Blockchain Explained

2024-04-10 09:01:40 Next Bitcoin Halving to Propel Prices to Between $150,000 and $169,000, Says Bitfinex

Bitfinex’s Alpha report delves into Bitcoin’s past halving events since the first one in 2012, employing a regression model to forecast the potential impact of the upcoming halving. Despite acknowledging the simplicity of their model, researchers argue for a significant upswing in bitcoin’s value, projecting it to hit between $150,000 and $169,000. This optimistic outlook is tempered by the recognition of unprecedented market dynamics, such as pre-halving all-time highs and increased selling pressure from both long-term and short-term BTC holders.

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2024-04-09 20:20:25 Grayscale Bitcoin trust sheds roughly 300,000 BTC since ETF launch

Farside data reports that the Bitcoin ETF market experienced a notable shift on Apr. 8, with the overall sector recording its first net outflow day since Apr. 1, totaling $223.8 million. The primary driver of this change was a significant $303.3 million outflow from the Grayscale Bitcoin Trust (GBTC), its largest outflow since March 25, which has now seen a total of $15,808.6 billion in outflows.

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2024-04-09 11:49:52 Only 1% of consumers still think Bitcoin is a passing ‘fad’

Bitcoin and crypto are no longer seen as a fleeting “fad” among consumers — the majority now consider them an integral part of the financial system, Reuters reported on April 8, citing a Deutsche Bank survey. The survey gathered responses from 3,600 individuals and revealed a slow yet noticeable shift in consumer attitudes towards bitcoin and cryptocurrencies, balancing cautious skepticism with a cautiously optimistic outlook for their future in the financial market.

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2024-04-08 20:54:53 Rivalries among Ethereum layer-2s threaten the ecosystem’s future, says Polygon CEO

Polygon Labs CEO Marc Boiron believes that the intense rivalry between Ethereum layer-2 networks is the “biggest problem” facing the second-largest digital asset by market capitalization. Several crypto community members share Boiron’s perspective, asserting that Layer 2 networks should target those outside the Ethereum ecosystem. Notably, Boiron reposted a social media post that urged the layer-2 networks to play the long-term game and “champion each other wins.”.

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2024-04-08 10:54:53 Base hits $4B TVL as monthly txs outstrip Ethereum and Arbitrum

Crypto exchange Coinbase’s Ethereum layer-2 blockchain Base has seen its total value locked (TVL) surge by over 13.2% in the past week to surpass $4 billion for the first time as its 30-day transactions beat out Ethereum and its top rival Arbitrum. L2BEAT data updated on April 7 shows Base’s total TVL at $4.15 billion, including $1.45 billion of canonically bridged value — assets locked on Ethereum to be represented on Base — and $2.7 billion in natively minted assets.

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2024-04-07 22:44:54 Binance Users Stake Record $13 Billion to Earn Saga Gaming Token Rewards

There’s clear interest in the upcoming token for the Saga layer-1 blockchain network, just days ahead of next week’s listing. In fact, Binance customers have already broken a record for the most cryptocurrency staked to earn SAGA token rewards via the crypto exchange’s Launchpool campaign platform. Binance users have staked more than $13.1 billion worth of Binance Coin (BNB) and the FDUSD stablecoin to earn a share of the 45 million SAGA tokens being offered up through the platform, or half of the token's initial circulating supply.

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2024-04-07 10:24:54 US Bitcoin ETFs Bounce Back With $569.4M in Net Inflows After Initial Dip

U.S. spot bitcoin ETFs experienced a streak of four days of net inflows. The influx began modestly with $39.5 million on April 2, escalated to $113.5 million the next day, and soared to $213.4 million on April 3. The week’s culmination saw Friday pulling in an impressive $203 million, as reported by coinglass.com figures. Despite overall market positivity, Grayscale‘s GBTC encountered the day’s largest outflow among the ETFs. Trading volume for the ETFs on Friday summed up to approximately $2.37 billion, marking a 31.5% decrease from Thursday’s $3.46 billion.

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2024-04-06 21:59:56 MicroStrategy’s Implied Premium to Bitcoin Settling Into New Norm, BTIG Says

MicroStrategy has a track record of creating value for shareholders, broker BTIG said in a research report on Friday, raising its price target for the software company and bitcoin (BTC) acquirer. BTIG reiterated its buy rating on the stock and increased its price target to $1,800 from $780. MicroStrategy shares were trading little changed on the day at about $1,617 at publication time.

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2024-04-06 12:09:55 Paraguayan Lawmakers Introduce Bill to Temporarily Pull the Plug on Bitcoin Mining Operations

Paraguay is shifting its view on cryptocurrency and cryptocurrency mining. A group of Paraguayan lawmakers introduced a bill that seeks to temporarily ban cryptocurrency mining operations in the country due to its intensive use of electric energy. The bill, introduced to the National Congress on April 3, proposes enacting a 180-day ban on the operation and installation of cryptocurrency mining farms and other operations involving cryptocurrency assets. This ban could be extended until a law that regulates these activities is enacted.

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2024-04-05 18:29:55 Crypto VC investments increased 38% in first quarter breaking 2 year trend

Crypto venture capital (VC) investments increased in the first quarter of 2024, according to a survey published by Crypto Koryo on April 4. The analyst measured growth across two distinct metrics. VCs invested nearly $2 billion in crypto projects, marking an increase of 38% from Q4 2023. VCs also invested in 250 crypto projects, representing an increase of 49% from the previous quarter. The results are some of the best since investments peaked sevenfold at $14 billion in Q4 2021.

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