Lưu trữ hàng tháng: Tháng sáu 2024

Bitcoin

Average fees on Arbitrum rise 97%, daily transactions increase

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Average fees on Arbitrum rise 97%, daily transactions increase

The average fees on the largest layer-2 (L2) blockchain, Arbitrum, witnessed a massive increase as the daily on-chain transactions surged.

Arbitrum is currently the largest L2 network with a TVL of .97 billion. 

According to data provided by Dune, the daily average fees on Arbitrum rallied by 97.8% earlier today, reaching .015 per transaction. Moreover, the average fees took a sharp decline, currently hovering at .007.

Daily average fees on Arbitrum | Source: Dune

Data shows that the rise in Arbitrum’s average fees comes as the number of daily on-chain transactions on the L2 network surged from 1.7 million to 2.3 million daily transactions on June 11.

At this point, Zora Network is the cheapest L2 blockchain with a daily average transaction fee of .0029, according to data from Dune. Scroll network is currently the most expensive among the leading L2 platforms with an average fee of .108.

The native token of Arbitrum, ARB, declined by 0.33% in the past 24 hours and is trading at .94 at the time of writing. The asset’s market cap is slightly over the .7 billion mark, making it the 38th-largest cryptocurrency.

On June 9, Arbitrum announced an initiative called the Gaming Catalyst Program to give out 225 million ARB tokens, worth roughly 5 million, to game developers in the web3 scene. 

On April 25, Arbitrum, Optimism, Polygon, StarkWare, and zkSync integrated Avail’s data availability layer to help developers build cost-effective, scalable and composable blockchain networks.

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Theo Crypto News

Pháp Lý

Zimbabwe asks for public comments to create crypto framework

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Zimbabwe is seeking public comments on crypto regulation as the country aims to integrate emerging tech into its economic framework.

Zimbabwe has called for public feedback on crypto operations as it crafts a policy framework for the burgeoning sector, Bloomberg reports, citing a government statement published in a state-run newspaper.

The government reportedly wants to “assess and understand” the cryptocurrency landscape by “inviting all cryptocurrency service providers,” both domestic and international, who offer services to Zimbabwean customers to submit their comments by Jun. 26. To facilitate the assessment, the government has established a committee to engage with operators within the crypto ecosystem.

Since 1999, Zimbabwe has been excluded from international capital markets due to its default on debt obligations. As a result, the country now seeks new ways to boost its economy.

In 2023, the country issued its first digital token backed by gold in a bid to stabilize its economy after years of financial turmoil. In April this year, the African country introduced another currency, ZiG in its sixth attempt to stabilize the monetary system amid high inflation rates. The new currency replaced the Zimbabwean dollar, which had experienced multiple crashes since its reintroduction in 2019, exacerbating inflation.

Although the Reserve Bank of Zimbabwe has historically been cautious about crypto, emphasizing the need to protect consumers and the financial system, the issuance of the gold-backed token and the launch of ZiG indicate a shift towards exploring digital solutions to economic challenges.

As the International Monetary Fund noted in a research report, only one-quarter of countries in sub-Saharan Africa have formal regulations for cryptocurrencies. Approximately two-thirds have implemented various restrictions, while six countries, including Cameroon and Ethiopia, have outright banned crypto. In Zimbabwe, the government has ordered all banks to cease processing crypto-related transactions.

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Theo Crypto News

Bitcoin

Pepe leads meme coin market with notable 11% surge

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Pepe (PEPE), the popular frog-themed meme coin, has outshined most of the popular memecoins with an 11% surge in the last 24 hours.

At the time of writing, PEPE was trading at .0000129, with a trading volume of .27 billion over the past day. The memecoin has surged by 50% over the last seven days and a massive 1372% over the last year.

PEPE 24-hour price chart | Source: CoinMarketCap

The crypto asset’s market cap has also risen by 9%, currently holding at .43 billion. However, the token is still down 23% from its all-time high of .0000167, reached on May 28, 2024.

It is interesting to note that PEPE was earlier falling in tandem with the broader cryptocurrency market, as seen from the token’s 11% drop in the last seven days, per data from CoinMarketCap.

The latest price reversal follows a significant acquisition by a whale that sparked speculation of a potential PEPE rally. In a June 11 X post, on-chain analytics platform Scopescan revealed that a whale withdrew 256 billion PEPE coins priced at .9 million from the crypto exchange Bybit.

Earlier in May, the whale had deposited 200 billion PEPE worth about .8 million to the exchange platform immediately after a price pump.

Notably, the latest withdrawal is a signal of renewed interest in the memecoin, as the whale now holds over 291 billion coins valued at around .5 million. The whale’s acquisition of such a massive amount of PEPE has possibly reinstated confidence in the asset’s future, urging retail investors to reconsider their positions.

Another potential reason for the latest PEPE surge is the potential listing of the asset on leading crypto exchange Coinbase. The exchange had also caused a price spike in PEPE earlier, as it opened a perpetual futures market for the token on April 18.

Major meme players

Pepe remains the top-traded memecoin, far surpassing the likes of Dogecoin (DOGE), Shiba Inu (SHIB), Floki (FLOKI), and Dogwifhat (WIF).

However, among the other major meme players, only WIF, Bonk (BONK), and Book of Meme (BOME) registered any gains in the last 24 hours.

  • WIF was up a modest 1%.
  • BOME managed an even lower 0.60%.
  • BONK performed much better, rising 8.5% to exchange hands at .000028 at the time of writing.

Meanwhile, the global cryptocurrency market is still reeling from a downturn of 0.67%, bringing its market cap to .45 trillion.

The world’s leading cryptocurrency by market cap, Bitcoin, is seen in the red with a 0.65% drop in the last 24 hours, currently being traded at ,338.

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Theo Crypto News

Bitcoin

BTC ETF outflows reach $200m ahead of crucial Fed inflation data

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Bitcoin (BTC) exchange-traded funds (ETFs) in the U.S. have recorded their second consecutive day of net outflows ahead of the Fed’s FOMC meeting and key U.S. inflation data out Wednesday.

According to data provided by Farside Investors, BTC ETFs in the U.S. saw 0.4 million in net outflows on June 11. Most of the outflows come from Grayscale Bitcoin Trust (GTBC) and ARK 21Shares Bitcoin ETF (ARKB), amounting to 1 million and .5 million, respectively.

Following the recent outflows, the total amount of net outflows from the GBTC spot Bitcoin ETF has surpassed the billion mark, per Farside Investors’ data. 

Moreover, the Bitwise Bitcoin ETF (BITB), Fidelity Wise Origin Bitcoin Fund (FBTC) and VanEck Bitcoin Trust (HODL) recorded .7 million, .4 million and .8 million in net outflows, respectively.

Other spot Bitcoin ETFs, including BlackRock’s iShares Bitcoin Trust (IBIT), remain neutral.

On June 10, spot Bitcoin ETFs recorded their first day of net outflows after four weeks of constant inflows — reaching .9 million. 

The leading cryptocurrency, Bitcoin, also briefly plunged to the ,000 mark as investors have been trying to minimize their investment risks. However, crypto trader and analyst, known as Max on X, says “we’ve seen this before” — pointing out the downward momentum before the U.S. CPI data release. 

It’s important to note that the U.S. inflation data is scheduled to be released today, at 12:30 UTC, and typically a decline in the U.S. inflation rate means bullish winds for crypto.

According to Santiment’s X post, experts expect a 3.4% year-over-year (YoY) increase in the country’s inflation between May 2023 and 2024. 

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Theo Crypto News

Bitcoin

Brazil’s largest bank opens crypto trading for all customers

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Itaú Unibanco has opened crypto trading to all users of its Íon investment platform, allowing clients to buy and sell Bitcoin and Ethereum directly through the app.

The largest financial institution in Latin America, Itaú Unibanco, has expanded access to crypto trading on its investment platform Íon, making Bitcoin (BTC) and Ethereum (ETH) available to all users who download the platform’s app.

In an interview with Brazilian newspaper Valor Econômico, Guto Antunes, head of Itaú Digital Assets, revealed that the bank’s decision followed weekly surveys with an initial group of clients, which showed strong support for crypto-related products. Antunes emphasized that Itaú opted to develop the security for clients’ crypto wallets internally rather than outsourcing it.

“We have a participation and partnership with Liqi, but nothing regarding custody. The entire custody solution was designed and implemented within Itaú with our fiduciary duty in mind.”

Guto Antunes

While the bank didn’t disclose the number of Íon users, the report notes that the app has surpassed 3.5 million downloads across Android and iOS devices, which Antunes described as “significant for the crypto space and surprising.”

Despite the high acceptance, the offering to all users will be limited to BTC and ETH at first. Antunes admitted that clients are requesting additional tokens, which are under consideration pending a thorough regulatory risk assessment. Regarding stablecoins, Antunes said that Itaú is waiting for clear regulations from Brazil’s central bank without elaborating on the timeframe.

Itaú Unibanco first entered the crypto market in late 2023, launching services for select customers. The bank aims to compete with local entities like crypto exchange MB, BTG Pactual’s digital assets unit Mynt, and global players like Binance in the Brazilian market.

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Theo Crypto News

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Phân tích

SOL and DOGE are bearish but there’s “good news”: Analyst

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Solana (SOL) and Dogecoin (DOGE) are struggling with bearish pressure as the broader crypto market mirrors Bitcoin’s price decline.

As Bitcoin (BTC) hovers near the ,000 threshold, Solana price is flirting with a key level while Dogecoin is trading lower inline with the broader altcoin sector.

Solana price today

After dipping nearly 9% in the past 24 hours, Solana price is below 0. The tumble to lows of 5 for the 5th-ranked altcoin by market cap has an analyst saying that SOL price is at a “make or break” zone.

Solana’s daily trading volume has increased 113% in the last 24 hours as the crypto crash handed initiative to the bears. The coin’s market cap was down 8% to .6 billion at the time of writing.

Dogecoin price today

Dogecoin, the original dog-themed memecoin, is also similarly poised as price revisited support levels below .14. Trading data shows DOGE reached lows of .134 amid a 6% decline.

According to CoinMarketCap, DOGE has a 24-hour trading volume of .26 billion, up 78%, while market cap has shrunk more than 5% to .9 billion.

SOL and DOGE price: analyst shares outlook

While the increase in volume signals increased network activity, the notable price declines indicate the potential for bears to seize control short term.

Crypto analyst CrediBULL Crypto says:

“$SOL, like $DOGE is also at the make it or break it level I outlined a couple weeks ago. This is the last thing stopping us from a meltdown to the range lows at 5.”

The last time Solana traded at these levels was in February when it broke from below the 0 level. A retest towards the end of the month allowed bulls to above 0 in March.

CrediBULL Crypto believes SOL dipping to the buffer zone formed earlier this year is the most likely scenario before a relief materializes.

Despite the bearish perspective in the short term, the analyst sees SOL and DOGE bouncing amid a bullish flip for BTC. He shared on X:

“The good news is that both $SOL and $DOGE have hit their respective “make it or break it” levels at the same time that $BTC has hit our range lows- the confluence is nice to see and if $BTC reverses here DOGE and SOL will too.”

Bitcoin price also slips

Earlier in the day, crypto analyst Willy Woo noted that Bitcoin price is likely to dump to lows of .5k before a reversal likely pushes it to a new high.

“Liquidations have started… if the next cluster of long liquidations provide more fuel to downward momentum, we could go down to 62.5k to purge them all,” Woo said.

As highlighted, Bitcoin price slipped to lows of k on Tuesday as the market awaits Fed Chair Jerome Powell’s speech.

Powell will speak after the two-day FOMC meeting on Wednesday.

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Theo Crypto News

Bitcoin

Bitcoin price dives to $66k ahead of FOMC decision; bullish analyst says “we’ve seen this before”

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Bitcoin price slumped nearly 5% on Tuesday, hitting lows of k as the crypto market turned negative ahead this week’s FOMC meeting.

BTC price dropped to lows of ,018 on Coinbase to wipe out gains seen when prices reached highs of ,974 last Friday.

CoinGecko data showed Bitcoin traded nearly 5% down in 24 hours. The flagship cryptocurrency has pared weekly gains and was down 6% during this period at the time of writing.

Why is Bitcoin price down on Tuesday?

The benchmark cryptocurrency’s struggles this week come after spot Bitcoin ETFs snapped a decent 19-day streak of net inflows on Monday. Data showed the sector recorded outflows of about million.

Also on Tuesday, a Bitcoin wallet that had been dormant for more than 5 years, suddenly woke up and transferred 8,000 BTC worth more than 5 million to several addresses, including Binance.

According to Lookonchain, this wallet received 8,000 BTC on December 6, 2018. The price of Bitcoin was ,810 at the time.

Risk-off mood ahead of CPI and FOMC

While price remains well above the psychological ,000 level, the upcoming FOMC minutes and Fed Chair Jerome Powell’s commentary has investors keenly watching.

It ties in with the overall macro environment, including the economic reports expected this week, and market experts have signaled this as a scenario that could feature highly on investors’ list of factors to consider.

“Markets are risk-off mode ahead of CPI and FOMC tomorrow. This month’s FOMC will also release the Dot Plot, which informs the market how many cuts the Fed anticipates for the rest of 2024,” analysts at QCP Capital, a global digital asset trading firm and market maker, said.

Analyst: ‘we’ve seen this before’

Although prices could dip further ahead of these macroeconomic reports and Fed’s interest decision, pseudonymous crypto analysts Moustache and Max say FOMC has historically been bullish for Bitcoin.

“FOMC tomorrow and $BTC forms a bullish inverse head & shoulders pattern here. The past FOMC meetings have already marked the low of the left shoulder + head. Right shoulder next?” crypto trader Moustache pointed out to his 123,000 X followers.

Sharing a Bitcoin price chart with FOMC meetings mapped on it, Max notes the last three have coincided with a dip and then a bullish flip. “We’ve seen this before,” the analyst posted on X.

“Bitcoin loves to rebound after every FOMC meeting,” another crypto analyst Ali Martinez noted.

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Theo Crypto News

DeFi

ZkSync community reacts to airdrop debacle

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Ethereum scaling solution zkSync will airdrop 3.6 billion ZK tokens to users next week, but the crypto community said the distribution list is unfair.

A year after users first anticipated a governance token, zero-knowledge (ZK) layer-2 network zkSync confirmed an airdrop for active on-chain participants. Following a snapshot in March, over 695,000 users are set to receive 17.5% of ZK’s total supply of 21 billion tokens. 

The project also allocated two-thirds of its token supply to the community. zkSync designated around 33.3% of all ZK tokens to team members and investors over a four-year lock period.

Community decries zkSync allocations to Sybil wallets

While its 3.6 billion token airdrop is the largest among major rollups to date, users expressed discontent with the protocol’s eligibility data. In a rare occurrence, the project released the CSV containing all eligible wallet addresses on GitHub.

Sybil accounts, which are defined by a single entity controlling multiple accounts, were found to have accumulated thousands of tokens. Meanwhile, some single-account users were reportedly inelgible for the airdrop, further fueling community scrutiny.

One user, self-described as “Artemis the Sybil Hunter,” claimed Sybial accounts could receive up to two million ZK tokens from the airdrop. Several of the same addresses are disqualified from LayerZero’s distribution, as the protocol launched a campaign against Sybil clusters. 

Polygon Labs CISO Mudit Gupta said zkSync used almost no Sybil filtering. “Anyone who knew the criteria could’ve easily farmed the sh*t out of it”, Gupta said as the broader defi community reacted to the latest airdrop debacle. 

Data provider Nansen clarified that the firm did not provide “anit-Sybil” support to zkSync’s parent Matter Labs. Although the details are public, the project reserves the right to decide who could receive the airdrop, leaving room for criteria changes in the near future.

This year’s airdrops have been contentious, to say the least. Users who spent several months to multiple years engaging with protocols were sometimes left disappointed with distribution plans and tokenomics. As crypto.news reported, Starknet marked a sharp drop in user activity after its token announcement. The pattern is not strange during crypto airdrop, but users were more frustrated with the allocation. 

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Theo Crypto News