Lưu trữ cho từ khóa: CryptoCurrency

Altcoin

Starknet Foundation CEO Diego Silva to step down

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The Starknet Foundation has announced that Diego Oliva, who has served as the chief executive officer since March 2023, is stepping down.

The Starknet Foundation, responsible for developing Starknet (STRK), a zero-knowledge powered layer-2 scaling solution for Ethereum (ETH), revealed the impending leadership change via an announcement on Aug. 6.

Starknet Foundation’s first CEO to step down

Diego Oliva will step down after leading the Starknet Foundation as its first CEO since March 2023. The outgoing chief executive departs having established a strong team and structure for the Foundation.

“Under Diego’s leadership, the Foundation itself has executed on the Provisions project, and jump-started multiple ecosystem development projects such as DeFi Spring, Seed Grants and the Catalyst and Propulsion programs,” the announcement continued.

James Strudwick will assume the role of executive director and continue Starknet’s growth and adoption. Diego will remain at the Foundation for the next month to help ensure a smooth transition and that platform activities continue uninterrupted. Strudwick has been with the SNF since January 2024, initially as head of ecosystem growth.

Starknet seeing growth

Starknet completed its STRK airdrop earlier this year and recently announced plans to scale Bitcoin using STARK technology. StarkWare noted that success will see Starknet become the first Layer 2 network to achieve simultaneous settlement and scaling for both Ethereum and Bitcoin.

Additionally, Starknet has integrated both Chainlink and Pyth oracles as the ZK rollup network aims to tap into the growing decentralized applications ecosystem.

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Theo Crypto News

Bitcoin

Binance logged $1.2b inflows as crypto markets bounces back

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Binance, crypto’s largest centralized exchange, saw $1.2 billion in net inflows as digital asset investors capitalized on a massive market drop caused by an unwinding yen carry trade.

Bitcoin’s (BTC) rebound and a bounce in the broader cryptocurrency market spiked trading activity on CEX platforms like Binance in the last 24 hours. Binance CEO Richard Teng, citing DefiLlama data, said the crypto exchange recorded its highest single-day trading volume since the beginning of the year.

Bitcoin recovered to $55,000 and was up over 5% at press time, following a global market downturn on Aug. 5. Double-digit gains buoyed the total crypto market cap above $2 trillion again.

Market leaders Ethereum (ETH) and Solana (SOL) also retraced losses, delivering profits for “buy-the-dip” investors. Memecoins emerged with one of the largest upticks as tokens like Brett (BRETT), Pepe (PEPE), and Bonk (BONK) posted 10%+ increases.

Unwinding carry trade kneecapped crypto markets, not recession

Despite speculations of a U.S. recession, the macro-driven impulse flush stemmed from circa $20 trillion Japanese yen-carry trades, according to Goldman Sachs. In this case, a carry trade involves borrowing the yen and selling it into other currencies like the U.S. dollar, then investing that fiat into higher yield-bearing assets.

JPMorgan reportedly estimated that the unwind is only halfway done, and more market shakeouts may be inbound. 

M2 CEO Stefan Kimmel echoed analysis from both traditional finance titans. “While markets are recovering, and the worst appears to be behind, investors should be prepared for continued volatility,” Kimmel said via email. 

As crypto.news reported, Bitfinex analysts and on-chain data suggest that Bitcoin may revisit its recent lows around $48,900. A drop to these levels could trigger another market flush-out before markets resume progressive price patterns.

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Theo Crypto News

DeFi

No immediate plans for crypto regulations in India, says Minister of State

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India is not looking to regulate the cryptocurrency sector anytime soon according to Minister of State for Finance Pankaj Chaudhary.

Chaudhary’s comments came in response to questions directed to him by GM Harish Balayogi, a member of parliament. Balayogi’s questions sought clarity over the government’s stance regarding cryptocurrencies. 

Specifically, the MP inquired about the extent of research or initiatives undertaken by the government to understand the crypto sector and wether or not there are any forthcoming legislations planned in this regard.

In his written reply on Aug. 5, Chaudhary said there is “no proposal” to regulate the “sales and purchase” of cryptocurrencies, which the Indian constitution refers to as virtual digital assets.

Regarding the establishment of an oversight mechanism to monitor the sector, Chaudhary said the Financial Intelligence Unit is “authorized” to designate Virtual Digital Asset Service Providers as reporting entities.

These entities, according to the FIU, are businesses that are obliged to adhere to the stipulations of the Prevention of Money Laundering Act (PMLA) of 2002. The move allows the regulator to keep a check on illicit activities such as money laundering and terrorism financing.

Further, the minister added that despite the lack of a solid regulatory framework, law enforcement agencies, which comprise regulators like the Reserve Bank of India, are equipped to investigate and act against illegal activities under existing laws.

One such agency, the Directorate General of GST Intelligence, recently sent a show-cause letter to Binance, ordering the exchange to pay $86 million in due taxes.

Regarding the inquiry about the government’s research work, Chaudhary said government doesn’t collect any data on cryptocurrencies as its an “unregulated” sector.

The minister of state also pointed towards the G20 Roadmap on Crypto Assets adopted by the G20 member nations under India’s presidency last year. The roadmap stemmed from a joint IMF-FSB synthesis paper that presented several recommendations on how member nations should approach crypto regulations.

According to Chaudhary, the G20 member nations, including India are currently evaluating the “country-specific” risks and benefits associated with cryptocurrencies. Subsequently, the next step would be to coordinate with global “standard setting bodies” before considering any measures.

Chaudhary also did not mention the upcoming discussion paper that will reportedly shed light on the government’s stance on cryptocurrencies. 

Last month, Ajay Seth, secretary of Economic Affairs, said an inter-ministerial group comprising multiple regulators is working on a “wider policy for cryptocurrencies,” as per the IMF-FSB guidelines. The paper is expected to be released before September 2024.

Currently, India has a licensing regime in place that the FIU implemented after blocking several foreign crypto exchanges, stipulating that locals are required to report their crypto holdings and pay a 30% tax on capital gains, per a tax law passed in 2022.

The nation is also actively pursuing its central bank’s digital currency, the e-rupee, which achieved 1 million retail transactions in late June. Initially limited to just local banks, the pilot phase now allows applications from payment firms. Notable names like AmazonPay and GooglePay have expressed interest in enabling e-rupee transactions on their respective platforms.

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Theo Crypto News

Bitcoin

ARK Invest buys $17.77 million COIN, $11.19 million HOOD as BTC fell under $50k

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Cathie Wood’s ARK Invest has started purchasing stocks of Coinbase and Robinhood again during a significant downturn in the market, marked by Bitcoin falling momentarily below $50,000.

On Aug. 5, ARK Invest acquired 93,797 shares of Coinbase Global Inc. (COIN) valued at $17.77 million. This marks ARK’s first acquisition of the cryptocurrency exchange’s shares after a period of selling off in 2024.

In addition, ARK bought 681,885 shares of Robinhood (HOOD), the crypto-friendly online brokerage, for $11.19 million, marking its first purchase since Feb. 13.

The buying activity was primarily within the ARK Innovation ETF (ARKK), which purchased 65,165 shares of Coinbase. The ARK Fintech Innovation ETF (ARKF) and the ARK Next Generation Internet ETF (ARKW) also participated, purchasing 15,629 and 13,003 shares of Coinbase, respectively.

Similarly, the ARKK fund acquired 461,100 Robinhood shares, while the ARKF and ARKW funds added 110,402 and 110,383 shares of Robinhood to their holdings, respectively.

Both COIN and HOOD experienced significant losses in their stock value on Monday, Aug. 5; COIN dropped by 7.3% to close at $189.47 and HOOD by 8.17% to $16.42 amid a broader market sell-off. The downturn was one of the most severe in recent times, affecting both crypto and global stock markets.

On the same day, Bitcoin’s (BTC) value dipped below $50,000 for the first time since February 2024, bottoming out at $49,800, according to price data from crypto.news. This sharp decline saw Bitcoin lose over 20% of its value, dropping from around $63,000 on Aug. 1 to a low before partly recovering to about $55,000.

BTC 7-day price chart | Source: crypto.news

Currently, Bitcoin is trading at $55,092, reflecting a 6.4% increase over the last 24 hours, although it is still down by 17% over the previous week.

ARK Invest typically increases its holdings in stocks during price dips, intending to sell them when their market values rise. The firm manages its portfolio to prevent any single investment from exceeding 10% of the total value of its ETFs, which has led to recent sales of COIN shares.

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Theo Crypto News

Bitcoin

Bitcoin below $56k puts stress on miners’ profitability, analysts say

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As Bitcoin struggles to quickly recover above $60,000, miners are facing profitability issues across the industry.

Bitcoin’s (BTC) temporary crash below $50,000 on Monday, Aug. 5, has put many crypto miners in a challenging situation as they are now facing profitability issues across the whole industry, analysts at Hashrate Index say.

In a blog post, Hashrate Index’s analyst Kaan Farahani highlighted that Bitcoin’s drop to $55,000 caused a significant decline in the hashprice metric, which fell by 28% on a weekly basis, putting “stress on miner profitability.”

Bitcoin’s hashrate price in USD | Source: Hashrate Index

Despite the bearish price movements, Farahani noted that Bitcoin’s global network hashrate remained “relatively steady throughout the week,” with the 7-day simple moving average network hashrate decreasing only by approximately 1%, from 644 EH/s to 638 EH/s.

“This modest reaction may signal a turn towards lower seasonal hashrate volatility in the coming weeks to months, as energy curtailment programs for hot summer months are expected to calm down.”

Kaan Farahani

The slight decline in hashrate led to an average block time of around 10 minutes and 12 seconds throughout the week, with analysts at Hashrate Index predicting a “slight decrease” in mining difficulty of around 2% for the upcoming adjustment on Aug. 14.

Bitcoin can still go lower

As Bitcoin struggles to break above $56,000, some analysts do not rule out further declines. Despite a rebound from $49,000, CryptoQuant analysts warn that breaking below the $57,000 support level could lead to a “possible drop to $40,000,” leaving investors uncertain about Bitcoin’s next move.

A further decline in Bitcoin’s price could exacerbate the pressure on shares of crypto mining companies, which have already seen significant drops amid market chaos in Asia. Data from Hashrate Index shows that among 12 publicly traded Bitcoin mining companies, the average decline over the past week was 21%. Bitdeer experienced the largest drop at 28.59%, while Iris Energy managed to limit its losses to a 12.31% decline.

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Theo Crypto News

Phân tích

WIF open interest falls to 5-month lows, price down 40% in 7 days

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The newcomer into the meme coin space, dogwifhat, recorded a massive decline in its open interest amid increased price fluctuations.

Data shows that dogwifhat (WIF) is still down by 40.6% over the past seven days despite the recent 24% price rally. WIF is trading at $1.42 with a market cap of $1.417 billion at the time of writing. 

WIF price and RSI – Aug. 6 | Source: crypto.news

On Aug. 5, the meme coin plunged to a five-month low of $1.08 as the market wandered in uncertainty.

Following the price hike, WIF’s Relative Strength Index (RSI) surged from 26 (the oversold zone) to 52 (the neutral zone) over the past day. 

According to data provided by Santiment, the WIF total open interest dropped from $183.4 million to $141.2 million over the past two days. This level hasn’t been recorded since March 1.

WIF price, open interest and funding rate – Aug. 6 | Source: Santiment

The decline in the meme coin’s open interest shows that more traders are taking a small-risk approach due to market-wide fluctuations. This can lead to lower price volatility for dogwifhat since lower liquidations would be expected.

Data from the market intelligence platform shows that the funding rate aggregated by WIF on all exchanges rose from 0.001% to 0.003% over the past 24 hours. The indicator shows that traders are betting on WIF’s price hike.

However, major macroeconomic events could change the direction of the cryptocurrency markets despite bullish technical and on-chain indicators.

One of the most important events that triggered a market-wide downturn on Aug. 4 was the geopolitical tension between Iran and Israel, and the expectations of a potential war. 

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Theo Crypto News

Bitcoin

Healthcare company Semler Scientific buys $3m in Bitcoin

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Semler Scientific is increasing its Bitcoin reserve with a $3 million purchase, bringing its total holdings to 929 BTC.

Publicly traded medical device maker Semler Scientific is doubling down on its corporate strategy focused on buying Bitcoin (BTC), with the latest transaction boosting its crypto reserves by a few million dollars.

In financial results per Q2 published on Monday, Aug. 5, the company revealed that on the same day, it acquired an additional 52 BTC for an aggregate cost of $3 million, bringing the total amount of crypto reserves to 929 BTC. Semler Scientific chief executive Doug Murphy-Chutorian said the company remains “laser focused on acquiring and holding Bitcoin, while supporting and expanding our healthcare business.”

“We continue to firmly believe that Bitcoin is a compelling investment and plan on acquiring additional Bitcoins with our cash from operations, as well as with cash generated from the sale of securities under our $150 million shelf registration statement, once effective.”

Doug Murphy-Chutorian

In Q2, Semler Scientific’s revenues were $14.5 million, a 22% decrease compared to $18.6 million during the corresponding period of 2023, the financial results report reads. Despite the company’s commitment to increasing its Bitcoin reserves, Semler Scientific’s shares fell by 7.5% to $8.22 following the report, per data from Google Finance.

Semler Scientific says Bitcoin is “compelling investment”

The Santa Clara-headquartered healthcare company first announced plans to start buying Bitcoin in late May, when it acquired 581 BTC for an aggregate amount of $40 million.

At the time, Semler Scientific’s chairman Eric Semler said the company’s Bitcoin treasury strategy underscores its belief that Bitcoin is a “reliable store of value and a compelling investment.” He also added that the medical technology company believes in the “unique characteristics” of Bitcoin such as a scarce and finite asset that can serve as a “reasonable inflation hedge and safe haven amid global instability.”

With the latest purchase, Semler Scientific ranks 19th spot in the list of top public companies all over the world that hold Bitcoin on their balance sheet, surpassing Canadian Bitcoin mining company Bitfarms, per data from Bitcoin Treasuries.

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Theo Crypto News

Bitcoin

Bittensor surges 41% as AI project Bitmind unveils deepfake detection system

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Decentralized AI project Bittensor TAO gains 41% in the past day recovering from the losses experienced yesterday when the global crypto market saw over $1 billion in liquidations.

At the time of writing, Bittensor’s (TAO) price has climbed 49% to $254, marking a 15% gain compared to this time last month, according to CoinGecko data.

TAO 24-hour price chart | Source: CoinGecko

The crypto asset has a daily trading volume of $203 million, while its market cap stood at $1.8 trillion. The latest feat makes TAO the best-performing asset in the top 100 on CoinGecko, surpassing decentralized, open-source cloud computing marketplace Akash Network (AKT), which has also surged 41% in the last 24 hours.

The latest surge in TAO follows an X announcement from decentralized AI platform Bitmind on Aug. 6 about the launch of the BitMind Subnet, a new component of the Bittensor ecosystem focused on detecting and mitigating deepfakes.

It effectively differentiates between authentic and synthetic content, offering transparent, publicly accessible results and utilizing an open-source subnet architecture.

The surge in TAO also comes at a time when other AI tokens have also surged over the past day. Notably, Render (RNDR) and Artificial Superintelligence Alliance token (FET) also jumped 28.8% and 13.6% respectively.

Meanwhile, the latest surge in AI tokens also follows a surge of 9% in the global crypto market now standing at $1.98 trillion.

Bitcoin (BTC), the leading cryptocurrency, is also in the green, up 7.6% in the last 24 hours and exchanging hands at $55,694. Ethereum (ETH), the largest altcoin, was also up 10%, trading at $2,506 per price data from CoinGecko.

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Theo Crypto News

Bitcoin

Bitfinex: Bitcoin may restest $48.9k support

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Bitfinex analysts opined that Bitcoin might retest support around $48,900 as a potential local bottom after crypto markets dropped under $2 trillion.

Bitcoin (BTC), crypto’s bellwether asset, could reach lower levels as worldwide economic uncertainty wiped out over $570 billion in digital asset value since August began. Bitfinex analysts shared that Bitcoin could revisit support after plunging under $50,000 if bullish momentum remained unavailable. 

Following the latest downswing, BTC dominance rose as high as 60%, meaning that Bitcoin made up most of the market and was the leading asset for virtual currencies. As such, additional BTC price declines may also result in dips across the broader cryptocurrency ecosystem.

BTC’s 24-hour decline already triggered over $1.2 billion in crypto liquidations, per CoinGlass.

24-hour BTC price on Aug. 5 | Source: crypto.news

What’s driving the slump?

Global recession concerns dragged BTC down to $49,000 during a historically challenging month for cryptocurrencies. On average, BTC has shed 7.8% and 5.5% in August and September, respectively, in previous years.

However, Bitfinex analysts said the impulse drop was macro-driven, not caused by on-chain factors or technical reasons. 

“The crash was primarily, if not entirely, driven by macroeconomic factors. It was triggered by the Bank of Japan’s carry trade crisis, the disappointing US employment report, and a rise in unemployment,” Bitfinex analysts noted.

BTC monthly returns YoY | Source: Glassnode

Bitcoin’s bounce and possible next move

While BTC began Aug. 5 with double-digit losses, the asset had retraced nearly 50% to the upside and traded over $54,500 at press time. Depending on macroeconomic developments, IntoTheBlock data suggests that gathering strength between $47,800 and $57,800 is crucial for Bitcoin. 

Looser monetary policies may also benefit BTC and cryptocurrencies. Experts and commentators, such as Wharton professor Jeremy Siegel, have called for an emergency rate cut from the U.S. Federal Reserve in response to the ongoing global liquidity crisis.

BTC financial indicators | Source: IntoTheBlock

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Theo Crypto News