Lưu trữ cho từ khóa: CryptoCurrency

Altcoin

Beam, FET, Mantra, and Arweave lead altcoin declines with double-digit losses

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Beam, FET, Mantra, and Arweave lead altcoin declines with double-digit losses

Altcoins Beam, Artificial Superintelligence Alliance, Mantra, and Arweave have all suffered double-digit losses, ranking as the top losers of the day.

Beam

Beam (BEAM) led the charge of the top losers seen on Aug. 12, falling 13% at $0.012 per price data from crypto.news. The token’s daily trading volume was hovering around $38.9, with its market cap standing at the $650 million mark.

BEAM price chart – Aug. 12 | Source; crypto.news

Beam’s recent decline comes after it was the top gainer on August 11, driven by increased interest from whales who began accumulating the asset. According to reports from crypto.news, this significant whale activity pushed BEAM into overbought territory.

The current drop in Beam is attributed to a price correction following its previous surge, which was fueled by whale accumulation. This overbought condition suggested a likely sell-off as investors moved to secure profits.

Artificial Superintelligence Alliance

Artificial Superintelligence Alliance (FET) had also dropped by 11%, being traded at $0.8236 at press time. The AI token had a daily trading volume of $146.5 million, with its market cap falling under $2.1 billion.

FET price chart – Aug. 12 | Source; crypto.news

The latest drop in FET erased all of the gains it experienced yesterday when it jumped 12% and was trading at $0.938. The AI token had also dipped by 24% over the past week.

Mantra

Mantra (OM) had dropped 10.7%, trading at $095 at press time. The digital currency’s market cap has dropped to $803 million. Additionally, the 84th largest crypto asset is showing a daily trading volume of $28.5 million.

OM price chart – Aug. 12 | Source; crypto.news

Mantra is a modular blockchain network featuring two chains, Manta Pacific and Manta Atlantic, specializing in zero-knowledge applications.

Arweave

Arweave (AR) declined 10% over the past day, trading at $20. Its daily trading volume was hovering around $46.5 million while its market cap was still standing at $1.3 billion.

AR price chart – Aug. 12 | Source; crypto.news

Arweave is recognized for its decentralized storage solution, which operates on AI-enhanced blockchains.

Recently, co-founder Sam Williams introduced the Arweave AO protocol, a sophisticated computing framework designed to enable parallel executions for proof-of-stake computations. This protocol is aimed at meeting the increasing demands of social media and AI applications on blockchain technology.

The recent decline in these altcoins coincides with a 4% drop in Bitcoin (BTC), the largest cryptocurrency by market capitalization, over the past 24 hours, leading to $155.25 million in liquidations across the crypto market.

According to data from CoinGecko, the broader crypto market has fallen by 4.23% in the last 24 hours, bringing its total value down to $2.06 trillion.

Market sentiment in the crypto space is currently extremely fearful, driven by ongoing political conflicts, geopolitical tensions, and other macroeconomic factors contributing to increased volatility.

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Theo Crypto News

Phân tích

Sui surges 83% in 7 day trading, short traders expect downfall

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Sui recorded an impressive bullish run last week as the broader crypto market saw a rebound. But traders now expect a price correction for the asset.

Sui (SUI) registered an 83% price surge over the past seven days — rising from $0.50 on Aug. 5 to a two-month high of $0.95 earlier today. The asset is up by 5.8% in the past 24 hours and is trading at $0.94 at the time of writing.

SUI price – Aug. 12 | Source: crypto.news

Notably, SUI is currently the only cryptocurrency among the leading 100 to record bullish gains over the past day.

Following the price hike, SUI’s market cap surpassed the $2.4 billion mark — making it the 30th-largest crypto asset — with a daily trading volume of roughly $400 million. 

One of the main reasons behind SUI’s price surge could be the launch of the Grayscale investment trust for the asset on Aug. 7. Another could be the market-wide rebound as the global crypto market capitalization surged from $1.9 trillion to $2.07 trillion on Aug. 6.

According to data provided by Santiment, the SUI total open interest dropped from $360 million to $341 million over the past 24 hours. The decline came after SUI saw $4.25 million in liquidations in a day.

SUI price, open interest and funding rate – Aug. 12 | Source: Santiment

Following the impressive price surge, data from the market intelligence platform shows that the total funding rates aggregated by SUI have plunged to negative 0.0048%. The indicator shows that the amount of short-position holders is currently dominating long-position holders. 

At this point, the majority of the traders are betting on SUI’s price fall.

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Theo Crypto News

Bitcoin

Bitcoin drops 4% as $156.4m in liquidations hits crypto market

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Bitcoin, the world’s largest cryptocurrency by market capitalization, has dropped 4% in the last 24 hours amid $155.25 million in liquidations across the crypto market.

After holding above the $60,000 level for four consecutive days, Bitcoin (BTC) fell below this threshold on Aug. 11, dipping further to below $59,000. The cryptocurrency hit an intraday low of $58,269 after earlier reaching a high of $61,562.

BTC price chart – Aug. 12 | Source; crypto.news

Data from CoinGecko shows that the broader crypto market declined by 4.32% over the past 24 hours, reducing its total value to $2.05 trillion.

Despite a 52% increase in global crypto trading volume compared to the previous day, trading activity remained lower than the previous week. This recent dip brings BTC’s weekly loss against the U.S. dollar to 9.7%.

Ethereum (ETH) also saw a decline, dropping to $2,527 after peaking at $2,711 earlier in the day. At the time of writing, ETH was trading at $2,553.

Among the top ten cryptocurrencies by market capitalization, Toncoin (TON) suffered the most significant loss, falling 8.43%, followed by Solana (SOL) with an 8.12% decrease, and Dogecoin (DOGE), which declined by approximately 6.75%. As the evening of Aug. 11 progressed, market prices remained volatile with heightened selling pressure.

Today proved challenging for traders in the crypto derivatives markets as a significant number of long positions were liquidated. Data from Coinglass indicates that total crypto liquidations over the past 24 hours reached $155.25 million. Of this, approximately 80%, or $124 million, involved long trading positions, representing traders who had anticipated further price increases.

Crypto liquidations map – Aug. 12 | Source: Coinglass

In the last 24 hours, over 61,637 traders were liquidated. The largest single liquidation occurred on the OKX exchange, amounting to $2.17 million.

Bitcoin led the liquidations with $41.31 million, followed closely by Ethereum, which saw $39.53 million in liquidations.

According to Coinglass, Binance topped the list with $7.04 million in liquidations — $2.42 million from long positions and $4.62 million from shorts. OKX followed with $3.48 million in liquidations — $1.30 million from longs and $2.18 million from short positions.

As a result, total crypto open interest dropped by 3.12% and is currently around $27.5 billion, per Coinglass data.

Despite recent fluctuations in the cryptocurrency market, analysts from Grayscale Research predict potential price increases in the coming months. They believe that token valuations could recover if the U.S. economy manages to achieve a “soft landing” and avert a recession, with Bitcoin possibly approaching its all-time high later in the year.

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Theo Crypto News

Công nghệ

Tether’s blockchain education initiative reaches Ivory Coast

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Tether has partnered with the Africa Blockchain Institute, a Rwanda-based blockchain think tank, to expand the crypto company’s educational initiative to Ivory Coast.

According to a news release on Aug. 9, Tether’s (USDT) partnership will help bring blockchain education to students through workshops across five universities in the West African nation.

These universities include Université Félix Houphouët-Boigny, Institut National Polytechnique Félix Houphouët-Boigny, Pigier Business School, Université Alassane Ouattara, and Université d’Abobo-Adjamé.

In Ivory Coast, Tether will support programs that enable students to learn about and gain practical skills in blockchain technology and cryptocurrencies. The initiative also targets smart contracts, which are currently crucial to nearly all sectors of the global economy, including healthcare, finance, digital identity, and supply chain management.

Education is an important project for the stablecoin issuer, which coordinates its educational programs via its Tether Edu unit.

The company unveiled Tether Edu in February 2024, with a primary focus on advancing blockchain education in the emerging markets of Africa, Latin America, and the Middle East. Asia, Europe, and the Commonwealth of Independent States are also target markets.

Blockchain technology and crypto in Africa

Africa also has a huge crypto community. For instance, a KASI Insight report in June 2023 noted that 66% of survey respondents across the continent said they had heard of cryptocurrency.

Meanwhile, crypto ownership tracking site Triple A puts the total number of people who own crypto in Africa at 44 million. While a small percentage of the global total of over 560 million, there’s notable growth across the continent, with Nigeria, Kenya and South Africa some of the countries with the largest proportion of crypto owners.

But its not all growth and a ‘Wild West’ style ecosystem. The IMF said in 2022 that Africa’s crypto market needed regulation and several countries are putting into place regulatory frameworks while crypto is banned in a number of countries. Binance’s woes in Nigeria also illustrate part of the regulatory challenge.

However, despite some of these hurdles, the overall African crypto market is one on an upward trajectory, which is why companies such as Valour are looking to tap into its potential via new crypto asset products.

Tether chief executive officer Paolo Ardoino commented on this growth, noting that many people across Africa use crypto in their daily lives.

“In Africa, there is significant and growing interest in cryptocurrency, which is becoming essential to many residents’ daily lives. Tether is committed to providing the next generation of Ivory Coast and African leaders with the skills and understanding needed to excel in the digital economy,” Ardoino noted.

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Theo Crypto News

Bitcoin

Bitcoin to retest ATH this year if US avoids recession, Grayscale forecasts

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Bitcoin could potentially retest its all-time high later this year should the U.S. economy avoid a recession, Grayscale Research says.

Despite the recent roller-coaster of volatility in the crypto market, analysts at Grayscale Research forecast that prices could climb higher in the coming months.

In an Aug. 8 research report, Grayscale analysts suggested that if the U.S. economy achieves a “soft landing” and avoids recession, token valuations could rebound, with Bitcoin (BTC) potentially revisiting its “all-time high later this year.”

“Shifts in the U.S. political landscape around the crypto industry may also reduce downside risks to valuations compared to past cycles.”

Grayscale

The firm pointed out that even in a weaker economic environment, downside risks may be “more limited” than in past cycles, citing steady demand from newly listed U.S. exchange-traded products and subdued altcoin returns as mitigating factors.

Market volatility index | Source: Grayscale

Looking ahead, market stability will hinge on upcoming macroeconomic data and central bank policies, Grayscale says, adding that events like the Federal Reserve’s September meeting and the Jackson Hole Symposium will likely to play a key role in shaping the environment.

Bitcoin wins in any scenario

Regardless of the scenario, Grayscale Research remains optimistic, suggesting that even a period of economic weakness could bolster the long-term investment case for Bitcoin, particularly in light of the ongoing “undisciplined approach” to monetary and fiscal policy.

As of press time, Bitcoin is trading above $60,000, having rebounded from a Monday dip that briefly saw its price fall below $50,000, per data from crypto.news. Bitcoin has thus far held its $50,000 support level, fueling speculation that whales are continuing to accumulate at current prices, which could signal potentially higher moves later on, especially as Bitcoin typically trades within a relatively low price range during September and October.

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Theo Crypto News

Altcoin

Spot Bitcoin ETF inflows surge four-fold, Ether ETF outflows slow down

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Spot Bitcoin exchange-traded funds in the U.S. saw a notable surge in inflows while spot Ether ETFs outflows slowed down.

According to data from SoSoValue, the 12 spot Bitcoin ETFs saw inflows of $192.56 million on Aug. 8. This was a surge of over four times compared to the $45.14 million recorded the previous day.

BlackRock’s IBIT led the lot with $157.6 million, bringing its total inflows since launch to $20.3 billion. WisdomTree’s BTCW followed with $118.5 inflows — its highest since its debut.

These funds were the only ones to record a second consecutive day of inflows. 

Additional inflows went into FIdelity’s FBTC and ARK 21Shares’s ARKB, which logged $65.2 million and $32.8 million respectively. Meanwhile, VanEck’s HODL fund raked in the least inflows, with $3.4 million flowing in.

These inflows managed to offset the $2.9 million leaving Grayscale’s GBTC, which has shed over $19.3 billion since launch. Flows into the other offerings remained neutral.

Trading volume for these offerings jumped to $2.02 billion, eclipsing the $1.79 billion seen the previous day. Cumulative net inflows into spot BTC ETFs stood at $17.43 billion.

Ethereum ETFs saw net outflows of $2.9 million on Aug. 8, led by Grayscale’s offering, with $19.8 million leaving the ETHE fund. Fidelity’s FETH recorded its first day of outflows since launch, with $2.6 flowing out.

BlackRock’s ETHA, Grayscale’s Ether mini trust, and Bitwise’s ETHW were the only ETH ETFs to log inflows of $11.7 million, 5 million, and 2.8 million on the day. The other ETFs saw zero flows.

This marked the second consecutive day of outflows from these offerings, which was notably lower than the $23.7 recorded the previous day.

However, the nine Ether ETFs saw a slight jump in trading volume to $338.49 million. To date, these funds have seen cumulative net outflows of $390.23 million.

At the time of writing, Bitcoin (BTC) was exchanging hands at $60,914, while Ethereum (ETH) stood at $2,688.

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Theo Crypto News

Công nghệ

Franklin Templeton launches money market fund on Arbitrum

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Franklin Templeton, a $1.66 trillion asset manager, has announced the launch of its money market fund on Arbitrum.

The Wall Street giant said in a press release that the Franklin OnChain U.S. Government Money Fund FOBXX is now available to investors on Arbitrum (ARB), an Ethereum (ETH) Layer 2 blockchain. With this launch, FOBXX expanded to three blockchain platforms, after already available on Stellar (XLM) and Polygon (MATIC).

Expansion a key step for Franklin Templeton

Franklin Templeton and the Arbitrum Foundation are collaborating to bring the tokenized fund to investors via Benji Investments, a blockchain-integrated platform run by Franklin Templeton. Notably, this will be available through digital wallets on Benji, with eligible investors also able to access the fund on the Arbitrum network.

“Franklin Templeton’s commitment to innovation aligns with our mission to provide scalable and efficient solutions for the financial sector. We are excited to see Franklin Templeton join the Arbitrum ecosystem and look forward to the transformative impact their participation will bring to our community,” Steven Goldfeder, co-founder and chief executive officer of Offchain Labs, said in a statement.

“Expanding into the Arbitrum ecosystem is an important step on our journey to empower our asset management capabilities with blockchain technology,” Roger Bayston, head of digital assets at Franklin Templeton, added.

BlackRock and Ondo Finance

FOBXX launched in 2021 and is a U.S.-registered fund that leverages public blockchains for transaction processing and ownership records.

According to data from rwa.xyz, FOBXX has a market cap of $412 million as of Aug. 8, behind BlackRock’s USD Institutional Digital Liquidity Fund. BUIDL tops the Treasury products ranking with over $510 million, while Ondo Finance’s Ondo U.S. Dollar Yield, or USDY, is the third largest with $299 million.

Franklin Templeton continues to take significant steps in the adoption of blockchain technology since launching its digital assets unit in 2018. Currently, the company has node validators and has launched multiple crypto products, including a spot Bitcoin ETF with over $363 million in net assets.

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Theo Crypto News

DeFi

Nexera burns 32.5m compromised tokens after $440k loss

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Decentralized finance protocol Nexera has burned stolen NXRA tokens in a bid to mitigate damage to its ecosystem’s stability.

Data from blockchain security firm PeckSheildAlert reveal that the defi protocol has permanently removed 32.5 million NXRA tokens from circulation.

The move follows an Aug. 7 exploit, first flagged by forensic firm Cyvers, which noted a suspicious transaction from Nexera’s proxy contract. Initial findings suggested that the attacker upgraded the contract with new permissions and used the withdraw admin function to drain $1.5 million worth of NXRA tokens.

Subsequently, the hacker was seen swapping the stolen funds for ETH in a bid to launder it via cryptocurrency mixers like Tornado Cash, a common tactic employed in such cases. However, in a second announcement following the exploit, the Nexera team said it had managed to freeze 32.5 million NXRA tokens.

Per the post-incident report, the attacker managed to get away with only $440,000 worth of NXRA tokens. 

Further, it was determined that the protocol’s smart contracts were not compromised, and as such, the project would retain its current token address. The project has vowed to announce a complete report of the incident “in the coming days.”

“The exploit was part of a wider coordinated attack targeting multiple projects and protocols,” the announcement added.

As of now, the Nexera team has urged its community members to refrain from trading, noting that KuCoin and MEXC have halted trading and withdrawals of the token. The hacker had reportedly engaged with exploit-related addresses on KuCoin and MEXC.

The recent incident was the second time the defi protocol had fallen victim to an exploit. Known as AllianceBlock at the time, the project lost 110 million of its legacy ALBT tokens after a hacker exploited Bonq, a decentralized borrowing protocol.

A day before the incident, a white hat hacker exploited Axie Infinity’s Ronin Bridge for 4,000 ETH, worth almost $10 million. The hacker exploited a Maximum Extractable Value bug to drain the funds but returned them a day later.

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Theo Crypto News

DeFi

Robinhood posts strong Q2 earnings fueled by options and crypto

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Robinhood recorded a profitable second quarter in 2024, with a 40% increase in revenue year-over-year, totaling $682 million, propelled by a renewed interest in crypto trading.

The firm’s crypto transaction-based revenues hit $81 million, accounting for a 161% hike compared to the same period last year. Robinhood attributed this growth to heightened trading volumes, indicating a growing enthusiasm for cryptocurrencies among retail investors.

Crypto trading volumes on the platform also marked a 137% rise compared to Q2 2023, but was down 40% from the first quarter of 2024. The downturn conincded with a drop in monthly active users in Q2, the report added.

Robinhood’s crypto assets under custody rose 57% year-on-year, currently standing at $20.6 billion.

Transaction-based revenue across all of the platform’s offerings jumped 69% year-over-year, with options accounting for the largest revenue stream of $182 million. Equities revenue was up 60%, amounting to $40 million.

According to the firm, its strategic purchases have bolstered its market standing.

“This quarter, we kept up the pace with rapid product launches and a relentless drive to provide top value for our customers,” said Vlad Tenev, CEO and co-founder of Robinhood.

In June, the firm finalized an agreement to acquire crypto exchange Bitstamp, Ltd. The earnings report added that the acquisition, subject to regulatory approval, is expected to boost Robinhood’s operational scope, leveraging Bitstamp’s 50 active licenses and registrations throughout the EU, UK, US, and Asia.

Further, Robinhood also acquired Pluto Capital Inc., an AI-driven investment research platform, in July to enhance its retail investment offerings using AI.

The earnings report comes as Robinhood is facing some regulatory hiccups. 

In May, the exchange’s cryptocurrency division received a Wells Notice from the U.S. Securities and Exchange Commission, indicating an impending enforcement action against the trading platform. Per the commission’s preliminary findings, Robinhood had violated U.S. securities laws.

However, the notice received immediate backlash from the crypto community, with the Digital Chamber, a digital asset sector trade association, expressing concerns over the SEC’s regulatory overreach.

Despite the challenges, the firm has continued to expand its offering, with plans to offer its cryptocurrency futures product in the U.S. and Europe. 

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Theo Crypto News