings in the past few days. On the other hand, Ripple’s latest periodic release of 1 billion XRP tokens from escrow could potentially reduce this ongoing buying pressure.
At the time of writing, the XRP price is trading at .6006, up by 8.94% in a 7-day timeframe.
Latam Insights: Venezuela and Argentina Leverage ‘Unique’ Crypto Use Cases, Brazilian Congress Advises Indicting CZ
Welcome to Latam Insights, a compendium of Latin America’s most relevant crypto and economic news during the last week. In this issue: Venezuela and Argentina use crypto uniquely, according to Chainalysis; the Brazilian Congress recommends indicting Binance CEO Changpeng Zhao, and the Argentine peso keeps falling to record lows.
Chainalysis: Argentina and Venezuela Present Unique Crypto Use Cases
According to a recent article referencing Chainalysis 2023 Geography of Cryptocurrency Report, Venezuela and Argentina use crypto uniquely to tackle their particular issues. Argentina is leveraging crypto to fight the breakdown of its currency, which has reached record lows recently. For Argentines, cryptocurrency (especially stablecoins) presents an opportunity to save in dollars, preserving their purchasing power.
Alfonso Martel Seward, Head of Compliance & AML at Lemon Cash, stated:
We have really high inflation, and there are lots of restrictions against buying foreign currencies. That makes crypto a valuable option for saving. As crypto adoption has grown, lots of people here will now get their paycheck and immediately put it into USDT or USDC.
Also, in the Venezuelan case, Chainalysis explained that crypto is used to fight authoritarianism, enabling remittances to reach Venezuelans and providing refuge against hyperinflation. Leopoldo Lopez, a former Venezuelan opposition leader now in exile, detailed:
Venezuela has had one of the worst-ever hyperinflation rates at over 1 million percent. Cryptocurrency, particularly stablecoins, has helped many Venezuelans overcome this.
Furthermore, he remembered when a crypto-enabled system allowed more than 65,000 doctors and nurses to receive direct aid in 2020 amid the COVID crisis.
Brazilian Congress Advises Indicting Changpeng Zhao
Binance might be heading to another legal battle, as a committee of the Brazilian Congress has recommended the indictment of four Binance officials, including Binance CEO Chagpeng “CZ” Zhao. The committee, comprised of 28 members of the lower chamber of Congress, also called the country’s securities and exchange regulator (CVM) to investigate the exchange for its alleged “repeated violation of the securities market rules.”
Binance stated that it will go to “great lengths” to collaborate with the committee responsible for the investigation, stressing that it “strongly rejects any attempts to make Binance a target or even expose its users and employees with allegations of bad practices without any proof, amid competitive disputes given the company’s leadership position in Brazil and in the world.”
Argentine Peso Likened to Excrement Before Hitting Record Lows
The Argentine peso kept losing value this week, hitting record lows after presidential candidate Javier Milei compared it to excrement. In a radio interview, Milei invited people to save in foreign currency, stating:
The peso is the currency issued by the Argentine politician and therefore cannot even be worth excrement, because that garbage is not even useful for fertilizer.
These statements prompted the filing of two legal complaints against Milei, who was accused of causing the fall of the national currency to 1050 pesos per dollar in its “blue” informal exchange rate.
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Worldcoin Value Plummets 24% in Week Amid Increase in Unique Addresses, Strong Hold by Top Wallets
In the course of the previous week, the value of worldcoin (WLD) against the U.S. dollar has plummeted by 24.6%, while a broader view of the past fortnight reveals a decline of 21.4%. Simultaneously, five days ago when the contract recorded 408,721 unique addresses in possession of WLD, the figure modestly rose by 14.61% or roughly 59,745 wallets.
Worldcoin Users Claim 15.82 Million WLD, Unique Addresses Rise 14% in Five Days, Market Value Struggles
Worldcoin’s activity is still on an upward trajectory, with 2.2 million individuals having registered to scan their irises. To date, the data reveals that 15,825,757 WLD have been successfully claimed by users.
As the rate of these claims accelerates, a two-week market analysis confirms a loss of 21.4% against the greenback and a decline of 24.6% over the last seven days. Worldcoin’s price achieved an all-time high 18 days ago, but since that pinnacle, it has tumbled 48.18% from the .30 high that was marked on July 24, 2023.
Trading at a current rate of .71 per WLD, the coin now stands at 2.85% above its all-time low of .66, also recorded on that same day. A mere five days ago, Bitcoin.com News covered WLD’s 148% upswing in unique addresses, and this figure has further escalated by 14.61% since the report was published.
At present, the WLD smart contract reveals that 468,466 addresses are clutching WLD. Worldcoin manages two smart contract addresses, holding 55.4380% and 17.3248% respectively. These two wallets, under Worldcoin’s command, collectively seize 72.7628% of the holdings. Binance, the manager of the third largest wallet, controls 12,095,562.94 WLD, or 6.7623% of the circulating supply, at the time of this writing.
A closer examination of the top 100 WLD holders reveals that they jointly possess 94.27% or 168,611,629.94 of the total WLD supply. The coin is also witnessing activity on decentralized exchange (dex) platforms, with the peak number of WLD swaps having transpired on August 8, 2023.
Yet, as of August 11, Binance stands out as the most active exchange for swapping WLD, with the leading trading pair being WLD/USDT, boasting a trading volume of ,373,919 in the last 24 hours. Other cryptocurrency exchanges contributing to the WLD trading momentum include Okx and Bitget.
While the count of unique addresses and WLD claimants continues to swell, it’s worth noting that distribution still rests predominantly in the grasp of a select few, encompassing Worldcoin’s wallets and a substantial array of market makers.
What do you think about the worldcoin supply and its current distribution? Share your thoughts and opinions about this subject in the comments section below.
While Worldcoin Sees a 148% Surge in Unique Addresses, the Top 20 Wallets Command 94% of WLD Supply
Worldcoin’s native cryptocurrency, worldcoin (WLD), has oscillated in value between .69 and .13 per token throughout the preceding 12 days, peaking at .30 per coin on July 24, 2023. The number of individual addresses possessing WLD under Worldcoin’s umbrella has surged by more than 148%, escalating from 164,195 wallets to a figure of 408,721 unique addresses.
Worldcoin’s Unique Addresses Soar 148%
From July 24, 2023, to Saturday, August 5, Worldcoin’s native asset WLD has maintained a median average price of .41 per token over the course of the past 12 days. On that specific day, WLD achieved an unprecedented high of .30 per unit, only to witness a decline of 35.55% by August 5.
Conversely, WLD also touched an all-time low of .66 on July 24, but the price has since rebounded, climbing more than 27% from that low. In the week leading up to August 5, WLD’s value has eroded by 9.2% against the U.S. dollar, with 1.7% of that loss occurring on August 5 alone.
What has improved in Worldcoin’s recent performance is the rise in the number of unique addresses holding WLD. As of July 25, the count of WLD token holders stood at 164,195 wallets. Fast forward 12 days to August 5, and that figure has expanded by 148% to 408,721 unique addresses.
Dominating the landscape, the largest address commands a staggering 57.8604% of the supply, encompassing 103,494,839 WLD tokens, while the top 100 holders collectively wield ownership of 95.08%. Since the token’s launch on Optimism, 1,912,129 WLD transfers have taken place.
Worldcoin’s preeminent two addresses, which function as contract addresses, are firmly within the control of the Worldcoin project, holding 57.86% and 17.88% of the WLD supply, respectively. Following those wallets is the third-largest address, held in Binance’s custody, and the fourth, maintained by the firm Wintermute.
The fifth position is occupied by another contract wallet under Worldcoin’s dominion, while the sixth-largest wallet is overseen by the South Korean exchange Bithumb. The subsequent ranks are controlled by Okx as the seventh largest, Huobi as the eighth, and Flow Traders owning the ninth largest WLD wallet. Wintermute has yet another significant presence, commanding the tenth-largest WLD wallet with a balance of 850,000.
The following ten positions are designated as Uniswap, Gate.io, Bithumb, Bybit, an unknown wallet, Mexc, Bitget, Worldcoin, another unknown wallet, and Bybit, in that order. Cumulatively, the top 20 wallets encapsulate a commanding 94.0125% of the WLD supply as of August 5, 2023.
What do you think about the worldcoin supply and its current distribution? Share your thoughts and opinions about this subject in the comments section below.