Lưu trữ cho từ khóa: CryptoCurrency

Bitcoin

Japan’s Metaplanet buys nearly 60 BTC following ¥1b loan

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Japanese investment firm Metaplanet has acquired an additional 57.1 BTC after it successfully secured ¥1 billion loan to purchase additional crypto.

Japanese investment firm Metaplanet Inc., listed in Tokyo, has announced the acquisition of 57.1 BTC, bolstering its cryptocurrency holdings after securing a ¥1 billion loan. The purchase, revealed in an Aug. 13 post on X, is part of Metaplanet’s strategy to expand its crypto investments amid Japan’s shifting economic landscape.

In a regulatory filing, Metaplanet said it acquired 57.103 (BTC) for an average price of $59,242. With the purchase, Metaplanet still has around ¥500 million to buy Bitcoin, though the timing of the next acquisition remains unspecified.

The acquisition follows Metaplanet’s recent announcement of a ¥1 billion loan from MMXX Ventures, which is a shareholder in the firm. The loan, secured on Aug. 8, carries an annual interest rate of 0.1% and has a six-month term.

As crypto.news reported earlier, Metaplanet plans to raise $70 million through stock rights offerings, with more than 80% of that amount earmarked for buying Bitcoin. The loan and stock rights offerings are part of Metaplanet’s plan to grow its crypto holdings. The firm is looking to hedge its long-term growth by leveraging Bitcoin’s potential long-term appreciation, with some analysts predicting the cryptocurrency’s price could go as high as $1 million in the next decade.

Metaplanet’s increased investment in Bitcoin is part of its response to Japan’s economic challenges, including high government debt, extended periods of negative real interest rates, and a weak yen. The firm first announced its intention to boost its Bitcoin holdings in May, highlighting these economic pressures as a driving factor.

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Theo Crypto News

Phân tích

Bitcoin could see short-term price surge amid increased whale activity

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Bitcoin has been moving sideways recently, but a key indicator shows a potential price surge might be ahead.

The Bitcoin (BTC) price has been consolidating close to the $59,000 mark over the past day with a brief surge to $60,680 earlier. BTC is up by 0.6% in the past 24 hours and is trading at $58,900 at the time of writing.

BTC price, whale activity, funding rate, exchange activity and dormant circulation – Aug. 13 | Source: Santiment

Moreover, the flagship cryptocurrency witnessed a 24% increase in its daily trading volume, currently hovering around $34.8 billion. 

According to data provided by Santiment, the total funding rate aggregated by Bitcoin plunged to negative 0.0016% — showing that traders are betting on the asset’s price fall. However, the BTC price has historically recorded short-term gains as the funding rate dropped to the red zone.

Data from the market intelligence platform shows that Bitcoin also saw increased whale activity. Per Santiment, the number of whale transactions consisting of at least $100,000 worth of BTC rose from 5,148 to 8,234 unique transactions over the past 24 hours.

At this point, whales are showing their readiness for short-term profit-taking.

According to data from Santiment, the Bitcoin exchange inflows increased by 119% in the last day — rising from 20,255 to 44,323 BTC tokens. The asset’s exchange outflow also surged from 24,911 to 40,378 Bitcoins in the same timeframe.

Notably, the 365-day BTC dormant circulation also increased from 1,402 to 4,444 BTC tokens over the past day, per Santiment. The movement shows that long-term Bitcoin holders might try to take profits at this price point.

Spot Bitcoin exchange-traded funds in the United States recorded $27.8 million in inflows on Aug. 12. This also adds to Bitcoin’s bullish momentum after a bearish start to August.

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Theo Crypto News

DeFi

Canto blockchain struggles to restart following outage

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Canto, a layer-1 general-purpose blockchain network, has been struggling to restart block production since Aug. 11.

The network halted its block production at block 10847516 per data from Canto Explorer. Subsequently, in an Aug. 12 X post, the project said it was experiencing an “issue with consensus,” adding that an upgrade to fix the issue would be implemented.

A consensus mechanism is a process used in blockchain networks to validate the authenticity of transactions. It ensures that all network participants have a consistent and accurate record of the blockchain’s data, preventing fraud and double-spending.

Canto hasn’t revealed the exact details of what caused the outage but has reassured users that all funds were safe and would be accessible once block production resumes.

The outage happened just a day after the project was set to implement the Callisto upgrade at 14:30 UTC on Aug. 9. The upgrade is expected to improve the block production times and was the first official upgrade in a series of updates set to enhance the network’s efficiency.

As of now, it is not known whether the upgrade was fully implemented or if it contributed to the current outage.

On Aug. 13, Canto briefly resumed block production on Aug. 12 before stopping again at block height 10,848,199. This time, the project cited “unforeseen secondary effects” as the culprit, noting that validators in its network had “halted the network after upgrading to v8.”

Canto’s development team, B-harvest, is reportedly working on v8.1.0 of its validator protocol, a critical component that dictates how validators operate. It is estimated that block production will resume by the end of the day.

Launched in August 2022, Canto managed to surpass $200 million in total value locked in March 2023. Since then, the project’s TVL has dropped to $14.58 million per DefiLlama data.

Despite the back-to-back outage, the price of CANTO, the network’s native token, was up 38.2% over the past day and over 43% in the past week.

Canto is not the only network to have experienced an outage this month. Last week, Ethereum layer 2 solution Starknet halted block production for the first time since launch. The outage was caused by a rounding error bug that led to a reorganization of blocks, creating a backlog of transactions.

Earlier this year, Solana, which has long been plagued by outages, went down for about five hours on Feb. 6. 

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Theo Crypto News

Bitcoin

Spot Bitcoin ETFs see $27.87m inflows, outpacing Ethereum ETFs by wide margin

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Spot Bitcoin exchange-traded funds in the United States began the week with net inflows that were more than five times greater than those of spot Ethereum ETFs.

According to data from SoSoValue, the 12 spot Bitcoin ETFs saw inflows of $27.87 million on Aug. 12, a flip from the $45.14 million outflows recorded on Aug. 9.

Interestingly, ARK 21Shares’s ARKB led the lot with $35.4 million, bringing its total inflows since launch to $2.45 billion. BlackRock’s IBIT followed with $13.4 inflows, being the only one to record a second consecutive day of inflows.

Grayscale’s Bitcoin mini trust fund raked in the least inflows, with $79 million flowing in.

These inflows managed to offset the $11.8 million leaving Grayscale’s GBTC, which has shed over $19.46 billion since launch. The remaining ETFs saw no flows on the day.

Trading volume for these offerings jumped to $1.3 billion, lower than the $1.27 billion seen on Aug. 12. Cumulative net inflows into spot BTC ETFs stood at $17.37 billion.

In contrast, the nine spot Ethereum ETFs saw smaller net inflows totalling $4.93 million on the same day, marking an end to three days of net outflows.

Fidelity’s FETH led the charge with $4 million in inflows, followed by Bitwise’s ETHW and Franklin Templeton’s EZET with $2.9 million and $1 million respectively

Meanwhile, VanEck’s ETHV recorded its first day of outflows since launch, with $2.9 flowing out. Flows into the other offerings remained neutral.

However, the nine Ether ETFs saw a big jump in trading volume to $285.96 million. To date, these funds have seen cumulative net outflows of $401.01 million.

At the time of writing, Bitcoin (BTC) was exchanging hands at $59,105, while Ethereum (ETH) stood at $2,641.

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Theo Crypto News

Phân tích

SATS recovers 104%, but double top formation threatens steep correction

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The latest Ordinals rebound leads to the potential formation of a bearish double top, a pattern that could signal the start of a steep retracement journey for the cryptocurrency.

SATS (SATS) has staged an impressive recovery since hitting a one-month low of $0.000001540 during the Black Monday event on Aug. 5. 

The digital asset has recorded double-digit intraday gains on three occasions since the sharp dip. The most significant rally occurred on Aug. 12, when SATS surged by 24.79%, lifting its price to a new monthly peak of $0.000003232. 

SATS double-top indicator – Aug. 13 | Source: Trading View

Despite a 2% drop this morning, SATS has defended the support around the $0.0000031 psychological mark. The asset is trading at $0.000003148 at the time of writing, representing an impressive 104% gain from the Aug. 5 floor price.

However, the bullish push appears to be running into resistance. The potential formation of a double-top pattern on the daily chart adds to this bearish outlook. Ordinals formed the first top when it surged to $0.000003418 on July 26. The second top formed amid the recent spike to $0.000003232.

The double top formation would be confirmed if the asset’s recent drop persists toward the neckline at the $0.00000154 support. SATS would have to fervently defend the $0.000001988 territory to hedge against any drops to this neckline.

SATS 1D chart – Aug. 13 | Source: crypto.news

Meanwhile, the Stochastic RSI indicator is currently in overbought territory. The %K line stands at 87.95, while the %D line is at 77.87. Both lines being above and near 80 typically indicate that the asset is overbought and could be due for a price correction. 

In addition, the Ichimoku Cloud indicates that the conversion line (blue) is below the baseline (red), a bearish signal that indicates the possibility of a downward trend. 

Despite this, the latest upsurge has kept SATS above the cloud, confirming the prevalence of bullish momentum. Amid the ongoing drop, the bulls need to hold above $0.000002880 to sustain the bullish trend.

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Theo Crypto News

Bitcoin

TeraWulf sees 130% revenue growth despite over 20% drop in Bitcoin production

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Bitcoin miner TeraWulf has reported a 130% revenue increase in Q2 despite a more than 20% decline in crypto production.

TeraWulf Inc., a public U.S.-based Bitcoin mining company, has announced its Q2 financial results, showcasing a 130% increase in revenue year-over-year despite a decline in Bitcoin production.

Per the company’s Aug. 12 press release, its revenue surged to $35.6 million from $15.5 million in the same quarter last year, while gross profit rose to $21.7 million, up from $10.3 million. However, the gross profit margin fell to 60.9% from 66.9% “due to an approximate doubling in network difficulty and the bitcoin reward halving in April,” the press release reads.

TeraWulf’s self-mined Bitcoin in Q2 decreased by 21.4%, totaling 699 (BTC) across its Lake Mariner and Nautilus Cryptomine facilities, which the company attributed to increased mining difficulty and elevated power costs.

Operationally, TeraWulf expanded its infrastructure with the completion of the site at the Lake Mariner Facility, increasing its mining capacity to 245 MW and 10 EH/s. Another construction is underway, expected to add another 50 MW by Q1 2025. The company is also advancing into high-performance computing and artificial intelligence projects, including a recent purchase of a 128-GPU cluster.

Bitcoin miners aim at AI sector

The Bitcoin mining company indicated its intention to enter the AI sector in early July by repaying its remaining $77.5 million term loan ahead of schedule, thus clearing all outstanding debt. At that time, the Maryland-based firm announced plans to leverage generative AI to optimize costs and financial outflows.

TeraWulf is not the only crypto mining company that seeks to diversify its business by focusing on new areas, although the profitability of doubling down on AI is yet to be seen. In July, shares of Australian Bitcoin miner Iris Energy dropped 14% after Culper Research questioned the firm’s ability to serve the high-performance computers for AI.

In a report, Culper said that Iris’ flagship Childress buildout “lacks numerous features that are critical to HPC applications,” adding that the firm’s management — Iris Co-CEO Daniel Roberts and his brother Will — have started selling their own shares since February, which was the first time since Iris went public.

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Theo Crypto News

Bitcoin

Helium sees 12% surge amid partnership trials with major US carriers

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Helium, a blockchain-based network designed for the Internet of Things, experienced a price surge of 12% on Aug. 13 morning, making it one of the leading gainers in the crypto market.

At the time of writing, Helium (HNT) was exchanging hands at $6.79 per price, according to data from crypto.news. The crypto asset’s daily trading volume jumped by 56%, hovering around $25.2 million, while its market cap stood at $1.14 billion, ranking it 65th among the top largest cryptocurrencies.

HNT 24-hour price chart – Aug. 13 | Source: crypto.news

The token’s price has jumped by 20% since its drop to $5.66 yesterday, when Bitcoin fell by 4%, and the global crypto market witnessed a slump with over $156.4m in liquidations.

Despite its recovery to levels last seen on March 21, HNT is still down 88% from its all-time high of $55.2 recorded in November 2021.

Helium Inc., established in 2013, has developed a global decentralized blockchain network that supports wireless communication for IoT devices. This network offers a scalable and cost-effective alternative to conventional telecom services by allowing individuals to set up network points through Hotspots.

The latest surge follows Helium’s partnership with two major U.S. carriers. These carriers are conducting trials to offload their mobile traffic to the Helium Network, potentially leading to a shift towards a more decentralized network infrastructure.

Helium is currently trading at $6.7722, notably above the middle Bollinger Band of $5.3779. This positions it near the upper band at $7.0302, suggesting a significant upward movement within its trading range.

HNT Bollinger Band and RSI – Aug. 13 | Source: crypto.news

The approach toward the upper limit indicates potential signs of an overbought condition, yet the proximity to this band also points to strong bullish momentum. This pattern may suggest further room for price increases before facing any substantial resistance or a potential pullback.

Additionally, the Relative Strength Index, standing at 66.24, edges closer to the overbought threshold of 70, hinting that a retracement could be imminent as market conditions become stretched.

Nonetheless, market analysts continue to be bullish about Helium’s future potential.

In an Aug. 13 X post, an analyst going by the moniker Decilizer noted that Helium has broken out of its secondary setup, indicating a strong upward trend, which may lead to a potential jump in HNT to $8.3 in the short term.

Helum’s jump in price may also be influenced by the general uplift in the crypto market, led by Bitcoin’s (BTC) 6.5% increase over the last week.

On Aug. 13, Bitcoin traded at $59,456, with its price ranging from $58,015 to $60,499 within 24 hours. Moreover, the total market capitalization of cryptocurrencies has risen by 1.9% in the last day, reaching $2.19 trillion.

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Theo Crypto News

DeFi

Restaking protocol Symbiotic launches devnet

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Symbiotic, a restaking protocol on Ethereum, has announced that its devnet is now live as it moves closer to the mainnet launch.

The platform’s devnet comes just months after the decentralized finance platform on Ethereum (ETH) launched in stealth and is a key step towards the mainnet deployment expected in the third quarter of 2024.

 “With this devnet release, Symbiotic is one step closer to its full immutable mainnet deployment in Q3 2024, pending five independent full-scope audits from industry-leading security firms (Statemind, ChainSecurity, Zellic, OtterSec, and Certora)” the Symbiotic team said in an announcement on Aug. 12.

Paradigm and cyber-fund-backed Symbiotic emerged from stealth in June, introducing a protocol that acts as a coordination layer for developers to build and adapt their own restaking implementations.

In the latest announcement, Symbiotic revealed that the rollout on Ethereum’s Holesky testnet will enable developers and businesses to create protocols that leverage restaking integrations and shared security.

As a key protocol, Symbiotic offers a trust-minimized network that projects can utilize to launch on day one. Features include a vault and a collateral system that major projects such as LayerZero, Ethena, and Bolt already leverage.

Symbiotic eyes penetration into the DeFi market, where protocols such as EigenLayer are emerging as significant players. The platform raised $5.8 million in its Seed funding round in June, with backing from crypto venture capital firms Paradigm and cyber.Fund.

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Theo Crypto News

Altcoin

66% of Ethereum addresses are in profit, data shows

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Ethereum addresses in profit stood at 66% as of August 12, 2024, according to data from IntoTheBlock.

Per data from IntoTheBlock, 79.5 million Ethereum (ETH) addresses are currently in profit as ETH hovers just above $2,600. This accounts for 66.04% of ETH holders, an increase from the 63% that remained above water when the price of Ethereum fell to lows of $2,100.

IntoTheBlock analysts wrote:

“Last week’s market downturn significantly impacted Ethereum, pushing many holders into the red. The last time we saw a similar percentage of profitable holders was in October 2023, when Ethereum was trading around $1,800.”

IntoTheBlock data showing percentage of Ethereum addresses in profit at current price near $2,600

While the percentage of addresses in profit has increased from last week’s total, this number is lower than the 75% that were in the green as ETH traded above $3,159 on Aug. 1.

The price will need to increase significantly before more of the 37.2 million addresses currently in the red flip green. Addresses out of the money relate to those that bought ETH at an average price higher than the prevailing market figure.

If the price moves higher, 3.59 million addresses that acquired Ethereum at prices between $2,679 and $2,755 will become profitable. ETH has stagnated around these levels amid recent Jump Trading selling and the surprise awakening of dormant wallets related to the Plus Token Ponzi scam.

Whales deposits 5,000 ETH to OKX

On-chain data shows an Ethereum whale from the Ethereum ICO era has moved significant amounts of coins in the past few days.

The latest is a transfer of 5,000 ETH to crypto exchange OKX, which Lookonchain links to an address that received the coins at the price of $0.31. This same wallet address has moved more than 48,500 ETH, worth over $154 million, to OKX.

The movement of such large sums of coins has often accompanied substantial sell-off pressure on the respective cryptocurrency, and Ethereum may yet see this happen if the whale decides to sell. As such, traders are likely to react to these exchange deposits if the whale decides to liquidate.

Tổng hợp và chỉnh sửa: ThS Phạm Mạnh Cường
Theo Crypto News