Markets
Tether daily active addresses down to a two-year low: Santiment
Tether whales account for almost 80% of the current USDT supply, as per data from Santiment Bitcoin mega whales have accumulated a significant chunk of the cryptocurrency since the last week of December Data from market behaviour analysis platform Santiment paints a picture of whale domination in the Tether and USD Coin stablecoin markets. It also shows that the number of Tether daily active addresses has crashed to lows last recorded over two years ago. Tether and USD Coin whale dominance Tether, the world’s largest stablecoin, currently has a market capital closing in on $78 billion (roughly 3.8% of the entire cryptocurrency market capital). Only Bitcoin and Ethereum have a higher market circulating value among crypto tokens and other digital assets. Tether addresses with a valuati...
RNDR, NFTX and YGG bounce higher as the market rewards projects focused on utility
Everyone might be a genius during a bull market, but the real stars begin to shine when the waters get choppy. The same can be said for crypto projects and developers and once the pump is over, it’s easier for investors to separate the pump and dump projects from those with good fundamentals. Sometimes a bull market, sometimes a bear market, always a builder’s market. — a a ron (@aaroneth_) February 2, 2022 Now that Bitcoin (BTC) price has found its place back in the $42,000 to $45,000 zone, the mood across the crypto ecosystem has once again flipped bullish and projects that have continued to release new updates are being rewarded with significant jumps in price. Here’s a look at three projects that have continued to develop and draw investors despite the recent market weakness. Ren...
Ethereum price holds above $3K but network data suggests bulls may get trapped
When analyzing Ether’s (ETH) price chart, one could conclude that the 3-month long bearish trend has been broken for a few reasons. The current $3,100 price range represents a 43% recovery in 15 days and, more importantly, the descending channel resistance was ruptured on Feb. 7. Should Ether bulls start celebrating and calling for $4,000 and higher? That largely depends on how retail traders are positioned, along with the Ethereum network’s on-chain metrics. For instance, is the $30-plus transaction fee impacting the use of decentralized applications (dApps), or are there any other factors that will prohibit Ether’s price growth? Ether (ETH) price at FTX, in USD. Source: TradingView Since the 55.6% correction from the $4,870 all-time high to the cycle bottom at $2,...
Valkyrie debuts a green Bitcoin miners ETF on NASDAQ
Valkyrie Investments is today listing its third Bitcoin-related ETF on the New York -based stock exchange The Valkyrie Bitcoin Miners ETF shall invest in firms whose power consumption is primarily denominated in renewable energy Valkyrie, an asset management firm focused on crypto and traditional finance initiatives is today launching a Bitcoin-related ETF. Known as the Valkyrie Bitcoin Miners ETF, the fund be largely fixated on publicly traded mining firms that get at least 50% of their energy from renewable sources. The ETF goes live on the Nasdaq under the WGMI ticker – a contraction of WAGMI (we’re all gonna make it) and is expected to run an expense ratio of 0.75%. The goal is green The ETF shall invest 80% or more of its assets in company securities for projects that derive at ...
KPMG Canada updates its corporate treasury with more Bitcoin and Ether
KPMG Canada has allocated an undisclosed amount of Bitcoin and Ether to its corporate balance sheet. The company plans to make more inroads into crypto assets in the future. KPMG in Canada disclosed yesterday that it has added crypto assets Bitcoin and Ether onto its balance sheet. The firm revealed that it employed the services of Gemini Trust Company’s crypto custody and execution in updating its corporate treasury. It, however, did not divulge how much of either asset it had purchased. In addition to the ETH and BTC acquired, the audit, tax, and advisory service provider also said it bought carbon offsets to retain a net-zero carbon transaction. Such is important as this conforms to the company’s environmental, social, and governance (ESG) mandate. Managing partner for advis...
GALA gains 117% in February as P2E crypto gaming goes mainstream
The play-to-earn (P2E) gaming sector of the cryptocurrency ecosystem has been one of the most resilient sectors to the volatility and price declines seen in the past couple of months as gamers are jumping on the ability to earn income while playing tokenized videogames. One project that has seen its token price climb rapidly in the first week of February is Gala (GALA), a protocol focused on utilizing blockchain technology to give players control of the games they play and in-game items they acquire. Data from Cointelegraph Markets Pro and TradingView shows that the price of GALA climbed 117% after hitting a low of $0.177 on Feb. 2 to hit a daily high of $0.384 on Feb. 7. GALA/USDT 4-hour chart. Source: TradingView Three reasons for the rapid recovery in GALA price include the upcoming lau...
Shiba Inu leading Dogecoin in gains, SHIB up over 23% on the day
The crypto market is once again showing signs of a fresh run on Monday morning Almost all coins are trading in the green with decent gains in the past 24 hours Bitcoin and Ethereum trading on solid grounds Bitcoin is currently swinging at around $42,700 and based on market sentiment; it could make an attempt at $43,000 early this week. Ether cleared resistance at $3,000 at the start of the weekend on the back of an end-week rally. The native token on Ethereum is currently trading at $3,076.05, having gained 2.45% in the last 24 hours. Shiba Inu leads the meme-coin chart with over 23% gains Notably, Shiba Inu has posted the biggest swell among the top 20 crypto assets by market capital. SHIB has gained a whopping 23% in the last 24 hours and is trading at $0.00002792. The meme coin tanked t...
Swiss bank to offer Tezos staking, XTZ clears $4.00 for the first time in over two weeks
Tezos has been trading below $4.00 since 20th January Last week, one of Switzerland’s leading banks announced it is offering Tezos staking Tezos, like most of the crypto coins in the market, is trading in the green with approximately 22% of gains over the past seven days. The price of the crypto asset surged past $4.00 earlier today but has since retreated slightly to $3.98. The last time Tezos traded in this range was during the third week of January. The latest price development comes less than a week after CCRI ranked Tezo as one of the lowest energy-consuming networks. Tezos is only second to Polkadot in lowest energy consumption A report shared by the research firm Crypto Carbon Ratings Institute (CCRI) last week shows that Tezos consumes less electricity than the majority of th...
Top 5 cryptocurrencies to watch this week: BTC, ETH, NEAR, MANA, LEO
Bitcoin (BTC) surged above the $40,000 psychological resistance on Feb. 4 and successfully held the level over the weekend. This boosted the total crypto market capitalization from $1.78 trillion on Feb. 3 to about $2 trillion on Feb. 6, according to data from CoinGecko. A new financial disclosure by Senator Ted Cruz shows that he bought the recent dip in Bitcoin on Jan. 25 through River brokerage. On that day, Bitcoin traded roughly between $35,700 and $37,600. If the Texas Senator has held his purchase, he is already in the profit. Crypto market data daily view. Source: Coin360 Although the sharp recovery in Bitcoin’s price may have provided relief to the bulls, data analyst Material Scientist warned that large traders with a ticket size of over $100,000 are selling the rally. Could...
This bullish Ethereum options trade targets $3.1K ETH price with zero liquidation risk
Ether price (ETH) spent the last two months stuck in a rut and even the most bullish trader will admit that the possibility of trading above $4,400 in the next couple of months is dim. Of course, cryptocurrency traders are notoriously optimistic and it is not unusual for them to expect another $4,870 all-time high, but this seems like an unrealistic outcome. Despite the current bearish trend, there are still reasons to be moderately bullish for the next couple of months and using a “long condor with call options” strategy might yield a positive outcome. Options strategies allows the investor to set upside limits Options markets provide more flexibility to develop custom strategies and there are two instruments available. The call option gives the buyer upside price protection, and th...
3 things the crypto sector must offer to truly mainstream with TradFi
In the past year, we’ve seen the crypto economy undergo exponential expansion as heaps of money poured into various cryptocurrencies, decentralized finance (DeFi), nonfungible tokens (NFT), crypto indices, insurance products and decentralized options markets. The total value locked (TVL) in the DeFi sector across all chains has grown from $18 billion at the beginning of 2021 to $240 billion in January 2022. With so much liquidity in the ecosystem, the crypto lending space has also grown a significant amount, from $60 million at the beginning of 2021 to over $400 million by January 2022. Despite the exponential growth and the innovation in DeFi products, the crypto lending market is still only limited to token-collateralized loans, i.e. pledge one cryptocurrency as collateral to borro...
Weekly Report: Banks in Russia may soon offer crypto services in the latest turn of events
Russia’s fate on cryptocurrencies has recently swung from pessimistic, and it’s now slowly crossing the line into optimistic. The country’s Finance Minister reportedly wrote a pro-cryptocurrency letter to the Prime Minister this week pushing for banks to trade crypto as a financial asset. Here is more on this and other top stories from the crypto sector this week: Local banks in Russia could be allowed to deal in crypto Russian banks could get one better if recent reports are anything to go by. Word out of the country, as reported by news outlet Kommersant, indicates the banks could yet be allowed to deal in crypto. Bank of Russia has been candid in its anti-crypto position as it recently published a report on cryptocurrencies and recommended a ban over risks to Russ...
