Billionaire investor Mark Cuban, a minority owner of the National Basketball Association (NBA) team Dallas Mavericks, expects the price of bitcoin to go up due to the supply-demand dynamic. “I do feel that the demand is going to exceed the number of people selling,” he explained, adding that bitcoin is “a great store of value.” […]
Bitcoin News
Value Locked in Defi Nears $100 Billion Milestone Amidst Broad Market Uptick and Lido Dominance
Five days ago, the total value locked (TVL) in decentralized finance (defi) protocols exceeded the billion mark, and since that point, it has expanded by an additional .66 billion. As it hovers above the billion threshold, the TVL is approaching the 0 billion milestone, a figure not observed since before the collapse of […]
Bitcoin News
Bitcoin Breaks $60K Barrier — On the Verge of Outranking Meta by Market Value
Bitcoin broke through the critical ,000 barrier at 8:30 a.m. Eastern Time on Wednesday, reaching a level last seen in November 2021. The leading cryptocurrency’s market value is on the brink of overtaking Meta, positioning it as the ninth most valuable asset in the world by market capitalization. Bitcoin Climbs Past ,000: A New Era […]
Bitcoin News
Defi’s Total Value Locked Hits $80 Billion in a Dramatic Turnaround Since 2022
Recent data reveals that the total value locked (TVL) in decentralized finance has jumped past the billion milestone, reaching heights not observed since the downfall of Terra’s stablecoin in May 2022. Leading the charge in 2024 by TVL size is Lido’s liquid staking platform, with ether-based liquid staking derivatives (LSDs) securing a dominant position […]
Bitcoin News
ECB Economists: Bitcoin Fails to Become Global Decentralized Digital Currency, BTC’s Fair Value Is Still Zero
The European Central Bank (ECB) has published a blog post claiming that “bitcoin has failed to fulfill its original promise to become a global decentralized digital currency.” The ECB economists who authored the post added that bitcoin’s fair value is still zero and bitcoin transactions are “still inconvenient, slow, and costly.” Moreover, they asserted that […]
Bitcoin News
Siacoin Balloons To 65% in Value On Network Upgrades – Details
Siacoin (SC), the native token of the decentralized cloud storage platform Sia, has been on a tear in recent months, defying expectations and leaving investors wondering if the rocket ride can continue. After reaching a low of .0025 in mid-September 2023, the price skyrocketed a staggering 360% to peak at .0130 by January 24, 2024. While a 30% correction followed, wiping out those gains, the story didn’t end there. Siacoin defied bearish predictions, embarking on a new upward trajectory culminating in a new high of .0175 on February 21st, marking over 100% increase from its January low.
Unpacking The Surge: Technical Advancements, Community Optimism
So, what’s fueling Siacoin’s unexpected rise? Several factors contribute to the narrative. Firstly, the February 2024 update unveiled significant advancements in the Sia network, focusing on stability, performance, and user experience. These include the implementation of RHP4 for the upcoming Utreexo hardfork, aiming to boost efficiency and scalability.
Additionally, new features like metadata addition and improved upload processes enhance data management and user interaction. The Siacoin community, excited about these technical developments, saw them as a sign of progress and fueled further investment.
However, it’s important to acknowledge the broader market context. Siacoin’s price rise coincided with a bullish trend in the cryptocurrency market, with many digital assets experiencing significant gains. This suggests that investor sentiment played a significant role in the token’s upward trajectory.
Meanwhile, there has been a significant rise in short liquidations as a result of the SC token boom. The volume of shorts liquidations increased to above k on Wednesday, the highest amount in a month, according to data provided by CoinGlass.
Charting The Course: Bullish Breakout Or Bearish Divergence?
Technical analysis paints a somewhat complex picture. While the price broke out of a long-lasting consolidation zone, potentially signaling the start of a larger bull cycle, a bearish divergence emerges when comparing the current rise with the daily Relative Strength Index (RSI). This discrepancy indicates that the price action might not have enough momentum to sustain itself in the short term.
On the other hand, some analysts see this potential correction as a healthy retracement after the rapid ascent, retesting broken support levels before continuing its upward journey. This perspective aligns with the larger uptrend that began in October 2023, suggesting that a first bull market correction is underway, paving the way for further growth later in 2024.
Beyond The Numbers: Adoption And Future Catalysts
Looking beyond technical analysis, Siacoin’s future hinges on its real-world adoption and development roadmap. The platform boasts a growing user base and partnerships, indicating increased demand for its decentralized storage solutions. Upcoming events like the Utreexo hardfork and potential regulatory developments could also act as significant catalysts, influencing the price in either direction.
Featured image from Tolga Aslantürk/Pexels, chart from TradingView
Worldcoin (WLD) Just Added 170% To Its Value – What’s Going On?
Worldcoin (WLD), a blockchain-based project fueled by biometric verification, has ignited a firestorm of investor interest, skyrocketing 170% in the past week to reach a record high of .48. This meteoric rise stands out against a backdrop of sluggish performance in many other altcoins, prompting questions about the driving forces behind this surge and its potential for longevity.
Worldcoin: Bullish Metrics And AI Hype Fuel The Flames
Several factors appear to be stoking the flames of Worldcoin’s current momentum. Trading volume has soared an impressive 44% to nearly 0 million, propelling the token into the top 10 by volume despite languishing at 91st place in market capitalization. This hyperactive trading suggests strong investor interest and hints at further growth potential.
Adding to the excitement, Worldcoin boasts over 1 million daily active users on its World App, signifying significant adoption. Moreover, the project basks in the reflected glory of its association with OpenAI, the renowned artificial intelligence (AI) research lab co-founded by Worldcoin’s creator, Sam Altman.
The recent release of OpenAI’s cutting-edge text-to-video generator, dubbed Sora, has generated a wave of positive sentiment towards Worldcoin, potentially spilling over to boost its token price.
Privacy Concerns Cloud The Horizon
However, Worldcoin’s path to success is not paved in gold. Regulatory scrutiny looms large, casting a shadow over its iris-scanning verification method and potential privacy violations. European countries, Argentina, Kenya, and Hong Kong have expressed concerns about this technology, raising the specter of regulatory roadblocks that could hinder future adoption and derail the project’s long-term goals.
Alameda’s Shadow Adds A Layer Of Uncertainty
Another layer of uncertainty comes from Alameda Research, a major cryptocurrency investment firm. Alameda currently holds a significant portion of WLD tokens, valued at a staggering 6 million, representing a whopping 33% of its portfolio.
While this investment signifies potential confidence in Worldcoin, Alameda’s recent history of liquidating holdings in other cryptocurrencies casts doubt on their future plans with WLD. Their intentions remain shrouded in secrecy, adding a layer of speculation to the current price rally.
Can Worldcoin Overcome The Hurdles?
Only time will tell whether Worldcoin can overcome these challenges and navigate the treacherous waters of the crypto market. While the project boasts impressive user numbers and an exciting association with OpenAI, regulatory concerns and questions about Alameda’s motives pose significant risks.
Investors should carefully consider these factors and conduct their own research before placing bets on Worldcoin’s future. The coming months will be crucial for the project, as it navigates regulatory scrutiny, addresses privacy concerns, and clarifies the intentions of its major investors. Whether Worldcoin will emerge as a true innovator or fade into obscurity remains to be seen.
Featured image from iStock, chart from TradingView
Chainalysis Report: Crypto Value Sent From Illicit Addresses Dropped by Nearly $10 Billion in 2023
According to Chainalysis’ report on money laundering trends, the value of crypto transferred by illicit addresses in 2023 fell by nearly billion from .5 billion to the latest billion. The report attributes the drop to the overall decline in both legitimate and illicit crypto transaction volumes in 2023. An analysis of services used […]
Bitcoin News
Quantum Cats NFT Collection Jumps in Value, Dominates Secondary Market Trade Volume
Following the launch of Taproot Wizards’ Quantum Cats non-fungible token (NFT) series, secondary market activity reveals significant trading volume and a significant increase in the collection’s minimum value. Initially offered at 0.1 bitcoin each, Quantum Cats’ lowest value now fluctuates around 0.303 bitcoin or ,062 for each NFT.
Quantum Cats Floor Values Leap to New Heights
Just 48 hours prior, Bitcoin.com News covered the Quantum Cats NFT launch, which had experienced some setbacks. Post-launch, having garnered over million through initial sales, Quantum Cats are now commanding prices well above the 0.1 BTC initial cost. According to Magic Eden’s figures, transactions totaling 257.6658 BTC, equivalent to .1 million, have been executed for Quantum Cat since they were introduced to the secondary market.
Moreover, on the Okx Bitcoin inscriptions trading platform, the Ordinals series has recorded 245.3061 BTC or .57 million in transactions since its debut. Magic Eden lists the Quantum Cats collection’s minimum value at 0.303 BTC or ,062, whereas Okx shows a minimum of 0.338 BTC or ,571 per collectible. This indicates that since their initial listing, the NFTs’ lowest value has surged to more than threefold the original sale price.
Currently, of the 3,333 NFTs, 533 are up for grabs on Magic Eden, with only 28, or 0.84%, available on Okx’s inscriptions marketplace. With 2,720 distinct holders, the collection ranks as the leading NFT series on both Okx and Magic Eden as of 9:00 a.m. Eastern Time on Wednesday.
At the moment, Bitcoin-centric NFT sales rank just behind Ethereum, with a total of ,615,064 in sales over the previous week, compared to Ethereum’s 0,712,013. Despite this, Quantum Cats face stiff competition from established Bitcoin inscription series like Bitcoin Punks and Ordinal Maxi Biz. Notably, five days ago, Bitcoin Punk #60 fetched 9,266, marking it as the priciest Ordinal inscription sold in the last week.
What do you think about the Quantum Cats NFTs rising in value on secondary markets? Share your thoughts and opinions about this subject in the comments section below.
Vanguard Says No to Bitcoin ETFs — Views Crypto as ‘Immature Asset Class’ With ‘No Inherent Economic Value’
Financial giant Vanguard has explained why the firm does not make spot bitcoin exchange-traded funds (ETFs) available on its trading platform. A Vanguard executive stressed that cryptocurrency is “an immature asset class that has little history, no inherent economic value, no cash flow, and can create havoc within a portfolio.”
Vanguard Explains Why It Disallows Spot Bitcoin ETFs
Vanguard published a blog post titled “No Bitcoin ETFs at Vanguard? Here’s why” on Jan. 24, explaining the firm’s stance on cryptocurrency and why it does not allow clients to trade the newly approved spot bitcoin exchange-traded funds (ETFs). Vanguard serves more than 50 million investors worldwide as of Dec. 31, 2023. The firm manages around trillion globally.
Following the approval of 11 spot bitcoin ETFs by the U.S. Securities and Exchange Commission (SEC) earlier this month, Vanguard has drawn attention for disallowing its clients to trade the newly launched products. The company also has no plans to launch its own spot bitcoin ETFs.
Janel Jackson, Vanguard’s global head of ETF Capital Markets and Broker and Index Relations, explained in the blog post why her firm is not offering spot crypto ETFs on its brokerage platform. “In Vanguard’s view, crypto is more of a speculation than an investment. This is at the root of our decision to not offer crypto products, whether our own or others,” the executive described, emphasizing:
While crypto has been classified as a commodity, it’s an immature asset class that has little history, no inherent economic value, no cash flow, and can create havoc within a portfolio.
“With equities, you own a share of a company that produces goods or services, and many also pay dividends. With bonds, you get a stream of interest payments. Commodities are real assets that meet consumption needs, have inflation-hedging properties, and can play a role in certain portfolios,” she noted.
Nonetheless, she expressed Vanguard’s interest in blockchain technology, stating: “We do have a lot of interest in blockchain, the technology behind cryptocurrencies. We believe its application to a number of other uses besides crypto will make capital markets more efficient, and we’ve been actively involved in research to use blockchain technology.”
Regarding whether Vanguard is planning to launch its own spot crypto ETFs, Jackson said:
Given the current state of crypto as an asset class, Vanguard does not have plans to launch its own bitcoin ETF or any crypto-related products.
“When deciding what investment products to offer, we consider a range of factors, including whether we believe they have enduring investment merit and meet our clients’ needs,” she clarified. “While the discussion about bitcoin and cryptocurrencies, in general, has increased recently, we do not currently believe that there is an appropriate role for them to play in long-term portfolios. A rigorous process guides every Vanguard product launch.”
What do you think about Vanguard’s explanation regarding spot bitcoin ETFs? Let us know in the comments section below.