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The rise came immediately after Bolivias central bank lifted a 42-month ban on cryptocurrency payments, allowing financial entities to conduct transactions with digital assets.
Noncompliant stablecoin issuers could potentially exit the EU market entirely, with a shift toward euro-backed stablecoins as demand picks up in European markets.
Bolivia has lifted its longstanding ban on Bitcoin and other cryptocurrencies, marking a pivotal moment for the nations financial landscape.
The change in regulatory stance marks the end of a ban on crypto use in the country in place since 2014.
Rivian leverages NVIDIA RTX PRO Blackwell GPUs to boost XR design, achieving photorealistic visuals and enhanced AI interactions, transforming automotive design processes. (Read More)
For analysts and investors alike, comprehending the variables that influence price action in the complex world of cryptocurrency markets is essential. Ali Martinez, a well-known cryptocurrency expert, has recently provided insights into the fluctuations in the price of Bitcoin by applying the basic economic theory of supply and demand. Understanding Bitcoin Prices Through Supply And Demand It is worth noting that any asset’s price movement, including cryptocurrencies, is determined by the fundamental rules of supply and demand. An asset’s price tends to decrease when supply outpaces demand, while prices typically increase when supply cannot keep up with demand. Related Reading: The Hidden Forces Behind Bitcoin Price: Latest Insights From On-Chain Data Thus, Ali Martinez has deduced the crypto asset’s price and holders’ behaviour by applying the method and other on-chain metrics. Martinez’s analysis demonstrates how fluctuations in the market’s buying interest and the availability of Bitcoin are key factors influencing its price trajectory. According to Martinez, Bitcoin’s Realized Cap witnessed a significant increase mid-way through March when BTC hit a new all-time high of $73,000. This indicated that the majority of BTC’s long-term holders were likely yielding gains at the time. As a result, several investors sold their holdings, which led to a sharp rise in realized profits. Following realized profits in March, long-term holders felt safe adding over 70,000 BTC to their investments at these prices. Meanwhile, when the market’s growing supply of Bitcoin exceeded demand, the coin saw a substantial correction from the $73,000 level to the $57,000 level. Given that short-term holders are more likely to sell their holdings due to price volatility, this decline took Bitcoin below its realized price for short-term holders, inciting fear in the market. However, despite investors’ concerns, the short-term holder’s Realized Price at the $65,500 level acted as an accumulation point. On the basis of this principle, Martinez believes the likelihood of Bitcoin continuing its upward trajectory will only increase when demand for the cryptocurrency starts to exceed the supply of BTC accessible in the market. Using BTC On Exchanges To Support The Principles Martinez has underscored that the available BTC on crypto exchanges can be used to confirm these supply and demand laws. He further noted that over 30,000 BTC have been moved to private wallets for long-term storage in May, indicating confidence among holders in the potential worth of Bitcoin. Related Reading: Bitcoin Long-Term Holders Accumulating Like In 2021: Is BTC Ready For A 15X? Observing Bitcoin’s price using the MVRV Extreme Deviation Pricing Bands, Martinez cited a retracement above the +0.5 pricing band at $64,600. Such an upswing has historically caused BTC to test the pricing range of 1.0, which is backed by increasing demand. Meanwhile, this price range at the moment is roughly lingering at $77,000. Presently, the price of Bitcoin is trading at $66,275, indicating an over 5% increase in the past week. Although prices are up, its trading volume has declined by 24%, while its market cap is up by 0.23%. Featured image from iStock, chart from Tradingview.com
ViaBTC sold the fourth ever epic sat for over $2.1 million less than a week after mining it during the Bitcoin halving.
ViaBTC, the world’s third-largest mining pool, is initiating an auction for the “epic sat” it uncovered during Bitcoin’s fourth halving event on April 20. In an April 23 announcement, ViaBTC disclosed that the auction is underway on the CoinEx crypto exchange and is slated to conclude by April 26. The statement reads: “The auction for […]
The post Mining pool ViaBTC auctions rare Bitcoin ‘epic sat’ from recent halving event on CoinEx appeared first on CryptoSlate.
After rolling out its Nightfall 3 upgrade for Ethereum earlier this year, Ernst & Young (EY) has announced another significant development to enhance the scalability and efficiency of the popular blockchain platform. The global professional services firm has introduced Nightfall ZK-Rollup, a new addition to its suite of tools aimed at improving transaction processing on [...]
The post EY Privacy Level 2 Update: Tornado Cash Sanctions Lifted, Alleviating Concerns appeared first on Crypto Breaking News.
On Wednesday, Bitcoin reached a new milestone as its mining difficulty increased by 3.4% at block height 792,288, setting a fresh record. The difficulty level surpassed the 50 trillion mark for the first time in Bitcoin’s history, hitting an unparalleled 51.23 trillion. Bitcoin Mining Difficulty Jumps 3.4% Higher Data reveals that around 373 exahash per [...]
The post Bitcoin Mining Difficulty Surpasses 50 Trillion for the First Time, Reaching a Record 51.23 Trillion appeared first on Crypto Breaking News.
Bolivia Embraces Cryptocurrency for Energy Imports Payment In a strategic move, Bolivia announces its decision to utilize cryptocurrency for the payment of energy imports, signaling a significant shift in their financial practices. This bold step is expected to streamline transactions and enhance efficiency in the energy sector. The decision underscores Bolivia’s progressive approach towards embracing [...]
The post Bolivia Embraces Crypto for Payment of Energy Imports: Report appeared first on Crypto Breaking News.
As of July 25, on-chain data indicates that the hash rate dedicated to the Litecoin network for mining from Binance Pool, a platform focused on improving miners’ income, is down by over 50% in the past seven months. In crypto mining, hash rate is the cumulative computing power funneled to a proof-of-work network like Bitcoin, Litecoin, or Monero. These public networks rely on miners distributed across the globe for security, decentralization, and transaction confirmation. Binance Pool Hash Rate To Litecoin Drops By 50% Presently, Binance Pool is allocating approximately 28 TH/s of hash rate to the Litecoin network, a decrease from the average of around 69 TH/s recorded in January 2023. Consequently, Binance Pool has lost its standing as one of the dominant Litecoin mining pools as of July 2023. As of July 25, Binance Pool is ranked 7th in the Litecoin mining pool scene, accounting for approximately 3.6% of the total hash rate share. In comparison, competitors like Poolin, F2Pool, and viaBTC occupy higher positions, indicating that despite Binance Pool being backed by Binance, the world’s largest crypto exchange, miners are opting for other pools, some of whom were among the first mining pools in the globe. Related Reading: Ducati Partners With Ripple, Prepares To Launch NFT Collection On XRP Ledger At the moment, it cannot be immediately ascertained as to what the cause can be. However, Binance faces legal challenges in multiple countries, especially in the United States. Two of the country’s top regulators, the Commodity Futures Trading Commission (CFTC) and Securities and Exchange Commission (SEC), have sued the exchange, accusing them of violating securities laws. Based on the hash rate, viaBTC currently controls the lion’s share in Litecoin mining, carving out 33% of the total Litecoin network hash rate. F2Pool follows with around 17.2% share, while antpool ranks third with a market share of 13%. Litecoin Pool and Poolin also channel more computing power than Binance Pool. Given the increasingly competitive mining landscape, individual miners must pool their resources and dedicate hash rate through a mining pool. Despite the drop in rankings and hash rate over the last seven months, Binance Pool still plays a critical role in proof-of-work mining networks, including Bitcoin. Halving Incoming, Will LTC Rally? Litecoin currently offers miners 12.5 LTC and transaction fees for each block mined. However, this reward will be halved in the upcoming weeks. The halving even will impact block mining revenue. Nonetheless, a price increase could encourage miners to upgrade their equipment and deploy miners with higher hash rates. Related Reading: Fundstrat Predicts Bitcoin Will Reach $180,000 In 2024, But What’s The Catalyst? Presently, Litecoin has a total hash rate of approximately 780 TH/s, with the network releasing 7,200 LTC to miners daily. However, with the expected supply shock, how Litecoin prices react is yet to be seen. If past cycles guide, Litecoin may rally. According to Litecoin daily price charts, LTC has a resistance at around $115 but is trading below $100. At this level, it is down 23% from July 2023 peaks. Feature image from Canva, chart from TradingView
Despite an upswing in mining difficulty on May 18, current data projects Bitcoin’s mining difficulty to see a further escalation on May 31, 2023—potentially jumping between 1.1% and 2.51%. Bitcoin’s Difficulty Nears 50 Trillion Milestone Bitcoin’s mining difficulty, already at an unprecedented level of 49.55 trillion, seems poised to breach the 50 trillion threshold within [...]
The post Bitcoin Mining Difficulty Poised to Break 50 Trillion Barrier, May 31 Projection Shows appeared first on Crypto Breaking News.
On March 23, 2023, bitcoin experienced another difficulty increase, following two previous rises in the last month, jumping 7.56% higher. Currently, bitcoin miners have not been deterred by the increases, as the network hashrate has been coasting along at 346 exahash per second (EH/s). Bitcoin Hashrate Remains High Despite Recent 7.56% Difficulty Rise As of [...]
The post Bitcoin Difficulty Increases for Third Time in Six Weeks, Miners Remain Undeterred With High Hashrate appeared first on Crypto Breaking News.
Stability AI, Midjourney, and DeviantArt have responded to a lawsuit brought by artists who claim that their work was used without permission to train generative AI systems. The companies argue that the resulting AI-generated images are dissimilar to the artists’ work, and that the lawsuit lacks specific information about the allegedly misused photos. (Read More)
Still not sure about the difference between FOMO and FUD?
The Central Bank of Bolivia is now selling dollars directly to citizens in order to curb what it is calling a speculative attack that has increased the demand of the population for foreign currency. This rise in demand has been caused by several factors which led the population to believe there might be a devaluation [...]
The post Central Bank of Bolivia Selling Dollars Directly to Citizens as Devaluation Fears Rise appeared first on Crypto Breaking News.
On Dec. 5, 2022, at block height 766,080, Bitcoin’s mining difficulty adjustment dropped 7.32% lower, making it the largest difficulty reduction in 2022. The current difficulty is approximately 34.24 trillion and it will remain at this point for the next two weeks or 2,016 blocks. Bitcoin Miners Catch a Break as the Network’s Difficulty Drops
The post Bitcoin’s Difficulty Slides 7.32%, Reduction Marks the Largest Drop in 2022 appeared first on BTC Ethereum Crypto Currency Blog.
Astra Nova clarifies the Deviants NFT collection will span multiple networks, including Hedera and Ethereum.
Continue reading Astra Nova’s Deviants NFT Collection Will Be Multichain at DailyCoin.com.
The Nordics remain a cold place for crypto, but Estonia still leads as the public blockchain adopter.
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